NeoGames has extended its agreement with Caesars Entertainment to continue providing the operators with its NeoSphere player account management platform.
The extended deal ensures that Caesars will continue to leverage the NeoSphere platform for the next three years, while the agreement will be subject to an annual renewal each year following that.
Moti Malul, CEO of NeoGames, said: “We are very proud and pleased with our strong ongoing partnership with Caesars and are excited to keep delivering our market-leading services to the Caesars team as they continue to develop their successful online sports betting and igaming business in the US.
“We look forward to assisting them with the future growth of their business.”
As well as continuing to roll out its NeoSphere platform to Caesars, NeoGames has amended the existing agreement with Caesars to work with the operator to support the growth of the digital side of its business.
This will see NeoGames aid Caesars with the transition to its own tech platform from the NeoGames platform. However, the amended agreement ensures that NeoGames maintains its guaranteed net profit level for the entire agreement period.
Caesars has become increasingly focused on the digital side of its business in recent times.
In its most recent earnings call, Tom Reeg, CEO of Caesars, outlined the company’s ambitions to have $550m in adjusted EBITDA for FY2025 and profitability in 2023 for the first time.
He said: “We’re anticipating that Digital on a full-year basis will be an EBITDA contributor for us this year. And when I say that, I’m talking about overall and both verticals, I expect sports betting and igaming to be EBITDA positive this year for us.”
In 2022, the company’s digital unit narrowed its losses to just $5m.
“We appreciate the commitment and strong support of the NeoGames team over the years, and the important role that its technology plays in the success of our online sports betting and igaming business,” said Eric Hession, President of Caesars Digital.
“The NeoGames team offers unparalleled expertise and support, and we are excited to continue leveraging our partnership with them as we expand our US online sports betting and igaming business.”
