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the answer is "both"

The SNK Neo Geo started as a console in the early 90's. But it was too powerful (arguably) and expensive for the market, so after a while they turned it into an arcade machine.

It stayed as both a console and an arcade machine for a while, later added a CD rom drive to the console, and I think eventually they stopped producing the console version.

So for older games, you can find an arcade version and a console version. And newer games might be arcade only.

I'm not very familiar with the Neo Geo tho, so this info might not be very accurate.
 
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