NeoGames Reports Q3 2023 Financial Results In Between Merger Preparations

Leading iGaming business NeoGames issued its Q3 2023 financial report, demonstrating growth in spite of obstacles and takeover rumors.

Moti Malul, CEO of NeoGames, expressed pleasure with Q3 results, pointing to advancements in iLottery market share and strategic goals. NeoPollard Interactive, the joint company, won a contract to supply an entire iLottery application and proceeded to grow into West Virginia.

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Pariplay Collaborations and Operator Expansion

NeoGames’ market presence was improved by Pariplay’s partnerships, which included agreements with Rush Street Interactive in Pennsylvania and OPAP in Greece. Ten operators, including Hard Rock and Fortuna Entertainment Group, were signed by the business.

NeoGames anticipates a slow rebound in Aspire Core earnings, despite the fact that UK regulatory changes and German operational modifications had an impact. The expansion of the iGaming market and sustainable growth continue to be the major priorities.

The Aristocrat Leisure merger is still moving forward; in Q3, further regulatory permissions were obtained. The merger is expected to be completed in H1 2024, which would improve NeoGames’ standing.

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Casino & Sports

After taking Aspire Core modifications into account, revenue for Q3 2023 was $63.3 million. Revenues from the lottery increased 5.6% year over year to $14.4 million. After adjusting for Aspire Core, iGaming revenues came to $31.9 million, a 4% YoY increase.

The third-quarter 2023 net loss of $(3.6) million was ascribed to Aristocrat transaction expenses. Adjusted EBITDA climbed by 12.9% YoY to $19.9 million, while adjusted net income came in at $4.4 million.

At the end of Q3 2023, cash and cash equivalents were $27.1 million, indicating a $14.1 million net negative cash flow. Aspire Core operations, advisor payments, purchase considerations, and obtaining the German license were among the factors.

As it prepares for a merger, adapts to operational changes, and navigates regulatory changes, NeoGames continues to be resilient in Q3, setting itself up for long-term growth and increased market penetration.

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