Openbet Acquisition Boosts Nyx Gaming H1-2016 Performance

By Brian Cullingworth, Last updated Sep 2, 2016

Revenues soar in a strong first half, but acquisition costs weigh on profits

Online gambling software and games developer and platform provider NYX Gaming released its Q2-2016 and H1-2016 results Monday, highlighting the following performances:
* Q2 revenue up 230 percent year-on-year to C$35.2 million;
* H1 revenue up 165.9 percent y-o-y at C$54.9 million, with management attributing much of the growth to the GBP270 million acquisition of the Openbet group.
* Organic revenue in Q2 up 28 percent at C$13.7 million, with royalty and licence revenue for the period totalled C$20.8 million.
* Q2 gross profit up 238.3 percent y-o-y at C$30.8 million; with margin up 2.3 points on the preceding year at 87.3 percent;
* H1 gross profit up 163.2 percent y-o-y at C$47 million, with margin slightly lower at 85.7 (H1-2015: 86.5 percent).
* Q2 adjusted EBITDA increased 313.2 percent year-on-year to C$10.5 million.
* H1 adjusted EBITDA up 224.6 percent to C$15.3 million;
* However, the high cost of acquiring Openbet weighed on profits, with Q2-2016 generating net C$29 million compared to net profit of C$13.9 million reported in Q2-2015.
* H1-2016 net loss was C$38.2 million, down from net profit of C$8.8 million during H1-2015;
* 11 new OGS and OPS partnerships signed during the half-year, along with the launch of 21 new clients.
It's been a busy year for NYX with the acquisition of Openbet GBP 270 million) and games developer Betdigital (GBP24.5 million)
CEO Matt Davey said in his report that the company would now focus on integrating and improving its acquisitions, which have boosted group performance and diversity significantly.

Online Casino News Courtesy of Infopowa

Brian Cullingworth

Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.


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