NYX posts triple-digit revenue growth as OpenBet acquisition pays off
Supplier’s Q1 revenues reach £46m with improving EBITDA margins of 29%
NYX Gaming Group has reported a 200% jump in Q1 revenues to £46m, as the provider benefited from the integration of its OpenBet and Betdigital acquisitions.
The supplier also recorded organic growth of 17% year-on-year when stripping out the two deals, with 11 new customers signed for the Open Gaming System and Open Platform System during the quarter.
EBITDA margin improved 3.1pp to 28.5%, with adjusted EBITDA at £13m compared to £4m last year.
“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 £1m to £22m, primarily due to the acquisition of OpenBet.
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.