The NYX Gaming group has experienced a great revenue period during Q3 as profit margins increase after its OpenBet acquisition.
Toronto-based gaming tech firm NYX Gaming Group reports that its revenue has quadrupled to C$54.3 in Q3. Its net income came in at C$41.3m which is a decent recovery after a C$6.5m loss in the previous year. The tech firm credits the increase in revenues to its OpenBet acquisition. OpenBet is a sportsbetting technology provider which was purchased by the NYX Gaming Group in spring. Suppliers Cryptologic and Chartwell has also complemented its Q3 revenue performance.
OpenBet Acquisition a Big Win for NYX
OpenBet has been crucial in NYX’s revenue spike. Aside from the OpenBet acquisition, the deal that involved platform supplier Betdigital has complemented its geographical revenue split. The Americas category was a decent $3m. The most impressive showing would be in the European region that saw revenues quintupled to $51.3m.
Social gaming has doubled its revenue performance to $3.1m. Royalty and license revenue rose 131% to $26.5m. Professional services revenue has improved to $24.3m from just $400k in the previous year. It’s completely understood that administrative and personnel expense has tripled to $33.8m.
New Agreements Give NYX Momentum for Q4
The NYX Gaming Group’s Q3 activities saw seven new agreements for its Open Gaming Platform and Open Gaming System. It plans to launch the OGS content through 8 new client sites. It will cover different target audiences from various regions. It has 23 client agreement and deals that have yet to launch. NYX has rolled out 18 new games in Q3 which resulted to an increase in unique game installations by 18.6%
NYX has made significant acquisitions in Q3 to boost its momentum for Q4. It has received the approval of British Columbia’s provincial government. It will now collaborate with BCLC’s PlayNow.com. Aside from this, it has entered in 10 deals and planning to launch 4 clients. The NYX Gaming Group will collaborate on projects with Baltic gaming operator Olympic Entertainment Group.
The recent acquisitions and deals leads to NYX’s goal to spread its brand across online gaming platforms.