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Track Record

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Case Study

Epsilon Net (ATH: EPSIL) & Kaspi (LSE:KSPI)


Case Study

Business Online (SET:BOL) & Enlabs AB (OMX:NLAB)


Successful Investment in 2023

US #1 iLottery Company

NeoGames, an Israeli-based software company,

is founded in 2006 known as a global enterprise software provider of i-lottery, online casino and online sport betting services, with licenses 50 regulated markets.



Content Aggregation and Games


Realized 106% return (~250% IRR), we initiated the position in 4Q22, and exited in 2Q23.

NGMS was acquired by Aristocrat for 25x P/E23E, 15x EV/EBITDA23E, yet we believe NGMS has a longer growth trajectory over the next 5 years, if not acquired.


Large, Underpenetrated Oligopolistic Market

11 out of 46 physical US states also provide iLottery, with the first state going online in 2012. NGMS serves 4 out of 11 states


#1 iLottery Operator in the US, best tech stack

Market leading performance, far above all competitors in terms of both gross sales/capita and iLottery penetration, despite Target co. going live at a later date

Gross iLottery Sales per Capita (4Q 2022)


iLottery Penetration by State (4Q 2022)