{"id":269,"date":"2024-06-27T17:58:34","date_gmt":"2024-06-27T14:58:34","guid":{"rendered":"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/newgioco-group-reports-first-half-2020-results\/"},"modified":"2024-06-27T17:58:34","modified_gmt":"2024-06-27T14:58:34","slug":"newgioco-group-reports-first-half-2020-results","status":"publish","type":"post","link":"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/newgioco-group-reports-first-half-2020-results\/","title":{"rendered":"Newgioco Group Reports First-Half 2020 Results"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/sZhO9fk2los\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Newgioco Group, a provider of online wagering services, reported that its income for the initial six months of 2020 experienced a decrease of 18.5% compared to the same period in the previous year. However, the company&#8217;s net deficit was cut in half due to a reduction in operational expenditures.<\/p>\n<p>Earnings for the six-month period ending on June 30th declined by 11.1% to $210 million. Online revenue saw an increase of 4.0% to $182.2 million, but this was counterbalanced by a 54.4% drop in retail revenue. During this time frame, Newgioco&#8217;s 150 betting establishments in its primary Italian market were closed from March 8th to May 4th due to the COVID-19 outbreak, along with the cancellation or postponement of significant sporting events.<\/p>\n<p>All land-based betting shops and kiosks did not resume operations until June 19th.<\/p>\n<p>Following the payment of $192.5 million in winnings, Newgioco&#8217;s gross gaming revenue decreased by 14.6% to $17.6 million. After paying $2.6 million in Italian gaming taxes and $24,797 in platform revenue (a decline of 85.7%), Newgioco&#8217;s revenue for the first half of the year amounted to $15 million, representing a year-on-year decrease of 18.5%.<\/p>\n<p>The closure of retail outlets and the suspension of sporting events did result in a reduction in operational expenditures for the period, which decreased by 21%. <\/p>\n<p>Operational deficits shrank to $896,472 as sales decreased by 5% to $15.9 million. <\/p>\n<p>However, other expenses plummeted, from $2.6 million in the initial six months of 2019 to $881,377. This was due to a $722,500 profit on marketable securities, a reduction in interest expense to $173,073, and a 64.3% decrease in debt amortization expense to $737,074.<\/p>\n<p>This resulted in a pre-tax loss of $1.8 million, which, after subtracting income taxes of $590,097, led to a net loss of $2.4 million, down 51.6%. After taking into account a $93,514 foreign exchange loss, Newgioco&#8217;s combined loss for the first half of the year declined 50.3% to $2.5 million.<\/p>\n<p>Previously, second-quarter sales dropped 47.2% to $4.8 million. However, revenue for the three months ending June 30 fell only slightly, by 5.2%, to $94.1 million, as growth in online wagering offset a decline in retail betting to $4.2 million.<\/p>\n<p>Costs and expenses decreased 29.0% to $6.8 million, resulting in an operating loss of $2 million, considerably higher than the $523,703 loss in the same period a year ago. Similarly, other expenses fell sharply due to lower interest expense, reduced debt amortization expense, and profits on marketable securities.<\/p>\n<p>However, this still resulted in a widening loss due to the decrease in revenue for the quarter. The pre-tax loss expanded to $2.5 million. After subtracting income taxes of $62,059, Newgioco&#8217;s net loss grew 42.0% to $2.5 million, and after deducting a $18,516 foreign exchange gain, the period&#8217;s consolidated loss was $2.5 million, up 46.7%.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Newgioco Group, a provider of online wagering services, reported that its income for the initial six months of 2020 experienced a decrease of 18.5% compared to the same period in the previous year. However, the company&#8217;s net deficit was cut in half due to a reduction in operational expenditures. Earnings for the six-month period [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Newgioco Group Reports Mixed Q2 2020 Results<\/title>\n<meta name=\"description\" content=\"Newgioco Group\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/newgioco-group-reports-first-half-2020-results\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Newgioco Group Reports First-Half 2020 Results\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Newgioco Group\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/newgioco-group-reports-first-half-2020-results\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Experience Top-Notch Online Casino Gaming | Licensed &amp; Secure\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T14:58:34+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/newgioco-group-reports-first-half-2020-results\/\",\"url\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/newgioco-group-reports-first-half-2020-results\/\",\"name\":\"Newgioco Group Reports Mixed Q2 2020 Results\",\"isPartOf\":{\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-27T14:58:34+00:00\",\"dateModified\":\"2024-06-27T14:58:34+00:00\",\"author\":{\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Newgioco Group\",\"breadcrumb\":{\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/newgioco-group-reports-first-half-2020-results\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/newgioco-group-reports-first-half-2020-results\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/newgioco-group-reports-first-half-2020-results\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Newgioco Group Reports First-Half 2020 Results\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/\",\"name\":\"Experience Top-Notch Online Casino Gaming | Licensed &amp; Secure\",\"description\":\"Dive into the thrilling world of online gambling with our fresh casino news, detailed game reviews, and informative articles. 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