Nuvei third-quarter revenue reaches $304.9m, up by 55%

November 8, 2023
By

Other areas of growth included adjusted EBITDA and the adjusted EBITDA margin.

Nuvei has released its third-quarter 2023 financial report. The Canadian payments company reported total revenue $304.9m for the quarter, reflecting a 55% increase when compared to the previous quarter.

During the third quarter, Nuvei posted a net loss of $18.1m when compared to previous net income of $13m. Adjusted net income was also down by 9%.

The company said these results “include an increase in net finance cost of $23.6m, mainly related to amounts drawn under the company’s reducing revolving credit facility, as well as an unfavorable change in foreign currency exchange of $25.6m.”

In Q3, Nuvei’s adjusted EBITDA grew by 36% and totaled $110.7m. Adjusted EBITDA margin during the quarter reached 36.3%, reflecting a boost of 40 basis points. The adjusted EBITDA margin increased by nearly a percentage point when compared to the company’s second-quarter results.

The Canadian company has recently extended its US digital footprint by gaining gaming license approvals in both Maryland and Kansas. Nuvei also reported Latin American expansion with its approved money transmitter license in Puerto Rico.

The group recently teamed up with iGaming operator Resorts Digital Gaming (RDG) to implement Nuvei’s Instant Bank Transfer. The agreement allows RDG to integrate the payment system across all its iGaming brands, including across RDG’s digital casino platforms.

As a result of the partnership, players will be able to easily deposit funds from their bank to their gaming accounts with Nuvei Instant Bank Transfer.

RDG is based in New Jersey and currently operates both the Resorts Casino and Mohegan Sun Casino websites.

State-by-State

Product Spotlight

Konami

Things get unruly in the company of some fleecy characters in the new Konami Gaming’s new Unwooly Riches slot series.
GA HUDDLE #089

Brian Uran - AI has shown casinos new ways to think about business

GA HUDDLE #088

Adam Wexler: PrizePicks almost went out of business during Covid - but now...

Roughly six years after speaking to Gambling Insider as an upcoming start-up, PrizePicks CEO Adam Wexler joins the Huddle to reflect on huge growth since - which almost ground to a halt during the Covid-19 pandemic.

We cover:

- Entrepreneurship, regulatory changes and the pandemic

- Offering a different customer experience and differentiating by product

- Fantasy sports being strong enough without sports betting

- Barriers to entry in the fantasy market

- Opposition from FanDuel and DraftKings

- Targets, plans and the Philippines

- US markets and the future of fantasy


Five years ago, before the mass proliferation of social media we see today – and even before the Covid-19 pandemic – I think you would be hard pressed to find a CEO talking about “Instagrammable moments.” KPIs w...

gga
The Global Gaming Awards: Looking ahead to 2024's ceremonies.
After more than a decade of celebrating gaming's best, Gaming America looks ahead to a bright 2024 for the Global Gaming Awards in the Americas and Asia-Pacific.
GA
From the top: The Indian Gaming Tradeshow & Convention
Tribal gaming is a uniquely American institution and all its uncommon attributes were on display this April at the Indian Gaming Tradeshow & Convention in Anaheim, California.
terre
Review: Terre Haute Casino Resort and Harrah's Hoosier Park Racing & Casino
Terre Haute Casino Resort vs. Harrah's Hoosier Park Racing & Casino, Gaming America's Laura Mack reviews each property.
andrew
Eureka Casino interview: CEO Andre Carrier on resort expansion
We spoke with returning guest, CEO Andre Carrier, about Eureka Casino Resort's expansion. He aims to not only change the look and feel of the casino, but to also build residential housing around it.