The ilottery solutions company NeoGames has released its financial results for the second quarter of 2022, revealing its revenue increased by 63.6% year-on-year.
NeoGames, which officially completed its €410m takeover of Aspire Global in June, has reported revenues of $21.1m for the second quarter ended June 30, a significant upturn from $12.9m during the same period in 2021.
The total of revenues and the company’s share in NeoPollard Interactive (NPi) revenues was $31.3m during Q2 of this year, compared to $21.4m during the second quarter of 2021, representing a 46.4% increase.
The revenue results include $8.3m from Aspire Group from the period of June 16 to June 30.
Moti Malul, CEO of NeoGames, said: “During the quarter, we were excited to complete our tender offer for the shares of Aspire Global, a truly transformative transaction that positions us as a leading global provider in technology and content across ilottery, online sports betting and igaming.
“Strategically, we are already realising benefits from the combination. We recently announced a multi-year turnkey project, leveraging our ilottery and BtoBet offerings in Brazil, which marks our entry into the market with an end-to-end solution of ilottery and online sports betting.
“Additionally, we entered into a partnership between BtoBet and SOJOGO, the lottery provider in Mozambique, leveraging our longstanding relationship with Santa Casa, the national lottery in Portugal, to provide our proprietary sportsbook offering for both online operations and its retail network.
“Furthermore, as Pariplay continues to grow in Alberta, we entered a partnership with the Atlantic Lottery in Canada through Pariplay to offer its aggregation platform and a wide variety of its games content to the Canadian regional lottery organisation.”
Meanwhile, NeoGames’ comprehensive loss for Q2 stood at $12.9m, compared to comprehensive income of $2.8m last year, which the firm maintains was primarily impacted by $14.2m of ‘Aspire transaction-related expenses’.
NeoGames also reported its adjusted EBITDA increased by 24% YoY to $10.3m in Q2 this year, including $1.3m from Aspire (Q2 2021: $8.3m).
Malul added: “Leading up to the combination we had strong standalone second quarter results across both the NeoGames and Aspire Global portfolios.
“Our reported revenues plus our NPI interest were up 46.4% from the same quarter last year. At Aspire standalone, we are also encouraged by 17% growth in Euro-denominated revenue for the entire quarter compared to the same quarter last year.
“We are thrilled to work toward achieving our full potential as we continue to fully integrate our two platforms and execute our strategic goals.”