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NeoGames Posts Strong Q3 2023 Results Amid Ongoing Merger With Aristocrat

Updated: Nov 13, 2023


NeoGames Posts Strong Q3 2023 Results Amid Ongoing Merger With Aristocrat
NeoGames Posts Strong Q3 2023 Results Amid Ongoing Merger With Aristocrat

NeoGames S.A. (Nasdaq: NGMS), a prominent iLottery and iGaming solutions provider, has revealed its financial performance for the third quarter ending September 30, 2023, showcasing robust growth despite challenges.

Moti Malul, CEO of NeoGames, highlighted the company's achievements and ongoing strategic pursuits, stating, "Our iLottery business has seen notable success, marked by NeoPollard Interactive's expansion in the U.S., securing a significant contract with the West Virginia Lottery. Collaborations like these reinforce our market presence."

He continued, addressing the company's broader strategy, "Despite challenges in the Aspire Core results due to regulatory shifts in the UK and operational changes in Germany, we foresee gradual improvement. Our focus remains on sustainable growth, as evident in our expanding partnerships and ventures."

Financial Highlights for Q3 2023:

  • Total Revenues: $63.3 million (compared to $73.3 million in Q3 2022)

  • iLottery Revenues: $14.4 million (5.6% YoY increase)

  • iGaming Revenues: $31.9 million (reflecting net basis accounting changes)

  • Net Loss: $(3.6) million, or $(0.10) per share (compared to $(4.4) million, or $(0.13) per share, in Q3 2022)

  • Adjusted Net Income: $4.4 million, or $0.13 per share (compared to $3.0 million, or $0.09 per share, in Q3 2022)

  • Adjusted EBITDA: $19.9 million (12.9% YoY increase)


Malul expressed gratitude for support during regional conflicts, stating, "There has been no impact on the business, and operations continue as usual."

Strategic Initiatives and Merger Update:

  • Expansion of NeoGames Studio's offerings into OPAP, the Greek Lottery Operator, through Pariplay.

  • Pariplay's entry into Pennsylvania with Rush Street Interactive.

  • Signing 10 new operators, including Hard Rock and Fortuna Entertainment Group.

  • Aspire Global's slots license approval in Germany.

  • BtoBet's entry into the North American market through a partnership with AGLC.

  • NeoGames Studio's launch of eInstant games content with the Atlantic Lottery Corporation Canada.


Regarding the ongoing merger with Aristocrat Leisure, Malul stated, "We continue to make progress towards completing our merger with Aristocrat Leisure. We expect the deal to be completed during the first half of fiscal year 2024."

Operational Update: Amid geopolitical challenges, NeoGames maintains normal operations, emphasizing employee safety. The company continues to monitor activities for adjustments, ensuring business continuity.

Note: NeoGames will not host a conference call or provide financial guidance due to the impending sale to Aristocrat.

For more detailed financial information and updates, refer to NeoGames' Current Report on Form 6-K filed on June 21, 2023.

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