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NeoGames Announces First Quarter 2022 Results

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NeoGames S.A., a technology-driven provider of end-to-end iLottery solutions, announced today financial results for the first quarter ended March 31, 2022.

Moti Malul, Chief Executive Officer of NeoGames, said: “Our business continues to trend positively in 2022, as our existing accounts continue to perform well in terms of both sequential, as well as annual growth rates. We are delighted to see particularly strong growth from our Virginia and Alberta accounts, which have become leading contributors to our revenues. During the quarter we announced an offer to acquire Aspire Global in an effort to enhance our offering and expand our geographies. We have been keenly focused on completing this transaction and have recently launched our tender offer. We are confident with the progress and expect to close during the second quarter.”

First Quarter 2022 Financial Highlights

  • The total of Revenues and the Company’s share in NPI revenues was $22.4 million during the first quarter of 2022 compared to $21.6 million during the first quarter of 2021, representing an increase of 3.8% year-over-year. Revenues were $13.2 million during the first quarter of 2022, compared to $13.3 million during the first quarter of 2021, representing a decrease of 0.7% year-over-year. In addition, the Company’s share in NPI revenues was $9.2 million during the first quarter of 2022, compared to $8.2 million during the first quarter of 2021, representing an increase of 11.2% year-over-year.
  • Comprehensive loss was $(0.9) million, or $(0.03) per share, during the first quarter of 2022, compared to comprehensive income of $4.0 million, or $0.16 per share, during the first quarter of 2021. The change in comprehensive income was impacted by several items, including Aspire transaction-related, stock-based compensation expense (granted in Q4 2021), and additional G&A related to further build out of operations.
  • Adjusted EBITDA1 was $8.5 million during the first quarter of 2022, compared to $9.7 million during the first quarter of 2021 representing a decrease of 12.0% year-over-year.
  • Network Net Gaming Revenue (“NGR”) was $199.7 million during the first quarter of 2022, compared to $195.8 million during the first quarter of 2021, representing an increase of 2% year-over-year.

Recent Business Highlights

  • On April 26, 2022, we published the prospectus, offer document and acceptance form related to the Aspire Global prospective acquisition. The acceptance period runs from April 27 through May 25 with an expected settlement date of June 14, 2022. The acquisition is expected to close during the second quarter of 2022.
  • Virginia continued its strong growth with quarter-over-quarter and year-over-year increases in revenue and near market-leading per capita volumes.
  • Michigan continued its growth trend, which started in the second half of the fourth quarter 2021.
  • Benefiting from the broader product mix rolled out in the region, Alberta expanded to become our second largest turn-key account in terms of revenues, demonstrating the benefits of our collaboration with Aspire Global, as Pariplay has increased its market share during the quarter.

Guidance

The Company is updating its fiscal year 2022 Revenue and Share of NPI Revenues Interest Guidance to between $91 million and $96 million, compared to the prior range of between $90 million and $97 million, representing an approximate 11% increase year-over-year at the midpoint. This range is based on revenues from existing accounts, does not assume revenues from the launch of new turn-key accounts, and reflects the range of possible outcomes of the conflict in Ukraine.

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Flutter receives formal approval of its science-based targets

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Flutter Entertainment Plc announced that the Science Based Targets initiative (SBTi) has formally approved its near and long-term science-based emissions reduction targets. The SBTi has also verified Flutter’s net-zero science-based target by 2035.

Flutter’s net-zero target conforms with the SBTi Corporate Net Zero Standard and has been classified to be in line with a 1.5°C trajectory, aligning to the levels required to meet the goals of the Paris Agreement.

Scope 1, 2 and 3 targets approved by the SBTi are as follows:

Overall Net-Zero Target:Flutter commits to reach net-zero greenhouse gas (“GHG”) emissions across the value chain by 2035. This is broken down as follows:
Near-Term Targets: Flutter commits to reduce absolute scope 1 and 2 GHG emissions 45% by 2030 from a 2022 base year. Flutter also commits to reduce absolute scope 3 GHG emissions 45% within the same timeframe.
Long-Term Targets: Flutter commits to reduce absolute scope 1 and 2 GHG emissions 90% by 2035 from a 2022 base year. Flutter also commits to reduce absolute scope 3 GHG emissions 90% within the same timeframe.
Flutter will provide regular reporting on progress against these targets, in addition to the approach to managing climate-related risk and opportunities.

Flutter’s Group Director of Sustainability and Regulatory Affairs, Sue Albion, said: “At Flutter, we are committed to playing our part in moving toward environmental sustainability, for the health of our planet and the future success of our business. Around the world, our brands are taking steps to track their carbon footprint and reduce emissions, and we’re collaborating with partners across our supply chain to support them to do the same. Setting clear, science-based targets and holding ourselves accountable to deliver against them is a key part of this journey.”

The post Flutter receives formal approval of its science-based targets appeared first on European Gaming Industry News.

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Bragg Gaming Launches Metric Gaming Sportsbook with Betnation in The Netherlands

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Bragg Gaming Group announced the launch of the Betnation sportsbook, utilising technology developed by Metric Gaming across the Dutch market for the first time.

Under the terms of the extension agreement, Bragg provides access to Metric’s sportsbook technology through its existing relationship with the developer, with Bragg working to integrate this technology into Betnation’s current set up.

The integration benefits Betnation further through access to Bragg’s in-house regulatory reporting tools, as well as access to cutting-edge marketing and promotional tools available through Bragg’s Fuze toolset.

The agreement marks the first usage of Metric’s sportsbook technology via Bragg Gaming Group to a Bragg client, with similar launches with other Bragg clients set to follow.

This relationship aims to allow an operator to have all the autonomy and control of an in-house developed sportsbook but through an outsourced solution which is more cost effective for the operator, making it easier for operators to focus on customers.

The launch follows the award of a sports betting license to Betnation by the Dutch Gambling Regulator, the Kansspelautoriteit (KSA) last month, following an extensive application review process and building on Betnation’s prior iGaming license award.

The sportsbook debut comes at a crucial time in the sporting calendar, with the UEFA European Championship Football tournament kicking off in Germany on June 14, 2024, and with the Paris 2024 Olympics beginning a month later in July.

Betnation are a long standing client of Bragg Gaming, first agreeing a turnkey technology, content aggregation and managed services deal covering the Dutch market in April 2022.

Betnation currently utilizes Bragg’s constantly updated, cutting-edge Player Account Management (PAM) platform in the Dutch market, as well as Bragg’s iGaming content aggregation services, which include casino content from multiple in-house studios as well as exclusive content from multiple studio partners.

Betnation also uses the Fuze customer engagement toolset in its iGaming, benefitting from market leading tools proven to increase user engagement through enabling automated, real-time in-game gamification, conversion and retention mechanisms.

Tools available to iGaming operators under the Fuze toolset include an AI-powered Game Recommendation System, Game-based leaderboards, tournaments and quests.

Matevž Mazij, Chief Executive Officer at Bragg, commented: “We’re delighted to help Betnation expand their existing iCasino offering into sportsbook for the first time, in this first-of-its kind agreement.

“We hope that this arrangement with Metric Gaming will offer our operator clients a unique, game-changing way to offer sports betting but in a way which removes many of the associated financial and operational concerns.”

Robert Schouten, Chief Executive Officer at Betnation, commented: “We’re grateful to the KSA for granting us a sports betting licence, and we’re looking forward to launching our debut sportsbook offering with Bragg and Metric.

The upcoming summer of sporting events will undoubtedly be a busy one for Dutch bettors and we’re looking forward to being able to offer a wide range of betting opportunities for our customers.”

The post Bragg Gaming Launches Metric Gaming Sportsbook with Betnation in The Netherlands appeared first on European Gaming Industry News.

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Kambi and Abios Join ESIC as Anti-Corruption Supporters

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The Esports Integrity Commission (ESIC) has announced Kambi and Abios, its esports data subsidiary, as new ESIC Anti-Corruption Supporters. This partnership signals the alignment of Kambi’s longstanding commitment to corporate probity and sports integrity with ESIC’s ongoing battle against match-fixing and corruption in esports.

Kambi and Abios join a distinguished class of other Anti-Corruption Supporter stakeholders who have historically worked with ESIC to ensure that attacks against the competitive integrity of esports competition are appropriately reported and dealt with. Anti-Corruption Supporters assist ESIC in investigating suspicious betting activity, supporting ESIC’s broader mission to combat cheating and betting fraud in the esports industry. Kambi and Abios’ entrance into the Anti-Corruption Supporter class will see the entities actively work with ESIC to assist in ESIC’s mission to disrupt, prevent, investigate and prosecute all attempts to compromise competitive integrity in esport competition.

Abios’ Managing Director and Founder, Anton Janér, commented: “Our mission at Abios has always been to enable the sustainable growth of esports. As such, we’re incredibly excited to join ESIC in their mission to future-proof esports through combatting match-fixing and other integrity-related malpractices. Fair play is a crucial component in ensuring the viability of esports as a long-term community and investment and we hope to be able to support the industry together with ESIC going forward.”

Stephen Hanna, ESIC’s Chief Executive Officer, commented: “We are pleased to welcome Kambi and Abios as Anti-Corruption Supporters. Kambi and Abios are well trusted and recognised operators in their respective industries, and their entrance into the Anti-Corruption Supporter class of ESIC membership emphasises their shared commitment to upholding the highest standards of integrity and fair play within the esports industry.”

The post Kambi and Abios Join ESIC as Anti-Corruption Supporters appeared first on European Gaming Industry News.

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