{"id":260,"date":"2024-06-28T15:41:03","date_gmt":"2024-06-28T12:41:03","guid":{"rendered":"https:\/\/sunriseslots100nodepositbonus.icu\/2024\/06\/28\/neogames-reports-first-quarter-loss-despite-revenue-surge\/"},"modified":"2024-06-28T15:41:03","modified_gmt":"2024-06-28T12:41:03","slug":"neogames-reports-first-quarter-loss-despite-revenue-surge","status":"publish","type":"post","link":"https:\/\/sunriseslots100nodepositbonus.icu\/2024\/06\/28\/neogames-reports-first-quarter-loss-despite-revenue-surge\/","title":{"rendered":"NeoGames Reports First Quarter Loss Despite Revenue Surge"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/eBz6936CqUk\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>NeoGames, also known as \u7231\u535a\u9014, reported a net loss in the first quarter. This was due to depreciation and financing costs incurred after the acquisition of Aspire Global late last year.<\/p>\n<p>The company&#8217;s CEO, Moti Malul, said that their lottery operations were performing well. He noted that their games were popular with a large customer base and that a significant jackpot at the start of the quarter contributed to strong earnings in the United States. He also mentioned that their client, the Virginia Lottery, was the first entity in the US to use a fully online lottery system.<\/p>\n<p>Malul also discussed their gaming solutions division. He indicated that their BtoBet B2B sports betting business saw a record-breaking 1 billion bets in March. He also mentioned that their gaming content provider, PariPlay, had a successful quarter. PariPlay partnered with 12 companies, including DraftKings, and secured 10 new agreements, including one with the Swedish company Betsson. <\/p>\n<p>We are heartened by the progress seen across all our business divisions, which has had a substantial effect on our financial performance, Malul stated.<\/p>\n<p>Our income rose by 187% year-on-year, and we were able to keep an EBITDA margin of over 30% across our operational divisions. We anticipate continuing this robust start in the remaining part of the year and beyond.<\/p>\n<p>NeoGames&#8217; First Quarter Revenue Skyrockets on Acquisitions<br \/>\nThe company&#8217;s income surged significantly year-on-year, reaching $64.2 million from $22.4 million in the same period last year, primarily reflecting the integration of its business with Aspire.<\/p>\n<p>The $423.5 million deal concluded in June 2022, merging the company with the igaming solutions provider, with then-CEO Tsachi Maimo becoming head of the company, leading the newly formed igaming division. The igaming division reported $35.1 million in income in the first quarter of 2023.<\/p>\n<p>The company&#8217;s ilottery division, which was not affected by the acquisition, grew 8.7% year-on-year, from $13.3 million to $14.4 million.<\/p>\n<p>On a total revenue basis, the company declared adjusted EBITDA of $20.2 million, up 136.8% from $8.5 million in the first quarter of last year before the merger.<\/p>\n<p>Ultimately, NeoGames reported a net loss of $0.9 million for the three-month period, stable compared to the $0.9 million loss the company reported in the same period last year. <\/p>\n<p>The firm stated that the financial losses experienced this year were primarily attributed to the equity effect resulting from the depreciation of intangible assets following the acquisition of Aspire. Sign up for the iGaming newsletter. <\/p>\n<p>The company recorded a loss of $13.6 million in the recent quarter, primarily due to depreciation and amortization charges. The vendor also mentioned that interest costs stemming from the merger also negatively impacted NeoGames&#8217; financial performance in 2023. These costs amounted to $5.3 million in the three-month period ending March 31.<\/p>\n<p>Furthermore, other expenses also had a detrimental effect on the company&#8217;s financial position. NeoGames reported a substantial increase in distribution expenses, nearly doubling from $2.5 million in the first quarter of 2022 to $23.4 million. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>NeoGames, also known as \u7231\u535a\u9014, reported a net loss in the first quarter. This was due to depreciation and financing costs incurred after the acquisition of Aspire Global late last year. The company&#8217;s CEO, Moti Malul, said that their lottery operations were performing well. He noted that their games were popular with a large customer [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NeoGames Reports Q1 Loss, Lottery Operations Strong<\/title>\n<meta name=\"description\" content=\"NeoGames, known as \u7231\u535a\u9014, saw a net loss in Q1 due to acquisition costs. 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