NeoGames Releases Impressive Q2 2023 Revenue Results
LISTEN TO THIS ARTICLE:NeoGames, the leading gaming and lottery provider, has announced the company enjoyed an impressive 98% rise in revenue to $62 million in a year-on-year comparison, helped by the Aspire acquisition.
This translates to an Adjusted EBITDA figure of $18 million for the second quarter of 2023 up from $10.3 million in Q2 last year, which is a rise of 74% when taken as a year-on-year comparison.
Other performance indicators at NeoGames saw a continued decline in Net loss with the company showing a Q2 Net Loss figure of $7.8 million which is down from $12.9 million for the same quarter last year. This figure was increased by acquisitions and other one-off costs.
We are very pleased with the achievements and partnerships that defined and drove our second quarter results. Our continued commitment to innovation and excellence has paved the way for expansion across various global markets, with progress during the second quarter of 2023 across all of our business lines, including BtoBet, Pariplay, Aspire Core, as well as NeoPollard Interactive.
The agreements we signed with our iLottery customers and new notable iGaming entities, such as AGLC, the Virginia Lottery, SunBet, PlayLive! and Metropolitan Gaming demonstrate the trust and confidence our partners place in our cutting-edge solutions.
Aspire Global Contribution
In the details of the trading statement, it can be seen that one of the main drivers of the surge in revenue for the quarter was the combination of revenue from NeoGames and Aspire Global.
The iGaming sector for the NeoGames group enjoyed Q2 revenues of $34.2 million in 2023, which is made up of a major contribution from Aspire Global.
The Aspire acquisition impacted the Net Loss figure for NeoGames in the last quarter of 2023, although the figure is showing a gradual reduction over each quarter for the last year.
The Net loss figure for the second quarter was also increased by the costs associated with the acquisition of Aristocrat.
Related: Aristocrat acquisition of NeoGames proceeds after shareholder vote.
Expanding Markets
NeoGames continues to expand in Europe and points to its increased footprint with the approval of the group’s iGaming license to provide slot games in the German market.
The provider also partnered with the Lotteries Entertainment Innovation Alliance during the second quarter of this year and can now supply content to European jurisdictions including, France, Denmark, Norway, Sweden, and Finland.
We are excited about the future and the potential it holds for our company's continued success. We remain dedicated to elevating the iGaming landscape, capitalizing on opportunities, and executing on our strategic goals for all stakeholders.
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