NYX revenues more than double in Q3
Supplier sees revenues rise to £9.2m, but profits fall thanks to Ongame-related losses
NYX Gaming Group reported an 111% increase in revenues in the third quarter of the year but profits fell 166% due in part to ongoing losses from its recently-acquired Ongame poker network.
Total revenues for the three-month period ended 30 September more than doubled to $13.9m (£9.2m) with growth driven by royalties and licence fees increasing to $11.5m (£7.6m) and launching products with partners such as Resorts Casino in New Jersey, Full Tilt and William Hill.
But despite revenue growth, adjusted EBITDA fell 166% to a loss of $1.4m (£930,000) which included losses of $2.5m (£1.7m) during the three month period. Excluding Ongame, adjusted EBITDA fell 48% to $1.1m (£730,000).
“We saw excellent growth in revenue and gross profit and now boast the largest content portfolio combined with one of the broadest distribution bases in the industry with over 170 unique customers,” Matt Davey, NYX Gaming CEO, said.
The latest numbers take NYX Gaming’s total revenues for the first nine months of the year to $33.9m (£22.5m), up 81% on last year, with adjusted EBITDA was down 143% at a loss of $2.4m (£1.6m) including losses of $8.2m (£5.4m) associated with Ongame.
Earlier today NYX announced it had signed a partnership agreement with 888 with the news coming just 24hrs after agreeing a similar deal with Paddy Power.