{"id":255,"date":"2024-06-27T05:37:27","date_gmt":"2024-06-27T02:37:27","guid":{"rendered":"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/27\/depreciation-and-financing-costs-affected-neogames-earnings-in-the-initial-three-month-period\/"},"modified":"2024-06-27T05:37:27","modified_gmt":"2024-06-27T02:37:27","slug":"depreciation-and-financing-costs-affected-neogames-earnings-in-the-initial-three-month-period","status":"publish","type":"post","link":"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/27\/depreciation-and-financing-costs-affected-neogames-earnings-in-the-initial-three-month-period\/","title":{"rendered":"Depreciation and financing costs affected NeoGames&#8217; earnings in the initial three-month period"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/JhVQV6tJakQ\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Depreciation and financing costs affected NeoGames&#8217; earnings in the initial three-month period.<\/p>\n<p>Depreciation and financing costs associated with the takeover of Aspire Global by ilottery and igaming solutions provider NeoGames led to the company reporting a net loss for the first quarter.<\/p>\n<p>Home > Finance > Depreciation and financing costs affected NeoGames&#8217; earnings in the initial three-month period<\/p>\n<p>Depreciation and financing costs affected NeoGames&#8217; earnings in the initial three-month period<br \/>\nNeoGames characterized its performance as a continuation of the positive momentum from the end of 2022 into the first quarter of 2023. CEO Moti Malul emphasized some of the company&#8217;s accomplishments during the quarter.<\/p>\n<p>&#8220;In the ilottery space, our proprietary games from NeoGames Studio continue to perform strongly across all of our key clients and, together with the jackpot wins earlier this quarter, contributed to a strong performance in the US market,&#8221; he stated.<\/p>\n<p>&#8220;We are also proud to note that our client, the Virginia Lottery, recently became the first US lottery to operate a fully cloud-based ilottery program.&#8221;<\/p>\n<p>For NeoGames&#8217; gaming solutions division, Mulul pointed to its BtoBet B2B sports betting subsidiary processing a record 1 billion bets in March. The executive also highlighted the achievements of the company&#8217;s igaming content provider business, PariPlay, during the quarter.<\/p>\n<p>Over the three-month period, PariPlay partnered with 12 operators, including DraftKings, and signed 10 additional agreements, including one with Swedish operator Betsson.<\/p>\n<p>NeoGames is delighted with the progress of all its business divisions, which has considerably influenced its financial performance. Income has surged by 187% annually, reaching $64.2 million, compared to $22.4 million in the same period last year. This remarkable growth is primarily attributed to the purchase of Aspire, an online gaming solutions provider, for $423.5 million in June 2022. The online gaming sector generated $35.1 million in revenue during the initial quarter of 2023.<\/p>\n<p>The company&#8217;s online lottery sector, unaffected by the acquisition, also witnessed growth, increasing by 8.7% annually, from $13.3 million to $14.4 million.<\/p>\n<p>NeoGames reported an adjusted EBITDA of $20 million, a significant 136.8% increase from $8.5 million in the first quarter of last year before the merger. Despite this robust performance, the company reported a net loss of $0.9 million for the three-month period, unchanged from the same period last year. <\/p>\n<p>NeoGames is hopeful about sustaining this positive momentum throughout the remainder of the year and beyond. <\/p>\n<p>The firm stated that this year&#8217;s financial setbacks were primarily attributed to the effect of amortizing intangible assets acquired through the Aspire deal on equity. The enterprise incurred a loss of $13.6 million in the quarter due to depreciation and amortization expenses.<\/p>\n<p>The company also mentioned that interest charges stemming from the merger also negatively impacted NeoGames&#8217; financial performance in 2023. These costs amounted to $5.3 million for the three months concluding on March 31.<\/p>\n<p>Additional expenses also affected the company&#8217;s financial standing. NeoGames reported that distribution costs surged nearly 100%, rising from $2.5 million in the initial quarter of 2022 to $23.4 million.<\/p>\n<p>Sign up for the iGaming News Newsletter <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Depreciation and financing costs affected NeoGames&#8217; earnings in the initial three-month period. Depreciation and financing costs associated with the takeover of Aspire Global by ilottery and igaming solutions provider NeoGames led to the company reporting a net loss for the first quarter. Home > Finance > Depreciation and financing costs affected NeoGames&#8217; earnings in the [&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 Net Loss in Q1 Due to Costs<\/title>\n<meta name=\"description\" content=\"Depreciation and financing costs related to the Aspire Global acquisition impacted NeoGames\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/27\/depreciation-and-financing-costs-affected-neogames-earnings-in-the-initial-three-month-period\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Depreciation and financing costs affected NeoGames&#039; earnings in the initial three-month period\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Depreciation and financing costs related to the Aspire Global acquisition impacted NeoGames\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/27\/depreciation-and-financing-costs-affected-neogames-earnings-in-the-initial-three-month-period\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Experience the Thrill of Victory at Our Licensed Online Casino\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T02:37:27+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/27\/depreciation-and-financing-costs-affected-neogames-earnings-in-the-initial-three-month-period\/\",\"url\":\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/27\/depreciation-and-financing-costs-affected-neogames-earnings-in-the-initial-three-month-period\/\",\"name\":\"NeoGames Reports Net Loss in Q1 Due to Costs\",\"isPartOf\":{\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-27T02:37:27+00:00\",\"dateModified\":\"2024-06-27T02:37:27+00:00\",\"author\":{\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Depreciation and financing costs related to the Aspire Global acquisition impacted NeoGames\",\"breadcrumb\":{\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/27\/depreciation-and-financing-costs-affected-neogames-earnings-in-the-initial-three-month-period\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/27\/depreciation-and-financing-costs-affected-neogames-earnings-in-the-initial-three-month-period\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/27\/depreciation-and-financing-costs-affected-neogames-earnings-in-the-initial-three-month-period\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/reddognodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Depreciation and financing costs affected NeoGames&#8217; earnings in the initial three-month period\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/reddognodepositbonuscodes.icu\/\",\"name\":\"Experience the Thrill of Victory at Our Licensed Online Casino\",\"description\":\"Immerse yourself in the excitement of licensed online gambling through our fresh news, in-depth game reviews, and informative insights. 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