NeoGames: Israeli iLottery Company Acquired for $1.2B

Founders & Companies | Olam.business

NeoGames, an Israeli-founded online lottery and gaming technology company, spun off from Barak Matalon's Aspire Global in 2014, listed on Nasdaq in 2020, reacquired Aspire Global itself in 2022, and was sold to Australia's Aristocrat Leisure for approximately 1.2 billion dollars in 2023, in a deal that closed in 2024.

What Is NeoGames?

NeoGames is an Israeli-founded technology and services provider for regulated online lotteries and gaming operators, offering a proprietary platform for lottery, casino and sports-betting products that was acquired by Australia's Aristocrat Leisure in a 2023-2024 deal valuing the company at approximately 1.2 billion dollars.

At a Glance

Founder	Barak Matalon, who co-founded Aspire Global in 2005 and spun off NeoGames as a separate entity in 2014 to focus on regulated iLottery
Headquarters	Tel Aviv, Israel; incorporated in Luxembourg prior to the Aristocrat acquisition
CEO	Moti Malul
Nasdaq IPO	Listed November 2020, raising 94 million dollars at a valuation of roughly 450 million dollars
Aspire Global reacquisition	In 2022, NeoGames acquired its former parent Aspire Global in an all-cash and stock deal worth roughly 420-476 million dollars, reuniting the iLottery and iGaming businesses under one roof
Aristocrat acquisition	Agreed May 15, 2023, at 29.50 dollars per share, an enterprise value of approximately 1.2 billion dollars and roughly a 104-130% premium to NeoGames' pre-deal share price; deal closed in 2024 after Nevada Gaming Commission approval
Scale at sale	About 1,100 employees; more than 200 customers across more than 50 regulated markets, including US state lotteries
Major shareholders at sale	Barak Matalon (23%, largest shareholder); football agent Pini Zahavi and businessman Eli Azur (14.5% each)

How Did NeoGames Start?

Barak Matalon co-founded Aspire Global in 2005, building it into a business-to-business platform serving the European iGaming industry — casino, sportsbook and related products licensed to operators, in the same B2B model used by fellow Israeli gambling-technology companies like Playtech. In 2014, Matalon spun off a separate business, NeoGames, to pursue an adjacent but distinct opportunity: technology and services for regulated, government-run lotteries in the United States and elsewhere, a market with different regulatory requirements and customers than commercial iGaming operators. NeoGames launched its first US customer with the Michigan lottery in 2014 and built out a proprietary iLottery platform playable on PCs, smartphones and handheld devices.

How Did NeoGames Go Public and Reacquire Aspire Global?

NeoGames listed on Nasdaq in November 2020, raising 94 million dollars at a valuation of approximately 450 million dollars, becoming one of a wave of Israeli-founded gaming and gambling-technology companies to reach US public markets in that period. In January 2022, NeoGames made an unusual move: it agreed to acquire its own former parent, Aspire Global, in an all-cash-and-stock deal that Aspire's independent directors valued at up to roughly 476 million dollars, with Matalon and Aspire's other founding shareholders — including Pini Zahavi and Eli Azur — accepting the offer for their combined majority stake. The deal reunited the iLottery business (NeoGames) with the iGaming business (Aspire Global, including its Pariplay and BtoBet platforms) under a single Nasdaq-listed entity led by NeoGames CEO Moti Malul.

How Much Did Aristocrat Pay for NeoGames?

On May 15, 2023, Australia's Aristocrat Leisure agreed to acquire the combined NeoGames-Aspire Global entity in an all-cash deal at 29.50 dollars per share, valuing the company at an enterprise value of approximately 1.2 billion dollars — a premium of roughly 104% to 130% over recent trading prices, depending on the measurement window. The deal gave Aristocrat, primarily known for slot machines and mobile games, its first significant entry into the regulated iLottery market alongside expanded iGaming and sports-betting capability. The transaction required gaming-regulator approval in multiple US states; the Nevada Gaming Commission cleared it in April 2024, and the deal closed shortly after, with NeoGames relocating its corporate domicile from Luxembourg to the Cayman Islands as part of the transaction and becoming a wholly owned Aristocrat subsidiary.

Why NeoGames Matters to the Israeli Gambling-Tech Story

NeoGames is part of the same Israeli-founded gambling and gaming-technology cluster as Playtech, 888 Holdings, SBTech and Playtika — Israeli operators and engineers building the infrastructure of a global industry Israel does not itself license domestically. Where Playtech built B2B casino platforms and SBTech built sportsbook technology, NeoGames carved out the narrower, more heavily regulated iLottery niche, then used its Nasdaq listing to reacquire and consolidate with its own former sister company before exiting to a much larger global operator. The 1.2 billion dollar Aristocrat deal is, per Israeli legal advisors involved in the transaction, among the largest gaming M&A deals originating from Israel in recent years.

Frequently Asked Questions

Who founded NeoGames?

Barak Matalon founded NeoGames in 2014 as a spinoff of Aspire Global, the iGaming company he co-founded in 2005. He remained NeoGames' largest shareholder, with 23% of the company, at the time of its sale to Aristocrat.

When did NeoGames go public?

NeoGames listed on Nasdaq in November 2020, raising 94 million dollars at a valuation of approximately 450 million dollars.

Why did NeoGames buy back Aspire Global?

NeoGames had originally been spun off from Aspire Global in 2014. In 2022, NeoGames reacquired Aspire Global in a deal worth up to roughly 476 million dollars, reuniting the iLottery and iGaming businesses under one company ahead of the eventual Aristocrat sale.

How much did Aristocrat pay for NeoGames?

Aristocrat Leisure agreed in May 2023 to acquire NeoGames for 29.50 dollars per share, an enterprise value of approximately 1.2 billion dollars, with the deal closing in 2024 after regulatory approval.

מהי NeoGames?

NeoGames, חברת טכנולוגיית לוטו והימורים מקוונים ישראלית, נוסדה כפיצול מחברת Aspire Global של ברק מטלון ב-2014, הונפקה בנאסד"ק ב-2020, רכשה בחזרה את Aspire Global ב-2022, ונמכרה לאריסטוקראט האוסטרלית ב-2023 תמורת כ-1.2 מיליארד דולר.

The Olam Editorial Team | Founders & Companies