Online gambling technology provider NYX Gaming Group posted a net loss for 2015 despite seeing its revenue nearly double for the year.
Last week, the Toronto-listed company released its financial reports covering the fourth quarter and fiscal year 2015, which showed growth revenue doubling to C$18.4 million and adjusted earnings tripling to $1.6 million, thanks to a year packed with major acquisitions.
For the entire 2015, NYX said its revenue was up by as much as 92 percent to $52.3 million, but costs for the acquisitions also gobbled up most of the company’s profits. According to NYX, its net loss reached $8.4 million, wore than the $7 million loss it reported in 2014.
Still, NYX CEO Matt Davey maintained that the momentum the company “gained from executing a robust strategy” only goes to show how it is committed to “meet the demands of the digital gaming industry.”
Last month, the company signed a letter of intent with Dutch lotteries Staatsloterij and De Lotto to execute and agreement to integrate their digital gaming content and player account management via NYX’s Open Platform System.
NYX has also acquired OpenBet, a business-to-business sportsbook and digital gaming supplier, for £270 million.
Headquartered in Las Vegas with development out of Stockholm and Sydney, the company grew its operations from lottery provider to become a full service online gambling platform. NYX is now considered among the world’s leading digital gaming suppliers with a staff of more than 350 employees based in eight countries across Europe North America and Australia.
Its game catalogue features over 650 games, including slots, table games, scratch cards, lottery, bingo and poker available across web and mobile formats. NYX’s lottery client include members of the World Lottery.
Last year, NYX Gaming Group became an associate member of The European Lotteries (EL), which allows the company’s lottery division to extend its Lottery Gaming System to members of the EL. Established in Switzerland, the European State Lotteries and Toto Association is an independent European association composed of state lottery and Toto companies in Europe.