NeoGames SA has announced its financial results for the first quarter of 2021, with CEO Moti Malul noting ilottery growth over the past year has positioned the company for further success.
The provider of end-to-end ilottery solutions has reported revenues of $13.3m during Q1 2021, a 46.5% growth when compared to $9.1m year-on-year. Its share of NPI revenues was $8.2m during the financial period, a 736.5% increase on the $1m achieved last year.
NeoGames’ total revenues and share of NPI’s revenues was $21.5m during the first quarter of 2021 compared to $10.1m during the same period in 2020, representing an improvement of 113.9% year-on-year.
The company’s comprehensive Q1 income was $4m ($0.16 per share) compared to a loss of $0.9m ($0.04 per share) in the previous year. It recorded an adjusted EBITDA of $9.7m in Q1 2021, a 147.9% increase when compared to Q1 2020’s adjusted EBITDA of $3.9m.
Meanwhile, its network NGR came in at $195.8m in the quarter, a 184.8% growth year-on-year on the previous year’s $68.7m during the same period.
CEO Moti Malul commented: “We are pleased to kick off 2021 with a strong first quarter, posting revenue and adjusted EBITDA growth of approximately 114% and 148%, respectively.
“We continue to benefit from our recent launches in Alberta and Virginia, which added to the strong performance across the majority of our markets. Results also benefitted from the double jackpot run in the US, which continued into January.
During the quarter, NeoGames launched its einstant games with Austrian Lotteries, as well as recording revenue growth in Virginia due to einstant games player conversions. Revenue exceeded expectations in Alberta, Canada, through the enhancement of its Playalberta website.
It also rolled out a new raffle game in Michigan, with plans to further implement across other customers.
Malul continued: “We believe the ilottery growth experienced over the past year has positioned us well for further success. We are seeing solid player retention rates, allowing us to build off of the momentum from the past year, as the major economies and countries where we operate re-open.
“These results further demonstrate the strength of our comprehensive offering across technology, games and services, which fuels our ability to drive consistent growth across all our accounts. We also remain confident and convinced of the untapped potential for the ilottery industry across the globe, and particularly in the US where we are the market leader.”
