NeoGames First Quarter Revenues Continuing Good Momentum from 2021
LISTEN TO THIS ARTICLE:NeoGames, the lottery and gaming provider, has announced the results for Q1 have continued on the company’s upward momentum from 2021.
Total revenues for NeoGames for the first quarter came in at $64.3 million up from $22.4 million for the same period last year, which is a rise of 187% in a year on year comparison. Although Neogames indicated the main reason for this was the inclusion of revenues from Aspire Global. The rise in revenues meant the company was able to achieve EBITDA margins of more than 30% at the start of the year.
NeoGames saw a net loss was $0.9 million in Q1 of 2023, which has remained the same figure as in the first quarter of 2022. However NeoGames stated that the acquisition of Aspire Global during this period accounted for this figure.
Related: NeoGames set to acquire Aspire Global.
NeoGames highlighted one of its partners, the Virginia Lottery, was the first lottery operator to become Cloud based, and uses the NeoDraw and NeoSphere PAM services to power its lottery offering.
The collaboration to bring the LotoMinas iLottery and online sports betting to customers in the second largest state in Brazil, Minas Gerais has also continued throughout the first quarter of the year.
As well as financial success senior management for NeoGames noted that the company had been recognised during this period by industry awards listed as Lottery Supplier of the year at the EGR North America 2023 Awards and for Best New Game with the title Desert Fantasy.
We are pleased to have carried the momentum we exited 2022 with, into the start of 2023 as we took steps to further solidify our position as the global leader in iLottery, sports betting and iGaming solutions. IIn iLottery, our proprietary games from NeoGames Studio continued to perform strongly across all of our key accounts, and together with the Jackpot runs early in the quarter, have contributed to strong performance in the US.
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