Luxembourg – Strong end to the year sees NeoGames up 149 per cent in 2022By Phil - 7 March 2023
NeoGames generated revenues of $210.2m for the year ended December 31, 2022 compared to $84.5m for the year ended December 31, 2021, representing a 149 per cent increase from the prior year, reflecting the business combination with Aspire Global.
NeoGames’ iLottery revenue plus the company’s share of NPI revenues during 2022 was $98.1m, up 16 per cent from a year ago.
Aspire Global contributed $112.1m of revenue for the period of June 16, 2022, which is the date the tender offer was completed through December 31, 2022. On a full year pro forma basis, Aspire Global revenues were $207m for the full year of 2022, reflecting 19 per cent growth as measured in constant currency, offset by a 13.4 per cent decrease caused by the impact of foreign currency exchange rates resulting in 5.7 per cent growth when reported in US dollars.
Moti Malul, Chief Executive Officer of NeoGames, said: “We are proud of the tremendous progress we made during 2022, further solidifying our iLottery leadership position in a continually expanding market. A record year in iLottery was punctuated with another record quarter. In addition, we made some truly transformational strides advancing our strategic goals. We significantly evolved our business through our acquisition of Aspire Global, expanding beyond our position as a leader in global iLottery solutions, and propelling us to becoming a global leader in providing technology and content solutions across iLottery, online sport betting and iGaming. Our results underscore the advantage of our ability to serve customers on an integrated basis, whether they need solutions for iLottery, online sports betting, iGaming, or any combination of services. We ended the year growing our iLottery revenue by 33% during the fourth quarter, and our iGaming revenue by 27 per cent as measured on a constant currency pro forma basis from the prior year. During 2022, we grew revenue across all business lines and we believe that we remain well-positioned to continue to deliver profitable growth into 2023 and beyond.”
“Each year the global gaming industry tends to expand further into the online channel, and each year the needs of our customers evolve to require a more integrated approach across lottery, gaming and sports betting. In our view, we are well positioned as a leader to provide our customers, both regulated state lotteries and private gaming operators, a leading, full suite of solutions to meet all their digital gaming needs. This was demonstrated once again in Brazil, where we carried the strong momentum we generated in 2022 into 2023 and launched iLottery and online sports betting with the official lottery of Brazil’s second largest state, Minas Gerais. We believe these achievements on top of those accomplished in 2022 will help position us to achieve our objectives of sustainable accretive growth and value for our shareholders.”
The fourth quarter saw revenues of $83.2m during the fourth quarter of 2022 compared to $21.3mduring the fourth quarter of 2021, representing a 291 per cent increase from the prior year, reflecting the business combination with Aspire Global.
NeoGames’ iLottery revenue during the quarter was $28.4m, a quarterly record, up 33.4 per cent from a year ago, and up 16.9% from the prior quarter.
Aspire Global revenue was $54.8 million for the fourth quarter, reflecting 27 per cent growth as measured in constant currency, offset by a 14.6 per cent decrease caused by the impact of foreign currency exchange rates resulting in a 12.4 per cent growth as reported in US dollars.