New gaming customers power NYX organic growth
Q1 revenues reach $58.9m with an improving EBITDA margin of 29%
NYX Gaming Group has reported a 200% jump in Q1 revenues to $58.9m, as the provider benefited from the integration of its OpenBet and Betdigital acquisitions.
Even excluding those deals, the provider saw organic growth of 17% year-on-year, with 11 new customers signing up for its Open Gaming System and Open Platform Sytem.
EBITDA margin improved 3.1pp to 28.5%, with adjusted EBITDA of $16.8m compared to $4.8m a year ago.
“With our new operating model in place, we’re pleased to report growth in revenue and Adjusted EBITDA from the prior quarter and the prior year period,” said Matt Davey, CEO of NYX Gaming Group.
“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.”
Professional services revenue for the quarter increased from $1.4m to $27.7m, primarily thanks to the acquisition of OpenBet, hinting at the size of the sportsbook provider.
NYX CFO Jason Walbridge said the company had started to realise just some of the benefits of the OpenBet acquisition and would continue to see improvements throughout 2017.
Looking forward, NYX said it had a “strong development pipeline” for 2017 with 28 customers signed but not yet launched.