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NeoGames Announces Third Quarter 2023 Results

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NeoGames S.A. announced financial results for the third quarter ended September 30, 2023.

Moti Malul, Chief Executive Officer of NeoGames, said: “We are pleased with the progress we made during the third quarter advancing our strategic goals while we continue to work towards completing our merger with Aristocrat Leisure. Our iLottery business continues to win market share and grow as we have recently announced that our joint venture, NeoPollard Interactive, expanded its footprint in the US, winning a public procurement to provide the West Virginia Lottery with a full iLottery program. Furthermore, we are working together with the North Carolina Lottery to prepare for the expansion of their iLottery program as they recently received approval to launch eInstant games. Pariplay’s extensive aggregation collaborations, including deals with OPAP in Greece to introduce games from NeoGames Studio, and iGaming content with Rush Street Interactive in Pennsylvania, further bolster our market presence. We also signed ten new operators, including leading operators, including Hard Rock and Fortuna Entertainment Group. With BtoBet’s online sports betting entry into the North American market through a transformative partnership with AGLC, we believe that we are poised for even greater expansion. While Aspire Core results slowed due to regulatory shifts in the United Kingdom and operational changes in Germany as we obtained our license to operate in that market, we anticipate seeing gradual improvement over the next few quarters. We remain focused on achieving sustainable growth. We are also encouraged by the interest and pipeline in the U.S. market for our iGaming offering. We plan to continue to invest in delivering the deals we’ve announced and to enhance our product offering to scale and capture future opportunities in the space.

“We are very thankful for the overwhelming support we continue to receive from our customers and business partners given the unfortunate conflict in Israel and the Middle East. As we have previously stated, there has been no impact on the business and the business continues to operate as usual.

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“We continue to make progress towards completing our merger with Aristocrat Leisure, and during this quarter have received additional regulatory approvals which are required to close. We continue to expect the deal to be completed during the first half of fiscal year 2024. In the meantime, we remain dedicated to elevating the iGaming landscape, capitalizing on opportunities, and diligently executing on our strategic objectives for the benefit of all stakeholders.”

Third Quarter 2023 Financial Highlights

  • The total of Revenues and the Company’s share of NPI revenues was $63.3 million during the third quarter of 2023, compared to $73.3 million during the third quarter of 2022. These figures reflect accounting for the majority of Aspire Core revenues on a net basis in the third quarter of 2023 compared to historical figures in the third quarter of 2022, which were prepared on a gross basis, prompted by new commercial terms in certain Aspire Core contracts which went into effect on January 1, 2023. If iGaming revenues had been accounted for on a gross basis for the Aspire Core, the total of Revenue and the Company’s share in NPI revenues would have been $81.7 million, which would have reflected 11.5% year-over-year growth when measured in reporting currency. In addition to accounting for the new commercial terms, current year results reflect continued growth in the Company’s iLottery, Games and Sports business lines, partially offset by a slowdown in Aspire Core revenues due to regulatory changes in the United Kingdom and a temporary pause in operations in Germany prior to the Company recently securing its local license to operate.
  • iLottery revenues were $14.4 million during the third quarter of 2023, compared to $13.7 million during the third quarter of 2022, representing an increase of 5.6% year-over-year. In addition, the Company’s share in NPI revenues was $17.0 million during the third quarter of 2023, compared to $11.1 million during the third quarter of 2022, representing an increase of 53.3% year-over-year. The total of NeoGames’ iLottery revenue plus the Company’s share of NPI revenues during the third quarter of 2023 was $31.4 million, up 26.9% year-over-year, primarily driven by continued positive growth trend across most major accounts and the jackpot in the US market during the third quarter.
  • iGaming revenues were $31.9 million for the third quarter of 2023. These figures reflect accounting for the majority of Aspire Core revenues on a net basis compared to historical figures which were prepared on a gross basis, prompted by new commercial terms in certain Aspire Core contracts which went into effect on January 1, 2023. If iGaming revenues had been accounted for on a gross basis for the Aspire Core, total revenue would have been $50.5 million for iGaming primarily driven by continued growth in Games and Sports business lines, partially offset by a slowdown in Aspire Core revenues due to regulatory changes in the United Kingdom and a temporary pause in operations in Germany prior to the Company recently securing its local license to operate, which would have reflected 4% year-over-year growth when measured in reporting currency.
  • Net loss was $(3.6) million, or $(0.10) per share, during the third quarter of 2023, compared to a net loss of $(4.4) million, or $(0.13) per share, during the third quarter of 2022. Net loss during the third quarter of 2023 was mainly due to costs attributed to the Aristocrat transaction and the amortization attributable to the Aspire business combination.
  • Adjusted net income was $4.4 million, or $0.13 per share, during the third quarter of 2023, compared to $3.0 million, or $0.09 per share, during the third quarter of 2022.
  • Adjusted EBITDA was $19.9 million during the third quarter of 2023, compared to $17.6 million during the third quarter of 2022, representing an increase of 12.9% year-over-year.
  • Cash and cash equivalents balance as of the end of third quarter of 2023 was $27.1 million, compared to $41.2 million at the end of 2022, resulting in net negative cash of $14.1 million for the nine months of 2023. The difference in cash flows is primarily attributable to a number of key factors including advisor payments related to the Aristocrat transaction, slowness in Aspire Core operations, a consideration for the acquisition of the remaining shares of GMS Entertainment Ltd. from the managing director of Pariplay, and the impact from a bank guarantee required to secure the Company’s German license.

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StatRankings Launches with Aim to Deliver Faster, Cleaner, and Smarter Sports Data Experience

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StatRankings, the ultimate data hub for sports fans, bettors, and fantasy players, announced the launch of its new website. Designed for speed, simplicity, and privacy, StatRankings helps users make smarter decisions by removing the clutter of outdated, stat sites. With more than 500 NFL data points organized on dedicated, ad-free pages, fans can instantly find the data they need to help set fantasy lineups or put together a betting slip without endless tables, pop-ups, or dashboards getting in the way.

“The sports stats industry has been stuck in the past for too long. These sites supposedly designed for bettors, fantasy players, and media are archaic, cumbersome, and confusing. We are committed to keeping the experience of finding stats as smooth and easy as possible, without all the noise. We want StatRankings to represent a new standard in how sports data can be delivered,” said Kevin Adams, Founder of StatRankings and fantasy sports industry veteran.

In addition to the launch of its website, StatRankings created a partnership with One Week Season, a premium DFS (Daily Fantasy Sports) subscription service that offers content, tools, and community. StatRankings data will be used across shows and articles found on One Week Season’s site for the duration of the NFL season.

“One Week Season is all about teaching people the ‘how’ when it comes to becoming a better DFS player. StatRankings helps us in that mission by making sharper and deeper data more accessible and doing so in a manner that has previously been awkward and downright clumsy. By incorporating StatRankings into our content, we’re able to offer the most optimized insights to our users for their success,” said One Week Season’s CEO Jordan Tohline.

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Gaming Americas Weekly Roundup – August 11-17

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

AU10TIX announced the launch of a free Child Safety Age Assurance Risk and Readiness Assessment and Age Assurance Readiness Guide designed to help businesses better understand their risk and tailor their strategy to meet regulatory obligations. They support AU10TIX’s Selfie-based Age Estimation service, which delivers the industry’s most precise and unbiased age assessment in just two seconds. In the US, federal legislation such as the Children’s Online Privacy Protection Act (COPPA) requires parental consent for users under 13, while the California Consumer Privacy Act mandates age verification for websites accessed by users under 16. Additionally, 19 U.S. states now enforce mandatory age checks for adult content and gambling platforms. Similar regulations are impacting social media and online services in the UK, EU and Australia.

Caesars Entertainment has launched its third fully in-house developed proprietary online casino title: Signature American Roulette. Now live in New Jersey, the game is available across Caesars Palace Online Casino, Caesars Sportsbook & Casino and Horseshoe Online Casino, bringing another standout addition to the Company’s Signature table game series. Developed by Empire Creative, Signature American Roulette reflects Caesars’ growing investment in building its own proprietary content, a cornerstone of its online casino strategy aimed at delivering a best-in-class player experience. Signature American Roulette follows the recent launches of fan-favourite Signature titles, Caesars Palace Signature Multihand Blackjack Surrender in May and Signature Blackjack Surrender in June, both also developed by Empire Creative.

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Novig announced the successful close of an $18 million Series A funding round. The round was led by Forerunner, with participation from existing investors Y Combinator, NFX, Perceptive Ventures and Gaingels. Founded by Jacob Fortinsky and Kelechi Ukah, Novig is reimagining sports predictions as a transparent and fair marketplace. Unlike traditional sportsbooks, Novig allows users to trade directly with one another, rather than against the house, eliminating hidden fees, biased odds and the risk of being penalised for winning.

Partnerships

IGT announced that it has secured a multi-year sports betting technology and services agreement with Hipodromo de Agua Caliente SA de CV and Distribuidora Internacional de Equipos de Juego, S. De R.L. De C.V. that will significantly extend IGT PlaySports’ footprint to Mexico and Latin America via Corporación Caliente. Per the agreement, 42 Caliente sportsbooks in Mexico will leverage the IGT PlaySports platform and services from the Company’s Trading Advisory Services Team. Through a phased rollout, Caliente will also be able to provide select sportsbooks operators throughout Latin America access to IGT PlaySports’ technology, extending the technology’s reach to more than 100 additional venues across eight countries.

CT Interactive has announced a strategic partnership with Ondiss. Through this collaboration, CT Interactive’s top-performing titles are now integrated into the Ondiss platform, significantly expanding the company’s reach within the region’s regulated iGaming market. This integration adds value to the broad Argentine audience of Casino & Hotel Casino Magic S.A., which successfully uses the Ondiss platform. With CT Interactive’s certified and player-favourite content now available, operators on the platform are empowered to diversify their offerings and meet the increasing demand for engaging, high-quality games.

The post Gaming Americas Weekly Roundup – August 11-17 appeared first on European Gaming Industry News.

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PAGCOR Opposes Online Gambling Ban Amid Pressure to Criminalise the Industry

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PAGCOR, the Philippine gaming regulator, has opposed a proposed ban on online gambling, despite mounting nationwide calls to criminalise it over soaring numbers of addiction, debt and mental health cases.

The online gambling sector in the Philippines has been growing exponentially, with gross revenues jumping from $140M in 2022 to $2.4B in 2024, according to Senate Committee on Games and Amusement data.

The committee held a hearing last week, highlighting the human cost of the industry, with its members demanding to outlaw it, saying the country was facing a full-blown public health and social crisis.

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Sen. Erwin Tulfo, who led the hearing on online gambling, warned that “as long as online gambling exists, we are breeding the next generation of addicts, debtors, and broken families.”

He called for a ban and to “prosecute not only the operators, but also the enablers — in the government and in the private sector — who profit from this misery.”

PAGCOR, which is both an operator and regulator, said it “is not in favor of a total ban and instead advocates for stricter regulation.”

The regulator said that illegal operators are the real problem.

“Unfortunately, many of these unregulated online operators are based overseas who target Filipinos, most of whom do not realize that the sites they are playing on are not licensed by PAGCOR. This is where problems arise, especially regarding age restrictions.”

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But a survey cited by senators indicates that age was not the main issue. It indicated that 66% of Filipinos aged 18 to 40, and 57% of those aged 41 to 55 were engaged in online gambling. Nearly a third bet multiple times a week, some wagering up to $53 per session.

Majority Leader Joel Villanueva warned online gambling is a “growing national crisis” in the Philippines.

“People are not just risking their hard-earned money. They are putting their futures, families, and lives on the line. The lure of instant wealth has already led many down a path of addiction, debt, and despair,” he said.

“Online gambling is not just a matter of financial loss. It is strongly associated with serious mental and physical health issues, broken relationships, family conflict, increased cases of domestic violence and suicide, crime against persons and property, and ultimately, the erosion of opportunities and dignity in the lives of many Filipinos.”

The post PAGCOR Opposes Online Gambling Ban Amid Pressure to Criminalise the Industry appeared first on European Gaming Industry News.

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