NeoGames’ inaugural results reveal 48.8% revenue growth in 2020
Revenue for the 12 months ended 31 December 2020 came to $49.2m, with this total made up predominantly of turnkey contracts with lottery operators. These contracts accounted for $32.3m of the supplier’s full-year revenue, up 87.1%.
During the year NeoGames, via its NeoPollard Interactive joint venture with Pollard Banknote, powered the launch of the Virginia Lottery’s online offering. This proved to be the most successful roll-out for a US lottery to date, and also saw NeoPollard awarded a five-contract extension.
The year also saw NeoGames and Pollard jointly agree an extension to their Michigan ilottery contract, running until July 2026.
NeoPollard also rolled out the PlayAlberta platform for the Alberta Gaming, Liquor and Cannabis Commission (AGLC), the Canadian province’s first legal online offering.
Outside of North America the supplier also extended its partnership with Czech lottery Sazka, to power its online lottery and gaming offering, until December 2025.
While turnkey contracts comprised the bulk of full-year revenue, NeoGames reported a further $6.7m from the use of intellectual property rights, and $4.4m in fees from development services provided to the NeoPollard JV.
Development and other services provided to Aspire Global, its former parent company, generated a further $2.4m in revenue, and royalties from game contracts brought in an additional $2.0m. The joint operation of Michigan’s ilottery accounted for the final $1.4m of revenue.
Most importantly, however, NeoGames listed on the Nasdaq Global Market in November 2020, raising $81.7m through its initial public offering.
“2020 has definitely been transformational for NeoGames,” chief executive Moti Malul said. “The year also marks positive signs for the growth of ilottery around the world.
“As regulators realise the potential value ilottery can provide to tightening governmental budgets, particularly during the uncertain times brought on by the Covid-19 pandemic, NeoGames continues to represent a trusted provider with superior technology and premium content driving the most profitable ilottery programs.