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NeoGames Q1 2023: Revenue shoots up but net loss rises

IGaming supplier NeoGames reflects a strong start to 2023 in its Q1 results.

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NeoGames ended the first quarter with increased revenue and EBITDA; creating a positive start for the company, although there was a net loss overall.

During the first quarter of 2023, NeoGames saw a 274% increase in revenue to $49.5m. Alongside this large revenue increase, there was also a huge increase in distribution expenses of 858% up to $23m. 

EBITDA also rose by 237% up to $19.2m and adjusted EBITDA increased by 137% to $20.2m.

Net loss was reduced marginally from $893,000 to $878,000. Profit before income tax expense rose from negative $409,000 up to $289,000, a 171% increase year-on-year.

IGaming revenues were $35.1m this Q1, down from $52m in 2022’s Q1 report, a large chunk of the decrease of which Aspire Core is responsible for. 

Bragg Gaming also saw a revenue increase of 18% year-on-year and an EBITDA increase of 28%, followed by a net loss that had decreased from the previous period, similar to NeoGames. 

Moti Malul, NeoGames CEO said: “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. We look forward to building off this strong first quarter throughout the balance of the year and beyond.”

NeoGames President Tsachi Maimon spoke to Gambling Insider for a GI Huddle at ICE London earlier this year.

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