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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.

Industry News

Entain: Strategic Progress and Trading Momentum Continues into H2 2024

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Entain plc, the global sports betting and gaming group, has provided an update on further strategic progress and trading performance delivered so far in the second half of 2024.

New CEO
As announced on 22 July 2024, Gavin Isaacs joined Entain as Chief Executive Officer on 2 September 2024. To ensure a smooth transition, Stella David is working alongside Gavin until she succeeds Barry Gibson as Chair of Entain on 30 September 2024.

Further progress in US
Launched ahead of the 2024 NFL season kick off, BetMGM’s sports betting experience now includes enhanced parlay and player prop offerings powered by Angstrom’s differentiated market pricing capabilities, as well as new streamlined live betting and bet slip features. BetMGM is also now the first sports betting app to offer Nevada bettors seamless, nationwide connectivity through a single, digital wallet.

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H2 trading to date
As evidenced in the H1 results on 8 August 2024, the company continue to make strong progress with the focused execution bearing fruit across the operational performances. The improving momentum delivered during Q2 has continued, with Online Net Gaming Revenue (NGR) growth during H2 2024 to date ahead of the expectations.

The post Entain: Strategic Progress and Trading Momentum Continues into H2 2024 appeared first on European Gaming Industry News.

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Compliance Updates

Betsson Group shortlisted for 4 awards at the Global Regulatory Awards

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Betsson Group has managed to secure four award nominations for the 8th edition of the Global Regulatory Awards. Held annually since 2017, the awards hosted by Vixio, a leading provider of regulatory intelligence solutions, recognise the achievements of individuals, teams, and organisations in the gaming industry that have excelled in compliance, corporate social responsibility, and safer gaming.

According to the official website of the Global Regulatory Awards, Vixio received a record number of submissions this year, making 2024 their most competitive year by far.

The 2024 Global Regulatory Awards ceremony is scheduled to take place in London on 4th December 2024.

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Betsson Group is shortlisted for three company awards and one individual award.

1. Commitment to Compliance by an Operator

This award celebrates a leading compliance initiative by a gambling operator that has significantly improved internal expertise and set a new standard for industry best practices. The judges will look for an initiative that demonstrates transformative improvements in processes, technology, reporting, and training, while also promoting best practices across the sector.

2. Chief Compliance Officer of the Year – Corinne Valletta

This award celebrates an exceptional compliance leader who consistently exceeds expectations, expertly navigates regulatory challenges, and has significantly elevated the compliance standards within their organisation through pragmatic solutions, operational transformation, and thought leadership. The award seeks a leader who actively collaborates with management, their team, and regulatory bodies to foster a culture of compliance. Judges will look for concrete examples of the nominee’s impact, including industry conference appearances, introduced training initiatives, and demonstrations of thought leadership.

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3. Compliance Team of the Year

This award honours a compliance team within an organisation that actively fosters a culture of compliance, responding effectively to regulatory changes and driving their organization to lead in new compliance standards. Judges will evaluate how the team has cultivated a compliance-focused culture, collaborated across the organisationinitiated training, and influenced business practices and industry engagement, including with trade associations. Special consideration will be given to teams that have led their organisation into new compliance jurisdictions in emerging markets.

4. Legal Team of the Year

This award recogises a legal team that protects the company’s reputation by ensuring compliance with regulations, demonstrating exceptional problem-solving, analytical, and organisational skills, and proactively advising management. Judges will assess how the team promotes best practices, keeps the business ahead of regulatory changes, and minimises the impact on both the bottom line and daily operations.

In conclusion, the above nominations highlight Betsson’s strong compliance culture and commitment to raising its standards in compliance to ensure a safe and stable business.

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The post Betsson Group shortlisted for 4 awards at the Global Regulatory Awards appeared first on European Gaming Industry News.

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Industry News

Andrew Cardno to Speak at Mid-year IGA about Safeguarding Data in AI-Enabled Tribal Casinos

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Andrew Cardno, the Chief Technology Officer of Quick Custom Intelligence, a recognized expert in data analytics and gaming technology, will be a featured speaker at the upcoming Mid-Year Indian Gaming Association (IGA) conference at the Tulalip Resort Casino in Tulalip, Washington. He will deliver a presentation on the critical topic of “Safeguarding Data in AI-Enabled Tribal Casinos.”

As Artificial Intelligence (AI) continues to revolutionize the gaming industry, its integration into casino operations has opened new avenues for enhancing player experiences, optimizing business strategies, and improving overall security. In his session, Cardno will explore how AI is not just a tool for innovation but also a pivotal element in maintaining the integrity and safety of tribal casinos.

Cardno’s presentation will delve into several key areas:

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  • Personalized Player Experiences: Demonstrating how AI can tailor game recommendations to individual players, creating more engaging and customized gaming experiences.
  • Advanced Security Measures: Highlighting AI’s capabilities in detecting and preventing fraudulent activities, ensuring a secure gaming environment.
  • Optimized Pricing Strategies: Discussing how AI can help casinos adjust pricing dynamically to maximize revenue and enhance profitability.
  • Enhanced Customer Service: Showcasing the use of AI-driven chatbots to provide efficient and personalized customer support, improving player satisfaction.
  • Refined Marketing Approaches: Examining how AI can refine marketing strategies for more targeted outreach, ensuring the right messages reach the right audiences.

Cardno will also provide insights into how AI-driven efficiencies can significantly reduce operational costs, allowing tribal casinos to allocate resources more effectively and make data-informed decisions that boost overall profitability.

“AI is transforming the landscape of casino operations, offering unprecedented opportunities for growth and innovation,” said Cardno. “However, with these advancements comes the critical responsibility of safeguarding data. My session will focus on how tribal casinos can leverage AI to enhance their operations while ensuring that data security remains a top priority.”

Victor Rocha, Conference Chair of the Indian Gaming Association, expressed his enthusiasm for Cardno’s participation. “We are thrilled to have Andrew Cardno speak at this year’s Mid-Year IGA conference,” said Rocha. “His expertise in AI and data analytics is unparalleled, and his insights on safeguarding data in AI-enabled tribal casinos come at a crucial time for our industry. This is an important topic that impacts the future of gaming, and we are excited to offer our attendees the opportunity to learn from one of the best in the field.”

The Mid-Year IGA conference is a premier event that brings together industry leaders, tribal gaming executives, and technology experts to discuss the latest trends and challenges in the gaming sector. Andrew Cardno’s presentation, on Wednesday September 18th at 9am, is expected to be one of the highlights of the conference, providing attendees with actionable insights into the future of AI in tribal casinos.

The post Andrew Cardno to Speak at Mid-year IGA about Safeguarding Data in AI-Enabled Tribal Casinos appeared first on European Gaming Industry News.

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