May 15 (Reuters) - Australia's Aristocrat Leisure (ALL.AX) on Monday said it has entered a deal to acquire Israel-based software firm NeoGames S.A. (NGMS.O) for $1.0 billion as the gambling machine maker seeks to expand its online presence.

Aristocrat Leisure said it would pay a cash price of $29.50 per share to the shareholders of NeoGames to buy 100% of the Nasdaq-listed software firm.

The takeover would give Aristocrat entry into the attractive iLottery market, "which is a highly regulated ... and can facilitate further penetration across other online Real-Money Gaming (RMG) verticals," the company said.

NeoGames does content and technology solutions for the online RMG industry.

"We see great opportunities in the combination of our complementary businesses, with clear revenue and growth potential that comes with a complete and seamless online RMG solution," said Aristocrat CEO Trevor Croker.

NeoGames' board has recommended its shareholders vote in favour of the deal and holders of 61% of NeoGames shares have also executed a deal to vote in favour of the purchase, Aristocrat said.

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Reporting by Riya Sharma; Editing by Cynthia Osterman