NeoGames Revenue in 2022 Almost Triples After Aspire Global Acquisition


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Carl Hughes Betting Expert

Updated:March 8, 2023

In June 2022, leading B2B provider of online gaming content and technology to lotteries and betting sites NeoGames acquired online betting and gaming software provider Aspire Global for £341.7m. The deal has been largely considered a success in the betting and gaming world, and NeoGlobal’s newly released financial report is further evidence that the acquisition was a good idea, with the company’s revenue tripling year-on-year.

Since June 2022, Aspire Global has been in operation as a subsidiary of NeoGames. The company has continued to provide software and technology services to a number of UK betting sites, including BzeeBet, LeoVegas Sports, Karamba, and While having been part of NeoGames for only half a year, the company’s revenue increased almost three-fold by 228.1% compared to 2021. Naturally, NeoGames incurred significant additional expenses through its buyout of Aspire Global, and despite the outstanding increase in revenue, the company has (expectedly) recorded a net loss for the year.

Speaking about the acquisition, NeoGames CEO Moti Malul said:

“We are proud of the tremendous progress we made during 2022, further solidifying our ilottery leadership position in a continually expanding market. In addition, we made some truly transformational strides advancing our strategic goals. We significantly evolved our business through our acquisition of Aspire Global, expanding beyond our position as a leader in global ilottery solutions, and propelling us to becoming a global leader in providing technology and content solutions across ilottery, online sport betting and igaming. During 2022, we grew revenue across all business lines, and we believe that we remain well-positioned to continue to deliver profitable growth into 2023 and beyond.”

Looking at the numbers for Q4 in 2022, the revenue brought in by NeoGames amounted to over £58.5m, which was an increase of 462.6% compared to 2021. The majority of this revenue was from Aspire Global, who brought £46.3m to the coffers. The rest of the revenue was generated through the existing contracts with lottery businesses held by NeoGames. Due to the expenses associated with the acquisition of Aspire Global, NeoGames recorded operating costs of £61.6m, an increase of 305% compared to Q4 2021. The company also reported financial costs of almost £5m, but these were negated by profit from a joint venture which came at £6.8m. After drawing the line, the pre-tax loss for Q4 2022 was £1.2m, which was an improvement compared to the £4.1m loss for the same period in 2021. Following the receipt of tax benefits, the company’s total loss came to £670,000, compared to £3m for the same period in the year before. All this means that NeoGames’s EBITDA for Q4 2022 came to £15.3m, an increase of 129.1%.

Looking at the full year, revenue went up from £42.7m in 2021, to £140.1 in 2022. This is a staggering increase of 228.1%. Out of this, £94.8m was thanks to Aspire Global’s acquisition on 16th June 2022. Operating expenses were up by 268.4% to a figure of £160.8m, and £12.8m were recorded in financial costs. The company generated a profit of £18.7 through its joint venture and subsidiaries. All this resulted in a loss of £14.7m, compared to a £4.2m profit in 2021. Adding a £1.3m in tax paid, the company looked at a loss of over £16m for the year. The company’s EBITDA, however, improved by 63.2% to £46m.

NeoGames has a short but exciting history in the area of B2B services and contents to iLotteries and betting sites. It was founded in 2014 in Israel, and in 9 short years the company has become the leading provider of iLottery games, services, and technology globally. The company caters to national and state-regulated lotteries such as the USA’s Caesars Entertainment, New Hampshire Lottery, Michigan State Lottery, Italy’s Sisal S.P.A., and Austria’s Win2Day amongst others. NeoGames is also active in other countries such as Canada, Turkey, Lithuania, Portugal, Ukraine, and the Czech Republic.

NeoGames points out that it has developed a complete omnichannel suite of state-of-the-art, first-class technological solutions that include comprehensive platforms, an innovative portfolio of gaming content, and unparalleled services. In addition to Aspire Global, NeoGames also owns BtoBet, a B2B provider of technology solutions to betting sites, as well as aggregator and content provider Pariplay. The three main products NeoGames offers are its platforms – NeoSphere (a player account management and marketing system), NeoDraw (an interactive central draw games system), and NeoPlay (a remote games server for the management of interactive games used by betting sites).

NeoGames has also announced a joint venture with lottery solutions provider Pollard Banknote. In fact, the two companies have been operating together for a number of years in a venture called NeoPollard Interactive, however the new deal has formalised their arrangements and reinforced their long-standing partnership. According to the new terms of the agreements, both companies will be able to expand their operations in North America in a variety of ways, including in a partnership or individually.

About the author

Carl Hughes


Carl Hughes


Carl Hughes is a leading expert on sports and casino betting. Carl began his career with a BSc in Sport, Exercise and Health Sciences from the University of Birmingham before working within the industry for some of the bigger names (GVC and Bet365) and has been praised as being "a leading sports betting commentator".