NYX Gaming Group Limited praises OpenBet acquisition as key finances rise in Q2

NYX Gaming Group has cited the impact of its purchase of OpenBet in May last year as one of the main reasons behind year-on-year growth across revenue and gross profit in the three months to June 30.

Revenue in the second quarter amounted to CAD$61m (€41.2m/US$48.5m), up 73.3% on the CAD$35.2m posted in the corresponding period last year.

Gross profit climbed from CAD$30.8m to CAD$51.9m, while net loss was cut from CAD$36.5m to CAD$21.1m.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) jumped from CAD$10.5m to CAD$17, and both basic and diluted loss per share improved from CAD$0.72 to CAD$0.19.

The second-quarter performance places revenue for the first half of the current year at CAD$119.9m, which is more than double the CAD$54.9m recorded at the same point in 2016

Gross profit for the six months through to June 30 was also up from CAD$47m to CAD$103.9, with net loss improving from CAD$45.7m to CAD$18.5m.

In addition, adjusted EBITDA for the period came in at CAD$34.3m, compared to CAD$15.3m last year, while basic and diluted loss per share improved from CAD$0.90 to CAD$0.17.

Matt Davey, chief executive of NYX Gaming Group, said: “We saw positive momentum in the second quarter with sequential improvement in revenue, adjusted EBITDA, and adjusted EBITDA margin from the prior quarter.

“Our development pipeline remains strong and we continue to sign new customers at a steady rate, as our sportsbook, gaming, and content offerings are resonating with customers and driving scale and operating leverage in our business.”