NYX Gaming Group flying high

NYX Gaming Group, in its first quarter report for the period ending March 31, 2017, delivered with revenues soaring almost 200 percent which it attributes to a number of factors including the results of operations from OpenBet and Betdigital, increased gaming revenues from existing customers, and new customer launches.

First Quarter 2017 Highlights include:

Revenue of CAD58.9 million, or growth of 199.8 percent year-over-year;

Organic revenue growth of 17.3 percent year-over-year, excluding the impact of OpenBet and Betdigital acquisitions during May 2016;

Royalty and license revenue of CAD30.9 million, or growth of 77.9 percent year-over-year;

Gross profit of CAD52.1 million, or 88.4 percent of revenue compared to 82.7 percent of revenue in Q1 2016;

Net income of CAD2.5 million (Q1/2016: CAD-9.1 million).

Adjusted EBITDA of CAD16.8 million, an increase of 250.1 percent over the prior year period;

“Our customer development pipeline remains strong, and we are focused on profitable growth through our product led strategy with targeted R&D investment in sportsbook, gaming, and content technologies,” Matt Davey, chief executive officer of NYX Gaming Group, said.

The company’s outlook for the next quarter is bullish as it holds commitments with a further 28 customers yet to be launched.