NeoGames: iLottery Technology Solutions for Thriving Businesses
Few other games deliver the kind of diversity lotteries do. But the rising digital age might have improved it even further. Thanks to the latest digital advancements, lottery games have melted into iLottery games and taken the world of players by storm.
Carl Johan Ström predicted the switch from standard lottery to iLottery and founded NeoGames. NeoGames has been a global leader and a technology-driven innovator that offers iGaming and iLottery solutions for gaming and lottery operators. With the mission to coordinate and help the development and growth of the game industry, NeoGames has become a lucrative giant with a booming fanbase.
NeoGames also creates industry-leading omnichannel platforms, a thorough portfolio of the most popular interactive games, and various technology and business services for global users.
Read on as we share the innovative story of NeoGames and how Carl Johan Ström changed the business vision of countless lotteries worldwide - with the power of digital thinking.
A Promising Young Leader
Carl Johan Ström was one of those curious kids who loved the written word and the smell of newly printed books. As a child, he spent his free time reading books and learning the basics of modern technology. While Carl was in high school, he did some research on the universities he considered joining. Impressed by the education programs at Linköping University, in 1998, he enrolled at the university and earned a degree in Computer Science a year later.
Still wanting to improve his educational portfolio, Carl decided to enhance his knowledge and skills further. So, in 1991, he entered the Chalmers University of Technology. Carl loved the programs offered there and ultimately earned a University Degree in Industrial Engineering and Management. This would become the groundwork for Carl’s future endeavors, including NeoGames.
Crafting the Formula for Success
Carl Johan Ström is a successful game designer and immediately showcased his full potential in the industry. To create NeoGames, a project he’d been contemplating for a while, Carl first hired well-educated and highly experienced iGames experts. Before long, the concept of NeoGames was born and represented the perfect solution for customers worldwide seeking to relish online lottery. NeoGames began by empowering its customers to design the most prestigious lottery programs that met the needs of related businesses. In the first few years, Carl faced difficulties scaling his company. For starters, NeoGames required quality marketing for customers to learn more about its services, which Carl didn’t yet have. Carl first hired a few leading marketing agents to give his company the boost it needed.
But, unable to grow the company further than its initial concept, in 2006, Carl sold NeoGames to Kim Vassmar. Kim kept some existing company employees, but she also hired additional professionals, including Moti Malul, who holds an MBA from Tel Aviv University.
2014 was an important year for NeoGames development as Barak Matalon, founder of NeoGames SA, became a member of the NeoGames board of directors. Barak holds a B.A., from the Academic College of Tel Aviv, in Economics, and he brought some ideas to NeoGames.
When the COVID-19 pandemic happened, Kim didn’t panic and decided to turn a misfortune situation into a profitable one and gain more customers. As of 2020, NeoGames became even more popular, especially since people started using online services and products more often than before. From there on, NeoGames would witness even more tremendous popularity among users.
Neogames became a leading iLottery provider. Further, it teamed up with the prominent Lottomatica. The new era for Neogames began, and its trendy and award-winning content became available on Lottomatica's official gaming platforms.
The Lottomatica-NeoGames agreement brought new traffic to both platforms. Moreover, it earned Neogames many valuable game titles. Such included Blackjack Doubler, Northern Wilds, and Queen of Diamonds. The CEO of Neogames, Mati, said that his company is happy to offer Lottomatica full access to their premium games library, especially given that Lottomatica promoted their games across the European market.
New partnerships and projects for Neogames emerged throughout 2021. By the middle of 2022, NeoGames, a technology-driven provider of premium gaming and iLottery solutions, announced its new multi-year project with Brazilian lottery operator, Intralot do Brasil. This agreement marked NeoGames' entry into the vast Brazilian market with end-to-end online Sports Betting and iLottery solutions. The NeoGames-Intralot partnership ultimately earned the companies a collaborative project with BtoBet, which turned out quite profitable in the long run.
Additionally, NeoGames entered the already impressive partnership between Mozambique lottery provider SOJOGO and BtoBet, both of which had connections to the national Portuguese lottery, Santa Casa.
Furthermore, as Pariplay grew in Alberta, NeoGames entered yet another viable partnership. Through Pariplay, the company signed a contract with the Atlantic Lottery in Canada. The partnership provided quality game content and its aggregation platform to the regional lottery organization in Canada.
Through the years, NeoGames has helped the digital industry a lot and assisted tons of customers to enjoy their time and their profit. In November 2020, NeoGames went public, offering a price of $17 a share from a total of 2,627,061 shares.
The same year, NeoGames raised over 12% more proceeds than they predicted. NeoGames expanded in North America and its revenue increased by a whopping 48.8%. By the end of 2020, NeoGames' revenue reached $49.2M, thanks to the lottery operator contracts they signed.
Moti, the CEO of NeoGames, is proud of how far NeoGames has come. He was exceptionally proud of their 2020 progress, given that was the year that transformed the company and left a significant mark on the growth of iLottery worldwide.
2021 was great for NeoGames in terms of revenue, which in Q2 totaled $12.9M. However, 2022 was even more profitable for NeoGames, and the company generated $21.4M in the second quarter. NeoGames' net worth in September 2022 was $0.33B, lower than its net worth of $1.7B in July 2021.
For over a decade, Neogames has provided games and lottery fans with the wildest portfolio of award-winning games available on digital channels. It also provides a complete set of gamer operational services and one of the most comprehensive technology platforms for such businesses.
Although there are other similar companies, the NeoGames team’s experience and flexibility helped them grow into a more competitive games provider than its competitors. In essence, NeoGames adapts its solutions to suit its customers, assisting them in generating high revenues from their offerings.
Today, NeoGames counts over 150 employees and has offices in Kyiv and Tel Aviv. The company has five acquisitions/subsidiaries, Neogames Solutions LLC, NeoGames S.R.O., NeoGames Systems ltd, NeoGames Ukraine, and NeoGames US LLP. Their recent strategies allow NeoGames to provide the most comprehensive service portfolio, alongside an advanced betting platform, innovative content, as well as an exclusive B2B Gaming tech service.
NeoGames is an instrumental partner to various customers worldwide and empowers its long-term partners to deliver profitable and extremely enjoyable programs to their customers.
With the help of business partners like Intralot do Brasil, NeoGames has created cosmic plans for the future. Moti reveals its goals are to open new offices in other parts of the world and make new agreements with companies worldwide. The company will continue making its revolutionary services and games, making them more available and versatile for its customers.
They also plan to focus on doing constant research, keep up with the latest technology demands, and meet the growing needs of the gaming and iLottery industry. With a long history to look back on, and a bold team pushing the company forward, the business world is an oyster for NeoGames, and the best is yet to come.