NeoGames Amends and Extends Caesars Entertainment Agreement
April 12th, 2023: NeoGames S.A. (Nasdaq: NGMS) (“NeoGames” or the “Company”), a technology-driven provider of end-to-end iLottery and iGaming solutions, has amended its license agreement with an affiliate of Caesars Entertainment, Inc. (“Caesars”), including an initial three-year extension, followed by annual renewals unless terminated by either party.
Under the revised agreement, the Company will continue to provide Caesars with a sublicense to its Player Account Management system, the NeoSphere platform, and associated services, to be used by Caesars in operating its successful online sports betting and iGaming business.
In addition, the Company will continue to work with Caesars to enhance the solution in support of the ongoing growth of Caesars’ online business. During the term of the agreement the Company will assist Caesars in transitioning its operations from the Company’s platform to its own tech platform, where applicable and as requested by Caesars. As part of the agreement, NeoGames secured a guaranteed net profit level for the full term of the agreement.
Moti Malul, Chief Executive Officer of NeoGames, said: “We are very proud and pleased with our strong ongoing partnership with Caesars and are excited to keep delivering our market-leading services to the Caesars team as they continue to develop their successful online sports betting and iGaming business in the U.S. We look forward to assisting them with the future growth of their business.”
Eric Hession, President of Caesars Digital, said: “We appreciate the commitment and strong support of the NeoGames team over the years, and the important role that its technology plays in the success of our online sports betting and iGaming business. The NeoGames team offers unparalleled expertise and support, and we are excited to continue leveraging our partnership with them as we expand our U.S. online sports betting and iGaming business.”
NeoGames is a technology-driven innovator and a global leader of iLottery and iGaming solutions and services for regulated lotteries and gaming operators. The Company offers its customers a full-service suite of solutions, including proprietary technology platforms, two dedicated game studios with an extensive portfolio of engaging games – one in lottery and one in casino games, and a range of value-added services. The recent strategic acquisition of Aspire Global Group enables NeoGames to offer the most comprehensive portfolio across iLottery, an innovative sports betting platform from BtoBet, an advanced content aggregation solution from Pariplay, and a complete set of B2B Gaming tech and Managed Services. NeoGames remains an instrumental partner to its customers worldwide, as it works to maximize their revenue potential through various offerings, including regulation and compliance, payment processing, risk management, player relationship management, and player value optimization. NeoGames strives to be the long-term partner of choice for its customers, empowering them to deliver enjoyable and profitable programs to their players, generate more revenue, and maximize proceeds to governments and good causes.
SOURCE: NeoGames.Tags: Online Sports Betting, Inc., Caesars Entertainment, NeoGames S.A., iGaming business.