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
Week 39/2023 slot games releases

Here are this weeks latest slots releases compiled by European Gaming
Players are being given the opportunity to travel back in time to the ice age in the latest slot from in-demand provider, Booming Games. Those who can brace the icy winds of Mammoth Tundra will come face to face with beasts and potentially big wins. Players must trek across the frozen reels – which take the 5×3 format – and keep their wits about them at all times. Not only can Woolly Mammoths cross their path, but so too can sabre tooth tigers and other wild animals.
Don your best disguise and adopt a cunning alter ego in a bid to nab the museum’s prize assets in Crown Heist, REEVO’s latest classic low-volatility jewel-themed game. Based on a proven maths model and appealing to new players who enjoy frequent wins and a swag-bag full of free spins, Crown Heist is a 5×3, 25-payline slot overflowing with jewel-encrusted free spins.
Habanero has launched Meow Janken, its newest slot with an inter-galactical theme, based on the classic Rock-Paper-Scissors game. Players take off on a thrilling journey across the galaxy in this captivating one-line game, with the task of beating Janken at Rock-Paper-Scissors – the most compelling aspect of this epic voyage. If a player is lucky enough to beat Janken in a Rock-Paper-Scissors tussle, any win is multiplied by x9 with a tie multiplied by x2.
Step into Aztec SuperTracks™, the latest game release from Raw iGaming, the studio on a mission to blast industry monotony out of the sky. In this unique 9×7 experience, an adventure unfolds filled with warriors, gods, and epic win potential! Aztec SuperTracks follows the journey of four heroes as they seek to discover special offerings to appease their angry gods and preserve world order. They are helped on their way by RAW’s innovative SuperTracks® pay mechanic opening a treasure trove of power-ups, gems and bonuses along its path.
Greentube, is presenting players with a deathly yet cheerful adventure in its latest release Cash Connection™ – Candelas de los Muertos™ – Señorita Suerte. The scare-filled slot, which has a Mexican Day of the Dead theme, fuses together winning destiny and mystical features, as players bid to unlock the riches of the Grand Jackpot.
Feel the gentle embrace of nature with Endorphina’s 6-reel, 5-row slot – Fresh Crush! Embark on a hiking adventure through steep mountain trails and thick forests scattered with some of nature’s finest fruits! Climb the tallest mountains, enjoy the scenery as the sky changes from peaceful blue to majestic gold and find the real diamond before the sun sets!
Introducing 100 Sevens from Apparat Gaming, the developer of slots with a German accent. As the name suggests, this title is all about the numbers 100 and seven – and here’s why… 100 Sevens is set across five reels and four rows, with 100 paylines active. That’s right, 100 paylines active. In this classic fruit-themed game, neon lights guide the way to sparkling wins with Double Wild symbols.
Armadillo Studios has released its latest slot title Surging 7s. This game is a classic fruit-themed slot with 6×4 reels, low to medium volatility, colourful visuals and the all-time-favourite 7s. Landing three or more adjacent stacks of 7s triggers Surging 7 Multipliers, which creates a random multiplier to boost wins. When four or more Link Bonus Coins land anywhere on the reels, coins will either change colour and reveal corresponding Prizepot colour wins, or award random credits.
Everygame Casino is taking players on a pirate adventure with its new Legend of the High Seas slot game from Spin Logic. With Wilds that double wins and Scatters that TRIPLE wins, there’s plenty of booty to be won in this full-featured new game. Pirates, parrots, treasure and treasure maps spin on the five reels of this high volatility game. When Wilds appear in a winning combination they double the payout.
Get ready for Stakelogic’s next page-turner with the release of Book of Jones – Golden Book. Players can embark on a thrilling adventure that transports them to a world of ancient secrets and incredible treasures. As players delve deeper into the mysteries of this five-reel, three-row, 10-payline slot, they will want to keep their eyes peeled for the Book Symbols that can land at any time during the base game. If three Book Symbols drop, 10 Free Spins are awarded.
3 Oaks Gaming, has released Black Wolf 2: Hold and Win – a howling hit title boosted by the addition of the Fortune Slide feature, awaiting to be hunted down by players. In this 5×4 follow-up to Black Wolf: Hold and Win, users trek into a moonlit wilderness to uncover surprises in this feature-rich slot, including the Fortune Slide mechanic, which is active during the Bonus Game.
Kalamba Games focuses on player personalisation in its gemstone-inspired release Diamond Supreme Hold and Win. Influenced by retro AWP machines, symbols are represented by iconic bells, cherries and bars. Wilds up the win potential by substituting for all base game symbols making it easier to create a winning combination across the slot’s 20 paylines.
Wazdan, has given the Extremely Light treatment to the latest leading game in its portfolio in Hot Slot™: 777 Cash Out Extremely Light. By creating a version of its top-performing title with light and more elegant graphics, the new slot becomes energy efficient and optimised for players on mobile devices, prolonging the gaming experience with less battery drain.
Blueprint Gaming’s mastery of the oceans and all its bounty returns for an anticipated sequel with Crabbin’ for Cash Extra Big Catch Jackpot King. The familiar charm and aesthetic of the original game’s backdrop are back with colourful crustaceans consuming the screen as the fisherman helps players with a host of features and the iconic Jackpot King progressive jackpot system.
Red Rake Gaming, has added Triple Irish to its extensive range of games. An exciting video slot with 5×3 reels and 20 paylines that immerses players in Ireland’s rich folklore and tradition, where three key elements trigger a journey full of opportunities and wins.
Gaming Corps invites players to the best ramen joint they will ever visit with the release of slot game Ramen Puzzle. This is an instant win game, made up of a grid of 25 tiles, which either conceal ramen bowls or leftovers. Players can savor Ms. Kawai’s delicious, sparkling ramen to their heart’s content as they open bowl after bowl.
Gaming
FBMDS’ First Ever Crash Game, Champion Tales, is Out Worldwide

Get ready to witness the dawn of a new era in online casino gaming as FBMDS unveils the highly anticipated Champion Tales, the brand’s first ever non-traditional game available worldwide. Brace your players for an immersive gaming experience that will transport them across the globe, hand in hand with the legendary Mr Champion himself.
Champion Tales captures the essence of the emergent non-traditional gaming trend with its strategic betting rounds and monumental winnings. FBMDS’ new game merges top-notch technology with the brands’ expertise, creating a thrilling and immersive experience with high stakes for players and a safe choice for casino operators.
A distinctive non-traditional game with big prizes to award
Following a crash gaming logic, FBMDS’ release evokes players’ heart-pounding anticipation as the multiplier reaches new heights, requiring strategic decision-making and a thrilling rush to hit the ‘Collect’ button before it’s too late.
FBMDS has balanced gameplay mechanics to increase players’ chances of earning significant rewards, making it a lucrative choice for online casino operators. Furthermore, Champion Tales boasts a highly profitable RTP rate, surpassing competitors in the market.
But that’s not all. Champion Tales comes loaded with features designed to elevate the gaming
experience:
- Autoplay: Players can choose how many rounds they want to play without any hassle, making continuous play even more convenient and enjoyable.
- Auto Cashout: The Auto Cashout feature, where players can choose the value they want to cash out, minimizing mistakes or distractions that could impact their winnings.
- Responsible Gambling: FBMDS prioritizes players’ safety with the responsible gambling feature, allowing players to set limits above or below their initial balance, preventing any unwanted excessive play.
- Detailed Play History: A detailed play history feature ensures that players always remain safe and in control. They can review their past gaming sessions, bets and outcomes, promoting transparency and responsible gaming practices.
“Listening to our partners and clients was always the number-one priority during the creation process of Champion Tales,” the Director for FBM, Renato Almeida, said. “Since the crash gaming category has been getting a lot of popularity, we made sure we understood market needs to make sure our clients’ expectations and profitability rates were being met, while delivering an innovative solution able to provide players with an amazing gaming experience.”
A personalized crash gaming atmosphere
Champion Tales goes beyond colossal wins with its debut, offering a captivating Brazil-inspired tropical ambiance. Moreover, the game’s background, scenery and music can be customized to meet the needs of casino operators in diverse markets, cultural contexts and geographical locations.
This allows for an enriched gaming experience worldwide, whether by incorporating local landmarks, cultural references or regional music, to resonate with operators’ requirements, enhancing customer engagement and satisfaction.
In addition, clients can have their respective logos applied to the game’s flag, further aiding in branding. FBMDS maintains product localization as a priority by developing characters and backgrounds that resonate with the regions where partners operate and represent the seasonality of the market. This approach generates greater player identification, leading to increased retention and loyalty.
By developing mobile-friendly, cutting-edge and highly customizable gaming solution like Champion Tales, FBMDS proves once again its ability to deliver profitable and satisfying products for casino operators worldwide.
Latest News
Hub88’s Mark Taffler Taking to the Ring to Support Oliver’s Wish Foundation at the SBC Charity Boxing Championship

Supplier’s Commercial Director to don the gloves at prestigious industry charity event
Mark Taffler, Commercial Director for Hub88 and Bombay Group, is joining an industry lineup to compete in a white-collar boxing match at this year’s SBC Charity Boxing Championship fundraising event.
Taffler, who is being sponsored by One.io, whom is part of the Yolo Investments’ portfolio, will face SMPL Consulting’s Director Simon Pilkington in the opening bout of the night to raise money for three charity organisations.
Hub88 will be hosting a VIP table at the event, which was set up by SBC in partnership with Oliver’s Wish Foundation.
Over 500 industry representatives will be in attendance for an evening of boxing on November 10, with a blend of fierce competition and camaraderie taking place at the luxurious Hilton Hotel in London.
Last year’s event raised a staggering £152,000 and was donated to the Oliver’s Wish Foundation and its amazing partner charities Chestnut Tree House, Cystic Fibrosis Trust and SUDC UK.
“Mark’s fantastic work so far will be rewarded in the boxing ring and we look forward to seeing how he gets on against his fierce competition Simon when the action unfolds,” the Head of Hub88, Ollie Castleman, said.
“Ultimately, the goal is to raise money for a great cause and, following the success of last year’s event, we are delighted to play a part in the 2023 instalment of the SBC Charity Boxing Championship.”
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