NeoGames has released its Q3 financial results, with the company reporting a total revenue of $63.3 million for the period ending in September. This marks a decrease from the $73.3 million revenue recorded in Q3 2022. However, if iGaming revenues had been calculated on a gross basis for the Aspire Core, the total revenue would have been $81.7 million, showing a year-on-year growth of 11.5%.
The company also highlighted iLottery revenues of $14.4 million, representing a 5.6% increase from the previous year. When combined with NeoGames’ share of NPI revenues, the total iLottery revenue stood at $31.4 million. On the other hand, revenue from iGaming operations amounted to $31.9 million, with NeoGames noting that if iGaming revenues had been accounted for on a gross basis for the Aspire Core, the revenue would have been $50.5 million.
In terms of net loss, NeoGames reported a loss of $3.6 million, or $0.10 per share, compared to a net loss of $4.4 million in Q3 2022. The company attributed this year’s loss to the Aristocrat acquisition deal and amortization related to the Aspire arrangement. NeoGames also reported an adjusted net income of $4.4 million, surpassing the $3 million income reported in the prior-year period.
The company also highlighted several Q3 highlights, including agreements with the West Virginia Lottery and the North Carolina Education Lottery, as well as content launches in Greece with OPAP, in Pennsylvania with RSI through Pariplay, and with 10 new operators signed by Pariplay. Additionally, NeoGames’ Aspire Global brand secured a license in Germany, BtoBet went live with Alberta Gaming in Canada, and NeoGames Studio launched its portfolio of eInstant games with the Atlantic Lottery Corporation Canada.
CEO Moti Malul praised the Q3 results, expressing gratitude for the support amid the conflict in Israel and the Middle East. Malul stated that the business continues to operate as usual despite the ongoing conflict. He also expressed excitement about the merger with Aristocrat and reiterated the company’s commitment to advancing the iGaming landscape and exploring new opportunities in the US and beyond.