Latest News
INTRALOT announces strong EBITDA growth +29.2% y-o-y and positive Earnings after Tax at €3.1m in 1Q23
INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the three–month period ended March 31st, 2023, prepared in accordance with IFRS.
OVERVIEW
- Group Revenue at €89.5m (–8.4% y–o–y).
- EBITDA at €33.7m (+29.2% y–o–y) in 1Q23, with EBITDA margin reaching 37.7% from 26.7% in 1Q22.
- LTM EBITDA at €130.5m, up by 6.2% vs. FY22.
- Substantial growth in our US operations (Revenues +13.1%, EBITDA +31.6% y–o–y).
- EBT in 1Q23 shaped at €10.9m vs. €–2.3m in 1Q22.
- NIATMI (Net Income After Tax and Minority Interest) at €3.1m, vs. €–5.7m a year ago.
- Operating Cash Flow at €37.2m in 1Q23 (+115.3% y–o–y).
- Group Net CAPEX in 1Q23 was €7.2m.
- Group Cash at the end of 1Q23 at €109.2m, €6.8m higher vs. Dec–22.
- Net Debt at €471.6m at the end of 1Q23, lower by €18.9m vs. Dec–22 and €29.0m vs. 1Q22.
- Net Debt/ LTM EBITDA at 3.6x in 1Q23 vs. 4.0x in FY22.
Group Headline Figures
INTRALOT Chairman & CEO Sokratis P. Kokkalis noted:
We are extremely proud of first quarter robust organic Ebitda growth of 29% and a return to Net Earnings, along with healthy cash flows and significant reduction of Group Net Leverage Ratio down to 3.6x, providing additional momentum to INTRALOT’s successful turnaround story as a result of our consistent efforts in the past few years. With healthy financials and new technical capabilities offered through next generation solutions for Lottery digital transformation, in both the retail and online worlds, we look forward to timely addressing upcoming maturities, further improving our capital structure, and implementing an ambitious plan for strong and sustainable growth in the US and key markets around the world, creating value for all stakeholders.
OVERVIEW OF RESULTS
REVENUE
Although the reported consolidated revenue posted a decrease compared to 1Q22, leading to a total revenue for the three–month period ended March 31st, 2023, of €89.5m (–8.4%), excluding the impact from the discontinuation of Malta license, underlying revenue from continuing operations increased by 17.5%.
- From a contribution perspective, Lottery Games remain our largest contributor to Group turnover with a share of 60.4%, followed by Sports Betting with a share of 17.5%, VLTs monitoring with a share of 12.5%, Technology contracts with a share of 9.5%, and Racing with a share of 0.1%.
- Reported consolidated revenue for the three–month period is lower by €8.2m year over year. The main factors that drove top line performance per Business Activity are:
- €–20.4m (–64.5%) from our Licensed Operations (B2C) activity line with the variance driven by:
- Lower revenue in Malta (€–21.5m) due to the license expiration early July 2022 and
- Higher revenue in Argentina (€+1.1m or +10.9% y–o–y), driven by local market growth. In local currency, current year results posted a +104.5% y–o–y increase.
- €+6.3m (+11.4%) from our Technology and Support Services (B2B/ B2G) activity line, with the variance driven by:
- US operations’ increased revenue (€+4.6m or +13.1% y–o–y), mostly driven by the growth in Numerical and Instant games, further affected by the EUR depreciation (–4.3% versus a year ago – in average terms) and
- Higher revenue from rest jurisdictions (€+1.7m or +8.6%).
- €+5.9m (+54.2%) from our Management (B2B/ B2G) contracts activity line with the variance driven by:
- Strong momentum of our Turkish3 operations (€+5.8m), driven by Bilyoner’s improved performance, favored by the growth of the online market. In 1Q23, the local Sports Betting market expanded close to 2.2 times y–o–y. Performance in Euro terms was partially mitigated by the headwinds in Turkish lira (+28.1% Euro appreciation versus a year ago),
- Higher revenue from our US Sports Betting contracts in Montana and Washington, D.C. (€+0.1m) and
- Steady performance in Morocco.
- €–20.4m (–64.5%) from our Licensed Operations (B2C) activity line with the variance driven by:
GROSS GAMING REVENUE & Payout
- Gross Gaming Revenue (GGR) concluded at €83.4m in 1Q23, posting an increase of 4.5% (or €+3.6m) year over year. The improved performance across most key regions managed to absorb the loss of sales from Malta and the higher payout ratio in Argentina (–67.7% y–o–y on wagers from licensed operations4). 1Q23 Payout Ratio5 was higher by 3.5pps vs. 1Q22 (62.4% vs. 58.9%).
OPERATING EXPENSES & EBITDA
- Total Operating Expenses marginally increased by €0.9m (or +3.9%) in 1Q23 (€22.7m vs. €21.8m) driven by the improved top–line performance in USA and Turkey
- Other Operating Income from continuing operations ended at €7.8m presenting an increase of 37.0% y–o–y (or €+2.1m).
- EBITDA amounted to €33.7m in 1Q23, posting a double–digit growth of 29.2% (or €+7.6m) compared to 1Q22. The main drivers underpinning this performance are attributed to the strong growth in our US operations and the boosted performance in Turkey.
- On a yearly basis, EBITDA margin on sales climbed to 37.7%, from 26.7% in 1Q22 (+11.0pps).
- LTM EBITDA stands at €130.5m, up by 6.2% vs. FY22.
EBT / NIATMI
- EBT in 1Q23 amounted to €10.9m compared to €–2.3m in 1Q22, largely driven by the significant EBITDA contribution, the improved results from participations and investments, the gains on net monetary position and the benefit from the lower D&A.
- NIATMI in 1Q23 concluded at €3.1m compared to €–5.7m in 1Q22.
CASH FLOW
- Operating Cash–flow in 1Q23 amounted to €37.2m, increased by €19.9m, compared to 1Q22. The positive impact arising from the higher recorded EBITDA y–o–y and the favorable working capital movement was partially offset by the negative variance in tax payments.
- Net CAPEX in 1Q23 was €7.2m, higher by €2.9m compared to 1Q22, with US projects consuming most of the CAPEX needs.
- Net Debt, as of March 31st, 2023, stood at €471.6m, decreased by €18.9m compared to December 31st, 2022. Robust cash flow generation supported the continued deleveraging, with Net Debt / EBITDA dropping to 3.6x in 1Q23, from 4.0x in Dec–22. Positive gross debt movements include the capital payments towards the Term Loan in US, the lower interest accrued in comparison with Dec–22 and the positive FX impact on our USD denominated debt.
OUTLOOK/RISKS
The Company Management identifies significant opportunities in the growth of the Lottery and Sports Betting online markets and the expansion of regulated i–lottery markets, as well as from the recovery from the implications of the recent pandemic. Combined with the evolution of INTRALOT’s new technological solutions for Lottery digital transformation, the Company is in position to capture more technology projects with an increased profit margin compared to previous years.
World economies continue to navigate through macroeconomic uncertainties, with interest rates at high levels and relatively slow economic growth.
Increased interest rates have a direct impact on the financing servicing costs of the Intralot Group, while the outlook indicates that central banks may start to ease their monetary policy by the end of 2023.
nflation is declining more slowly than expected, having strong impact on most of the industries and regions. However, the gaming industry seems to be more resilient than other sectors of the economy, presenting above average growth in most regions.
The Management of the Company closely monitors geopolitical and economic developments and is ready to take all the necessary measures for protecting its operations.
Latest News
Saroca Unveils the Transformational Leadership Program for 2025
Saroca Reimagines Leadership Development for the Gaming Industry
Saroca, a leader in professional development for the gaming industry, is proud to announce its Transformational Leadership Program, launching February 2025. Building on the success of the 2024 LeadHERship Program—a pioneering initiative for women in gaming—the new program expands its reach with two distinct cohorts: one exclusively for women and another open to all genders.
The Legacy of LeadHERship
The 2024 LeadHERship Program achieved an exceptional Net Promoter Score (NPS) of 90, with participants citing transformative growth. With participants like Clemence Dujardin citing it as a “game-changer”. Confidence in leadership abilities rose by 46%, resilience increased by 27%, and imposter syndrome diminished by 39%.
Participants praised the program’s focus on emotional resilience, feedback mastery, executive presence and communication all in a supportive community.
Leadership Development: A Game-Changer for Gaming
In a rapidly evolving and diversifying industry, strong leadership is essential. Saroca’s programs go beyond skill-building to foster resilience, trust, and inclusivity—key traits for thriving in the global gaming market.
“We believe leadership is not about hierarchy—it’s about transformation,” said Emily Leeb, CEO of Saroca. “The Transformational Leadership Program reflects our commitment to cultivating leaders who will shape the future of gaming.”
Transformational Leadership Program Highlights
The program builds on the proven curriculum of its predecessor, featuring:
- Two Cohorts: A women-only cohort and a new all-gender cohort to enrich perspectives.
- Eight Modules: Covering topics such as emotional intelligence, self-advocacy, and radical candor.
- Community and Growth Tracking: Strengthening connections and measuring individual progress.
Registration Now Open
The Transformational Leadership Program begins in February 2025, with limited spots available. Scholarships are also offered to ensure accessibility. For more information, visit Saroca’s website or contact [email protected].
About Saroca
Saroca is a leader in leadership development for the gaming industry, committed to empowering professionals through inclusive, high-impact programs that drive personal and professional growth.
Latest News
Play’n GO announces partnership with Austrian state lottery operator Win2Day
Play’n GO, the world’s leading casino entertainment provider, has today announced a partnership with Austrian state lottery operator Win2Day.
This partnership sees legendary titles from the Swedish-founded gaming giant, such as Reactoonz, Rise of Olympus, and Rich Wilde and the Tome of Madness live on Win2Day’s platform for players to enjoy.
As of November 2024, Play’n GO offers a portfolio of over 350 premium titles in over 30 jurisdictions worldwide.
Tove Aldefors, Head of Regional Sales Central and Western Europe at Play’n GO, said “It’s exciting to launch our games with the Austrian state lottery, and Win2Day are the perfect partner for our brand. They share our beliefs about a regulated, sustainable, player entertainment-led industry. We’re looking forward to many years of success working together.”
Georg Wawer, Managing Director win2day, added “We are the only licensed operator in Austria. Therefore our objective is to provide all major igaming operators on our platform. Play’n GO is one of the international powerhouses and therefore we are delighted to be able to offer their content on our platform. We view Play’n GO as a competent and responsible partner for win2day and we’re confident this partnership will prove fruitful.”
Latest News
Week 47/2024 slot games releases
Here are this weeks latest slots releases compiled by European Gaming
Introducing Magawa vs Mines, the debut game from Slammer Studios – a fresh new player in the industry. With the launch of this vibrant 7×7 slot, the studio is kicking things off in style. Inspired by the legendary Magawa, a rat whose life-saving landmine detection skills have earned worldwide acclaim, this game pays tribute to this incredible hero. With Magawa vs Mines, players get to honour the courage of an extraordinary rat, reliving his daring missions through high-energy gameplay.
Spinomenal has added Zeus Unchained Hold & Hit to its marvellous Mythology series. Zeus Unchained Hold & Hit presents a grid framework of 5×3 and is set at 25 fixed lines. Once the action is underway, players join Zeus, the ancient Greek god of sky and thunder for a battle on the reels. A powerful soundtrack heightens the anticipation as players look for Wild symbols on screen.
Betsoft Gaming brings players to the heights of Mount Olympus with Coins of Zeus – Hold & WinTM, an engaging video slot with a 3×3 grid and 5 paylines set in a stunning Ancient Greek theme. From immersive visuals to thrilling gameplay features, Coins of Zeus – Hold & WinTM brings mythology to life, delivering divine entertainment and win potential.
BGaming is helping players hunt for ancient treasures in its latest release Catdiana. Boasting two purr-fect bonus games, the gameplay is further enhanced through cat-themed scatters, coveted coins and high-value gem symbols. The 5×3 reel action unfolds deep within a mystical cat temple where Catdiana goes on the prowl, performing as a wild to guide players to hidden treasures and big wins.
Tom Horn Gaming, a leading igaming software supplier, has unveiled its latest game, Wild Snowfakes, just in time for the winter season. A winter-themed slot transports players to a serene snowy wonderland filled with excitement and rewards. This medium-to-high variance game is played across a 5×3 gaming grid, populated with frosty fruit symbols and snowflakes, which act as wilds.
Evoplay, the award-winning game development studio, has revealed its latest immersive slot, Dolce Dreams, offering a sweet twist on the classic Italian café culture, with the experience designed for high engagement and substantial win potential. Set against the backdrop of a charming streetside cafe, Dolce Dreams features stacked Wilds in the form of waffle ice creams, which substitute for other symbols to maximise winning combinations.
Relax Gaming is taking players on an exhilarating snowy adventure with the launch of Winter Champions, a sports-themed slot that propels players through the mountain tops in pursuit of golden victories. At the heart of Winter Champions is the innovative Sliding Respins mechanic, ensuring the reels remain active as long as winning combinations continue to land, adding a layer of non-stop excitement to the gameplay.
Nolimit City is serving up a twisted carnival treat in Munchies. Step into the fair grounds as Nolimit’s latest Labs game released following the release of Outsourced: Slash Game. As a Labs title, expect a fresh and experimental spin on the classic Nolimit style. In the heart of the carnival tents lies a curious attraction: Fluffers—a cute, cuddly, but oh-so-smelly creature that’s causing quite the commotion among visitors. Some may say it’s the attraction of the year!
Thunderkick has unveiled Split Happens, the latest addition to its product portfolio that combines a quirky bowling theme with Walking Wilds and respins to provide a unique and compelling gaming experience. The action takes place across a classic 5×3 grid, where winning combinations can be formed both ways to help unlock 3,000x maximum wins.
Amusnet has released its latest video slot, 10 Bulky Fruits. It is not an ordinary fruit slot but a dazzling, energetic and exciting game. This is a 5-reel, 10-fixed paylines video slot that offers vivid gameplay, epic sound effects and a variety of features. Keep an eye out for the Clover Wild Symbol and its great rewards – it appears on the 2nd, 3rd, and 4th reel. The Star and the Dollar are the shiny Scatter symbols boosting the winnings.
It’s beginning to look a lot like Christmas, and Booming Games are getting in the spirit early with the November arrival of their fresh, festive game, Holly Jolly Bonanza 2. ‘Tis the season for snowy slots, and just like Santa Claus himself, Holly Jolly Bonanza 2 delivers in style. This sparkling sequel is a sure-fire Christmas classic, a 5×6 game with cascading reels, introducing new features to the festive game.
How deep do you dare to descend in Yellow Slotmarine by Twin Win Games – the exciting new slot where cash prizes can be accumulated and collected on any base game spin, but three bomb symbols are always lurking to potentially blow players out of the water. Utilising just three reels and one row of symbols, Yellow Slotmarine introduces a completely new mechanic where every character that lands contributes towards a specific cash pot.
Gaming Corps is proud to announce the release of Wet and Wild Beavers. This charming new slot game also marks the debut of the exciting new A-MAZE-CADES™ mechanic. This playful adventure takes players down to the river, where a team of ingenious beavers plot their daring escape by the riverbank. Follow Red Rocket, Old Blue and Yella Fella as they utilise a series of creative bonus features to escape the dam and get their hands on wins of up to 10,000x the player’s stake.
Explore a prosperous underwater world and harness the power of the formidable Greek God of the Sea Poseidon in Stakelogic’s latest release, Trident of Legends. This enchanting aquatic adventure invites players to tap into the awe-inspiring power of the mythical Poseidon as they embark on a quest for fortune. With Poseidon’s legendary Trident in hand, players can trigger enticing bonuses while playing for wins of up to 10,000x their stake.
Play’n GO invites players to join the Wilde family in Wildest Gambit, a globe-trotting 5×3 slot that combines adventure, mystery, and massive win potential with an x20,000 Multiplier. Wildest Gambit unites the legendary Wilde family – Rich, Cat, and Uncle Gerard – in an epic journey across four unique destinations. From the golden sands of Egypt to the dense jungles of South America, players will experience a dynamic blend of Expanding, Sticky, and Multiplier Wilds.
-
Latest News2 days ago
Make every pixel personal: Opera GX facelift lets you match your browser to your setup down to the smallest detail
-
Latest News2 days ago
Casino Management System Market to Reach USD 29.09 Billion by 2032 | Enhanced Security and Operational Efficiency Drive Growth | Research by S&S Insider
-
Latest News2 days ago
Fast Track Celebrates Third Year as a Great Place to Work Certified™ Tech Company
-
Africa4 days ago
South Africa: Tribunal Grants Lottoland Interim Relief – Orders Google to Grant Lottoland Access to its Advertising Platform
-
Financial reports7 days ago
SharpLink Gaming Announces Third Quarter 2024 Financial Results
-
Latest News2 days ago
ACR POKER ADDS BLITZ BONUS BOOST TO NOVEMBER CALENDAR AS $20 MILLION GTD WINTER OSS ENTERS FINAL DAYS
-
Latest News2 days ago
IBIA Upgrades Technology Platform to Strengthen Global Betting Integrity Efforts
-
Latest News2 days ago
Crypto Sportsbook, Sportsbet.io’s player wins huge $3.2m jackpot from $5 spin