A technology-driven provider of end-to-end iLottery and iGaming solutions, NeoGames communicated its financial results for the third quarter ended September 30th, 2022, the first full quarter after the completion of the Aspire Global combination.
The total of Revenues was USD 73.3 million during this period, compared to USD 20.2 million during Q3 2021, a 262% increase. Revenues were USD 62.2 million in Q3 2022 v USD 12.0 million in Q3 2021. In addition, NeoGames’ iLottery revenue was USD 24.7 million, a quarterly record up 22% from a year ago and up 8% from the prior quarter.
Regarding its brands, Aspire Global revenue was USD 48.5 million for this quarter, reflecting 8% growth as measured in constant currency. Adjusted EBITDA1 was USD 17.6 million during the third quarter of 2022, compared to USD 7.5 million of Q3 2021, representing an upsurge of 135% year-over-year.
Also BtoBet consolidated its financial position with another strong Q3 performance. The company revealed a +102.3% YoY net revenue for Q3 2022 in relation to the same quarter last year, and a +79.7% YoY net revenue when comparing Q1-Q3 2022 against Q1-Q3 2021.
Recent business highlights of this quarter to be mentioned are the following ones:
a) A partnership with the Georgia Lottery Corporation, offering NeoGames Studio game content to expand the lottery’s game portfolio and help appeal to a wider demographic of players.
b) Extending BtoBet’s agreement with its largest partner for an additional five years, continuing the company’s dominance in Africa through its partner, which is live in more than fifteen markets.
c) Obtaining licenses in Pennsylvania and Connecticut for Pariplay, which is now licensed in five out of the six US states that have legalized iGaming.
d) Signing additional content providers on the Pariplay platform, many of which have exclusivity in the US, strengthening the company’s portfolio offering.
e) Launching Wizard Games in Michigan with BetMGM joining New Jersey and West Virginia as states in which Wizard Games is live through the BetMGM platform.
f) Aspire Global entered into an agreement with ITSP, one of the largest German gaming operators, to provide a complete turn-key technology and gaming content solution, expanding on its prior sport agreement in anticipation of the German market move to local licensing.
Moti Malul, CEO, NeoGames, said: “The solid performance where we grew revenue and profitability across the business is a great start for our first full quarter post completion of the combination with Aspire Global. Wonderful results reflect our iLottery platform continuing to power customer indicators to outperform market performance. Our iGaming and sports betting businesses expanded approximately 8% on a constant currency basis, showing continued strength in our Pariplay and BtoBet offerings. It’s early days in our integration efforts, yet we are already seeing the benefits from the combination as we advance our global leadership across iLottery, iGaming and online sports betting.”