Following a 2022 that was previously hailed as ending “on a very strong note”, Malul voiced enthusiasm at steps taken to “further solidify our position as the global leader in ilottery, sports betting and igaming solutions”.

With “equally exciting” developments detailed across all business units and financial results, the latter saw group-wide revenue through the first quarter, including its share of NeoPollard Interactive, reach $64.3m.

This represents a 187 per cent surge from the $22.4m recorded one year earlier, which is primarily aligned to the impacts of the business combination with Aspire Global.

Breaking this down further, ilottery increased 8.7 per cent year-on-year to $14.4m (2022: $13.3m), while the company’s share in NPI rose 60.9 per cent from the previous year’s $9.2m to $14.8m this time around.

On an igaming basis, revenue came in at $35.1m during the first quarter of the year, which is said to reflect new commercial terms effective January 1, 2023.

Net loss stayed consistent YoY at $900,000, due to the share impact from the amortization of intangible assets related to the Aspire purchase, with adjusted EBITDA up 136.8 per cent to $20.2m (2022: $8.5m).

“In ilottery, our proprietary games from NeoGames studio continued to perform strongly across all of our key accounts, and together with the jackpot runs early in the quarter, have contributed to strong performance in the US,” Malul commented. 

“We are also proud to note that our customer, the Virginia Lottery, recently became the first US lottery to operate a completely cloud-based ilottery program. 

“On the sports betting front, BtoBet processed approximately one billion bets during the month of March, an all-time high. In igaming, Pariplay also had a very active quarter, going live with twelve operators, including DraftKings in the US, and signing another nine, including Betsson.

“Equally exciting as the developments across all of our business units, is the impact they had on our financial results. Our revenue grew 187 per cent year-over-year and we were able to maintain EBITDA margins above 30 per cent across the company operating segments. 

“We look forward to building off this strong first quarter throughout the balance of the year and beyond.”

NeoGames also reiterated previous guidance regarding its full-year performance, with total revenue is expected to come in at $235m to $255m, which would represent a 10.4 per cent rise YoY.

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This comes as the company details its performance through the year’s second quarter and full-year, with total revenue increasing 46.4 per cent to $31.3m (2021: $21.39m).

NeoGames revenue secured a 63.35 per cent uptick to $31.3m (2021: $12.88m), which includes $8.3m from Aspire Global from June 16, to June 30, 2022.

Furthermore, the company’s share in the 50/50 NeoPollard Interactive joint venture with Pollard Banknote rose 20.6 per cent during the quarter to $10.25m (2021: $8.5m).

Loss during the time frame swelled to $12.9m versus an income of $2.8m, inclusive of $14.2m in transaction related expenses, as adjusted EBITDA increased 24 per cent to $10.3m (2021: $8.3m). This includes $1.3m from Aspire Global.

For the year-to-date revenue finished up at $53.72m, up 24.97 per cent from $42.99m year-on-year. NeoGames contributed $34.3m (2021: $26.23m) while NPI generated $19.42m (2021: $16.75m).

However, net loss grew to $13.8m versus the income of $6.72m gained one year earlier, with AEBITDA up 4.64 per cent to $18.83m (2021: $17.99m).

“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,” explained Moti Malul, Chief Executive Officer of NeoGames. 

“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.

“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 per cent from the same quarter last year. 

“At Aspire standalone, we are also encouraged by 17 per cent 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.”

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This comes as the group details its performance through the three months ending March 31, 2022, with group-wide revenue up 3.8 per cent year-on-year to $22.4m (2021: $21.6m).

NeoGames revenue saw a slight 0.7 per cent drop through the period to $13.2m, however, its share in the 50/50 NeoPollard Interactive joint venture with Pollard Banknote increased 11.2 per cent to $9.2m (2021: $8.2m).

Losses during Q1 reached $900,000 from 2021’s $4m income, partly due to Aspire Global transaction related expenses and additional G&A related to further build out of operations, with adjusted EBITDA dropping 12 per cent to $8.5m (2021: $9.7m).

Furthermore, NeoGames has also updated its revenue guidance for the fiscal year to a narrowed range of $91m-$96m from a previous estimation of $90m-$97m. At the midpoint this would represent a 11 per cent increase YoY.

Moti Malul, Chief Executive Officer of NeoGames, commented: “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.”

The $480m bid to purchase 100 per cent of the outstanding shares of Aspire Global is comprised of 50 per cent in each of cash and equity.

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Enhancing its presence within Canada, the deal will see the Aspire Global subsidiary supply its content for Play Alberta, which is the only regulated online gambling website within Alberta, operated by Alberta Gaming, Liquor and Cannabis.

“We are excited to enter the Canadian marketplace through our joint efforts with NPi to capitalise on the opportunities that the North American market offers,” said Tsachi Maimon, CEO, Aspire Global. 

“As a market leading aggregator of game content, we have established ourselves as a trusted supplier to the industry as we continue to offer the best content in the market. We look forward to continued collaboration with NPi to supply engaging content to AGLC.”

Holding licences in New Jersey and West Virginia, Pariplay noted that its collaboration with NPi marks a “major milestone” for the company’s expansion into the North American lottery market.

“We are very excited to work with Pariplay – a well-established and renowned content provider – to further expand the game titles and verticals we offer on Play Alberta’s portal,” noted Liz Siver, general manager, NeoPollard Interactive.

“As a dedicated partner to AGLC, NPi is committed to continuously enhancing the technology, games, and Power Suite services we offer to give players in Alberta a unified online gaming experience. 

“More importantly, with Pariplay’s wide variety of game content, AGLC has the opportunity to produce incremental proceeds to the good causes it supports throughout the province.”

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This will see the former, which is jointly owned by Pollard Banknote and NeoGames, enter an initial five-year contract, which will see the provision of NPI’s entire NeoGames library of gaming content.

“NPi is thrilled to celebrate another first for our company with our new partners at ALC,” said Liz Siver, general manager of NeoPollard Interactive.

“Our digital content partnership with ALC once again demonstrates NPi’s willingness and ability to customise our best-in-class solutions to address the unique needs of each of our lottery customers to maximise profitability and proceeds to good causes. 

“The exciting and innovative game content developed by our games studio will undoubtedly enhance ALC’s online footprint and create additional opportunities to attract new audiences, while driving overall program KPIs. 

“We look forward to being a long-term strategic partner to ALC as it continues to grow its online business and support revenue generation for communities across Atlantic Canada.”

As a result of what NPI lauds as a “strategic partnership,” ALC, via the the only regulated igaming operator in Atlantic Canada, will enhance its content offering through digital games produced by the NeoGames studio.

“The Atlantic Lottery is excited to work with NPi to enhance the exceptional experience we are able to deliver to players online,” added Robert Lalonde, ALC’s igaming Manager. 

“ALC strives to offer the best digital content available within a world-class responsible gambling framework that keeps more gaming revenues within the Atlantic Canada region to directly benefit residents. 

“This new partnership and content integration with NPi will give ALC the opportunity to expand the game content that we offer online and broaden our competitive appeal to players.”

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Contracted as the operator of AGLC’s PlayAlberta program, NPi subsequently deployed a full suite of managed services and a suite of igaming content earlier in the year. This represented the beginning of Alberta’s only regulated online gambling site.

Furthermore, NPi has also implemented a full suite of managed services for AGLC, ranging from revenue-generating activities to enhancing the player experience. This includes its customer engagement marketing and customer support centre, which provide real-time player support through phone, chat, and email. 

“NPi is delighted to celebrate the launch of this exciting offering alongside our partners at AGLC,” stated Liz Siver, general manager of NeoPollard Interactive.

“NPi’s growth into the broader North American market exhibits how committed we are to providing the best and most profitable iLottery solutions. We look forward to continuing to evolve PlayAlberta.ca in support of returning revenue to the citizens of Alberta.”

PlayAlberta.ca offers players a range of digital content including casino style games, plus NPi’s eInstant content. Future offerings include lottery, a full sportsbook, poker, bingo and live table games, with the offering also incorporating AGLC’s GameSense responsible gambling program, which offers players tools and resources to make healthy and informed gambling choices.

“PlayAlberta.ca is another way AGLC is implementing its promise to generate revenues for the benefit of Albertans,” said Alain Maisonneuve, president and CEO of AGLC.

“AGLC is excited to work with NPi and apply their vast experience as we provide a regulated online gambling website that will offer players expanded entertainment options, with integrated responsible gambling features and generate revenue to support valuable programs and services Albertans rely on every day.”

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Featuring a range of slots and table games content upon debut, with more features to be added in the coming weeks and months, the entity has also integrated the British Columbia Lottery Corporation’s GameSense responsible gambling tool.

Launching 11 years ago, GameSense, a player-facing, positive-play program designed to assist players in making informed choices, strives to improve player trust, awareness and education using research-based guidelines and best practices.

In a media release, the AGLC noted that the launch “makes certain that money played in Alberta will stay in Alberta, ensures protection on account withdrawals and offers a suite of responsible gambling features, such as bet and time limits.”

To support the relationship with existing venues, AGLC has established an online gambling advisory committee consisting of representatives from Alberta’s gaming industry. 

This is designed to ensure that PlayAlberta, which is available on browsers through desktop, tablet and smartphones, complements the region’s land-based venues while allowing online players to have access to a legal and secure website.

“PlayAlberta.ca is another way AGLC is delivering a responsible gambling choice for the benefits of Albertans,” noted Alain Maisonneuve, president and CEO. 

“The province’s regulated online gambling website will offer players expanded entertainment options with integrated responsible gambling features and generate revenue to support valuable programs and services Albertans rely on every day.”

AGLC is mandated to ensure the province’s gaming industry is carefully managed so it can maximize the benefits to Albertans. In 2018-19, over CA$1.4bn in net gaming income was generated for the General Revenue Fund, which is used to support programs and services that Albertans rely on every day.

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Last year the DOJ’s Office of Legal Counsel issued a new opinion to expand the act to more broadly cover interstate online gambling, as opposed to the previous sole sports betting interpretation.

Bringing forward its lawsuit in February of this year, the plaintiffs, New Hampshire Lottery Commission and NeoPollard Interactive, its ilottery vendor, proceeded just three months after the new interpretation was issued.

The state believed that the new opinion effectively rendered its internet lottery illegal which, in turn, would have a significant impact on lottery sales, with it said that approximately $90m goes to fund public education.

Furthermore, in addition to regional online ticket sales, concerns existed that the 2018 opinion could potentially impact multi-state games such as Powerball, available in 21 regions, and Mega Millions, offered in 44 jurisdictions.

In a 60-page ruling, Paul Barbadoro, United States district judge, commented: “In summary, I deny the Government’s motion to dismiss for lack of jurisdiction because the plaintiffs have established standing, and the Government has not met its burden to show that the case is moot. I grant the plaintiffs’ motions for summary judgement and deny the Government’s cross-motion for summary judgement.

“I hereby declare that § 1084(a) of the Wire Act, 18 U.S.C. § 1084(a), applies only to transmissions related to bets or wagers on a sporting event or contest. The 2018 OLC opinion is set aside.”

Jeff Ifrah, founder of iDEA Growth, also issued the following response to the court order from New Hampshire: “We are thrilled with today’s order from Judge Paul Barbadoro of the United States District Court for the District of New Hampshire that has reaffirmed that the Wire Act applies only to sports betting and not mobile gaming.

“This order today means that states can continue to legalise online entertainment, including casino, lottery and poker. Further, the court set aside the 2018 OLC opinion from the Justice Department finding its reasoning to be completely erroneous. As the momentum continues through the states to legalise mobile gaming, states can look to New Jersey to see the success of including mobile gaming.”

Governor of the Granite State Chris Sununu also praised the decision, writing on social media: “Today’s ruling is a historic victory for the State of New Hampshire and we are proud to have led this effort. New Hampshire stood up, took action, and won – all to protect public education in our state.”

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Under the terms of the agreement both party’s are to continue serving the Wolverine State’s lottery under its NeoPollard Interactive brand, becoming continued providers of the iLottery platform, games, and managed services through to July 2022.

First teaming up with the Michigan Lottery in 2014 to launch the turnkey iLottery 360° Solution, a long-term goal was established to work “collaboratively to establish the top-performing iLottery program in North America”.

Under the extension, NPi is to continue to provide the Michigan Lottery with “leading technology that evolves to meet the changing needs of the Lottery and its players,” including customer engagement marketing, game development and operational services.

Closely collaborating with the Lottery through its headquarters in Lansing, NPi delivers 24/7 customer service to players throughout the state with live chat, email, and phone support, and oversees all operational services, including banking and payments, and claims and compliance.

Liz Siver, general manager of NeoPollard Interactive, explained: “We are thrilled to continue our collaborative relationship with the Michigan Lottery as its iLottery provider.

“Since the launch of iLottery in 2014, the Michigan Lottery has become a leader within the digital space, providing innovative digital products to players and continuing to seek out new experiences to enhance its technology, games, and services.

“In fact, the performance of the Michigan Lottery’s iLottery platform has become the benchmark of the industry, with other lotteries launching similar operations.”

Initial unaudited results for the 2018 fiscal year show that the iLottery generated over $100m in net win (wagers minus prizes paid and promotional costs), helping the Michigan Lottery provide its fourth consecutive record contribution, approximately $930m, to its beneficiary, the state School Aid Fund.

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