NeoGames shows 418% rise in revenue for Q3 2022

NeoGames has released its Q3 report, which shows a massive 418% increase in revenue compared to last year.

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The spike in revenue totalled $62.2m for Q3 2022 – compared to the $12m it posted last year.

Furthermore, its NPI revenue totalled $11.1m, up from $8.3m in the prior-year period, while adjusted EBITDA of $17.6m represented a significant 135% bounce on 2021’s $7.5m.

When looking at the year so far, NeoGames continues to show rapid growth, with revenue at $96.4m for 2022 – $58.2m more than the $38.2m posted for the same period in 2021.

The reason for the significant rise in NeoGames’ figures for the quarter comes after it bought Aspire Global in June, which now has its numbers combined with NeoGames’ own.

Moti Malul, CEO of NeoGames, said of the report: “The strong performance where we grew revenue and profitability across the business is a great start for our first full quarter post-completion of the combination. In iLottery, our top-line results grew 22% compared to last year, reaching an all-time quarterly record.  

“In addition, iLottery adjusted EBITDA margins returned to the 40% level during the quarter. These strong results reflect our iLottery platform continuing to power customer results to outperform market performance. Our iGaming and sports betting businesses grew approximately 8% on a constant currency basis reflecting 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.”

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