inspired Archives - CasinoBeats https://casinobeats.com/tag/inspired/ The pulse of the global gaming industry Tue, 16 Apr 2024 10:29:59 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 https://casinobeats.com/wp-content/uploads/2025/01/cropped-favicon-32x32.png inspired Archives - CasinoBeats https://casinobeats.com/tag/inspired/ 32 32 Inspired nets revenue growth and steers clear of NASDAQ delisting  https://casinobeats.com/2024/04/16/inspired-nets-revenue-growth-and-steers-clear-of-nasdaq-delisting/ Tue, 16 Apr 2024 10:29:52 +0000 https://casinobeats.com/?p=93053 Inspired Entertainment has revealed its Q4 results for the closing period of 2023, as the firm detailed it remained in line with expectations as it looks to scale higher margin digital verticals.  Nonetheless, the results were filed significantly later than they were anticipated, which led to warnings from the NASDAQ.  The results did indicate that […]

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Inspired Entertainment has revealed its Q4 results for the closing period of 2023, as the firm detailed it remained in line with expectations as it looks to scale higher margin digital verticals. 

Nonetheless, the results were filed significantly later than they were anticipated, which led to warnings from the NASDAQ. 

The results did indicate that the firm enjoyed revenue growth of 14.7 per cent to $323m. Elevated expenditure did however lead to net income declining slightly for the group, from $20.6m to $7.6m.

Lorne Weil, Executive Chairman of Inspired, said: “Our fourth quarter performance capped off a strong year, fueled by our successful strategic focus on scaling our higher-margin digital verticals alongside steady growth in our land-based operations.

“Our digital business fourth quarter results continue to be led by the Interactive segment, where revenue and Adjusted EBITDA increased approximately 41 per cent and 39 per cent year-over-year on a constant currency basis, respectively, as we continue to increase our footprint through new customer launches and benefit from the growth of our existing customer base.”

The group also lauded its new igaming product, Hybrid Dealer, which was unveiled this year. The RNG-generated table and gameshow content was tapped into by BetMGM in New Jersey and seeks to combine physical and digital elements offering operators the product.

Praising the firm’s land based efficiency, Weil added: “We continue to benefit from the optimisation of our land-based operations and the roll-out of our new ‘Vantage’ terminals. Our land-based business, which includes our Gaming and Leisure segments, recorded strong year-over-year revenue growth of 6 per cent and 8 per cent, respectively. 

“During the quarter, we entered into $3.5m of ‘low margin’ terminal sales, whereby products sold today will secure longer term recurring revenue streams utilising an asset-light model. We continue to see low double digit year-over-year revenue per machine increases with these new ‘Vantage’ cabinet deployments across two of our largest licensed betting shop customers. In our pubs business, we expect to benefit from more of these ‘Vantage’ placements during the back half of 2024. As we look ahead, the success of our ‘Vantage’ cabinet rollout gives us confidence in ongoing growth across our land-based gaming portfolio.”

Weil concluded, “As the global online betting and gaming ecosystem continues evolving, with some new markets opening and consumer adoption increasing, we see opportunities for continued growth. Our market-leading Virtual Sports products, distinctly innovative igaming offerings like Hybrid Dealer, and unmatched content portfolio position us at the head of this digital transformation. We are excited about the opportunities ahead as we seek to capitalise on the expanding online betting and gaming markets globally.”

The publishing of today’s results will be viewed as a key boost to the stability of the firm, after previous delays in the past two years were reportedly down to inaccuracies, due to accountancy errors, of which the firm has been focused on fixing ahead of the publishing of this latest set of results. 

Furthermore, in spite of the late publishing, the results come in time to save the firm’s status on the NASDAQ as it avoids the most stringent punishment, its removal from the platform.

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UKGC, Inspired and New Jersey: the week in numbers https://casinobeats.com/2024/04/15/ukgc-inspired-new-jersey-numbers/ Mon, 15 Apr 2024 08:30:00 +0000 https://casinobeats.com/?p=93016 CasinoBeats is breaking down the numbers behind some of the industry’s most fascinating stories. Our latest headline reflection features regulatory action in the UK, Nasdaq non-compliance and gambling tax increases in New Jersey.  5 The UK Gambling Commission has published its Corporate Strategy 2024 to 2027, explaining the key areas of the British gambling market […]

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CasinoBeats is breaking down the numbers behind some of the industry’s most fascinating stories. Our latest headline reflection features regulatory action in the UK, Nasdaq non-compliance and gambling tax increases in New Jersey. 

5

The UK Gambling Commission has published its Corporate Strategy 2024 to 2027, explaining the key areas of the British gambling market that the regulator will focus on over the next three years.

The strategy – ‘Gambling regulation in a digital age’ – is part of the UKGC’s commitment to delivering the proposals set out within the UK Government’s White Paper ‘High stakes – Gambling reform for the digital age’.

 It highlighted five key areas for the next three-year period: using data and analytics to make gambling regulation more effective; enhancing core operational functions; setting clear evidence-based requirements for licensees; being proactive and addressing issues at the earliest opportunity; and regulating a successful National Lottery.

“Our new three-year strategy ‘Gambling regulation in a digital age’ sets out how we will deliver the reforms set out in the Government’s gambling white paper, and successfully regulate the National Lottery under a new licensee,” commented Marcus Boyle, Chair of the UKGC.

“We are also setting out an ambitious programme to enhance the effectiveness of our regulation. A new data innovation hub will foster the smarter use of data. We will increase the transparency of our work to raise standards in the gambling industry, and we will be creative in disrupting those who seek to operate illegally.

“I want a fair, safe, and crime-free gambling market where consumers and the interests of the wider public are protected. This strategy will improve gambling regulation and move us closer to that vision.”

840,000

Kansspelautoriteit, the Dutch gaming authority, has issued an order subject to a penalty on Casbit Group NV for offering games of chance without a licence.

The KSA stated that it informed Casbit at an earlier stage that it intended to impose an order subject to a penalty on the operator for illegal games of chance on its lala.bet website.

Casbit responded by removing accessibility to its website for players in the Netherlands, but upon re-inspection, the authority claims the website is still accessible in the country, so a penalty has been imposed.

With the order subject to penalty, KSA has called on Casbit to immediately stop the illegal offering, with a penalty of €280,000 per week with a maximum of €840,000 being imposed if this is not complied with.

Casbit Group has launched an objection against the decision.

180

Inspired has provided an update to its investors after it received an expected notification letter from the Nasdaq over non-compliance due to not having timely filed its Form 10-K for last year. 

The gaming firm revealed that it will report financial results for the fourth quarter and the 2023 on Monday, April 15, 2024, before the market opens. 

The current update from Nasdaq doesn’t have any immediate effect on the listing of the Company’s common stock on Nasdaq. 

Nasdaq, if it agrees to, can grant Inspired an exception of up to 180 calendar days from the filing’s due date, or until September 11, 2024, to regain compliance. However, if the firm fails to publish its accounts by this date, it may be delisted from the exchange.

86.4

A co-commissioned study by the Alcohol and Gaming Commission of Ontario and iGaming Ontario has found that 86.4 per cent of online gamblers in Ontario prefer to wager in the regulated igaming market.

Conducted by Ipsos in February this year, the study interviewed 2,016 Ontarians aged over 19, including a general population sample of 1,009 and an additional sample boost of 1,007 who had gambled or wagered real money bets online in the past three months.

Ipsos noted that “quotas and weighting were employed to ensure that the general population sample’s composition reflects that of the Ontario population according to census parameters”, which resulted in a total sample of 1,299 Ontarians who gambled or wagered real money bets online in the past three months. 

The study found that 86.4 per cent of Ontarians who wager online did so with regulated operators in the past three months. In a similar study conducted in 2023, this figure stood at 85.3 per cent.

However, the study also discovered that 19.9 per cent of those who had gambled online during the three months wagered on regulated and unregulated sites. Meanwhile, 13.6 per cent of those surveyed wagered solely on unregulated sites in the same period.

As of April 4, the Ontario igaming market has 47 registered operators and 77 regulated websites.

Dr Karin Schnarr, Chief Executive Officer and Registrar of the AGCO, commented: “In Ontario, regulated sites are held to high standards of game integrity, data security and player protections, including having significant responsible gaming safeguards. 

“While it’s encouraging to see most participants are choosing regulated gaming options, those who are not are unfortunately risking far more than their wagers.”

30

A bill has been introduced in the New Jersey Senate that would increase the tax rate for online casino and sports betting operators in the US state.

Sponsored by Senator John McKeon, S3064 seeks to increase the annual tax on igaming and online sports betting gross revenues to 30 per cent, up from the current rate of 15 per cent and 13 per cent respectively.

S3064 was first reported back in March, but now it has been introduced in the New Jersey Senate, where it has been referred to the Senate State Government, Wagering, Tourism and Historic Preservation Committee.

The current igaming tax rate for operators in the Garden State is split as 15 per cent tax to the Casino Revenue Fund, plus an additional 2.5 per cent to the Casino Reinvestment Development Authority.

Under S3064, only an additional 1.25 per cent would go to the Casino Reinvestment Development Authority.

A rise in the tax rate would bring New Jersey in line with some of its neighbouring states such as Pennsylvania, which has a 54 per cent tax rate for online slots and a 16 per cent tax rate for table games and poker.

8

Twitch is under increased scrutiny in Sweden over the promotion of unlicensed casinos. 

As reported by Dexerto, Kulturnyheterna, an investigative branch of Swedish television network Sveriges Television AB, detailed that “eight out of ten Swedish influencers on Twitch had promoted unregulated casinos.”

Spelinspektionen, the Swedish gambling authority, has been warned off the back of the report and may well intensify action against the global streaming platform, which has long been a hub for slots streamers. 

It comes after continued efforts from Twitch to improve social responsibility when it comes to the promotion of gambling. 

Just last year, the platform detailed that its ban of the promotion on unlicensed gambling would be extended to deposit limits, waiting periods, and age verification systems.

A statement from the firm said: “After monitoring the update’s impact for the last year – as well as hearing directly from you -it became clear that some people were circumventing those rules, and that further steps were necessary.” 

The latest findings in Sweden will likely prompt further action from Twitch as it aims to build a sustainable and socially responsible model when it comes to gambling content. Governance in Sweden takes a strong approach to combating the promotion of unlicensed gambling operators.

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Inspired updates investors after missing SEC deadline  https://casinobeats.com/2024/04/10/inspired-updates-investors-after-missing-sec-deadline/ Wed, 10 Apr 2024 14:56:39 +0000 https://casinobeats.com/?p=92929 Inspired has provided an update to its investors after it received an expected notification letter from the Nasdaq over non-compliance due to not having timely filed its Form 10-K for last year.  The gaming firm revealed that it will report financial results for the fourth quarter and the 2023 on Monday, April 15, 2024, before […]

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Inspired has provided an update to its investors after it received an expected notification letter from the Nasdaq over non-compliance due to not having timely filed its Form 10-K for last year. 

The gaming firm revealed that it will report financial results for the fourth quarter and the 2023 on Monday, April 15, 2024, before the market opens. 

The current update from Nasdaq doesn’t have any immediate effect on the listing of the Company’s common stock on Nasdaq. 

Nasdaq, if it agrees to, can grant Inspired an exception of up to 180 calendar days from the filing’s due date, or until September 11, 2024, to regain compliance. However, if the firm fails to publish its accounts by this date, it may be delisted from the exchange.

In February, the group reported revenue growth in the third quarter of 2023 thanks to interactive and low margin gaming hardware sales.
Inspired declared a Q3 revenue of $97.5m, up 31 per cent year-over-year (Q3 2022: $74.2m), whilst net income for the quarter fell by 63 per cent YoY to $3.4m (Q3 2022: $9.2m, while adjusted EBITDA stood at $26.7m, down two per cent YoY (Q3 2022: $27.3m), with a margin of 27 per cent (Q3 2022: 37 per cent).

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Werewolf robbers roam the reels as Inspired claims spooky SOTW https://casinobeats.com/2023/10/06/inspired-spooky-slot-of-the-week/ Fri, 06 Oct 2023 08:00:00 +0000 https://casinobeats.com/?p=87886 Spooky symbols and frightening features take place in Inspired’s latest slot release, Cops ‘n’ Robbers Big Money Trick or Treat, which launched exclusively with bet365 to claim SlotBeats’ latest Slot of the Week title.  Offering two base game modes and a plethora of bonus features, Inspired’s latest release uses an initial 5×3 reel grid that […]

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Spooky symbols and frightening features take place in Inspired’s latest slot release, Cops ‘n’ Robbers Big Money Trick or Treat, which launched exclusively with bet365 to claim SlotBeats’ latest Slot of the Week title. 

Offering two base game modes and a plethora of bonus features, Inspired’s latest release uses an initial 5×3 reel grid that has 10-paylines. While using an RTP of 94.99 per cent, the game offers a maximum win of up to x10,000 the player’s bet. 

Low value symbols are depicted as the high end of a deck of cards, from 10 through to Ace, while mixed colours of bags represent the medium value symbols that can offer between x1 and x20 the chosen stake. 

These bag symbols will appear displaying monetary prize values from x1 to x100 the player’s bet. These prizes can be won in the fortune spins base game mode, as well as the trick or treat bonus game. 

High value symbols come in the form of cars, money stacks, sirens and ‘trick or treat’ text boxes. These symbols can offer between x2 and x200 the player’s wager, depending on the number of matching combinations that fall on one turn. 

Pumpkin scatters can drop into play, triggering the trick or treat game mode if three or more appear on the same spin. 

Additionally, three wild symbols are available throughout the game. Two robber wild symbols can appear in the base game while a policeman wild only appears in the trick or treat game mode. 

While being able to spin the reels in a typical base game fashion, players can also select a fortune spins alternative. In this game mode, only robber wild symbols, bag symbols with prize values, blocker symbols and pumpkin scatters can drop into play. 

If bag prize symbols fall into place on the same spin as a robber wild, their prize values will be instantly awarded to the player. Bag symbols can also form payline wins during this game mode.

Throughout the trick or treat feature, a multiplier trail sits above the grid on which a robber stands two paces ahead of a policeman. When wild robbers drop into play, the robber will travel across the multiplier trail, with the same going for the policeman wilds and the policeman. 

Meanwhile, each time a robber wild appears on the same spin as a bag prize, it will collect the prize values. When the robber reaches the next multiplier on the trail, each prize value collected will be enhanced by the respective multiplier. 

The game mode comes to an end once the policeman character catches up with the robber on the multiplier trail. However, this will send players to an ID parade screen in which the robber stands on trial in front of a judge, and next to two other suspects. One of the three suspects is then selected, with the robber ending the game mode if he is chosen. 

Alternatively, ‘Sid’ can be selected, pushing the policeman back two spaces to continue the game mode, as can ‘Vic’ who will send the robber to the next multiplier trail to prolong the feature. 

If readers would like to try the demo version of Cops ‘n’ Robbers Big Money Trick or Treat, they can click here to be directed to Inspired’s official website. 

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Inspired optimistic on outlook as uncertain economic environment hampers Q3 https://casinobeats.com/2022/11/09/inspired-optimistic-on-outlook/ Wed, 09 Nov 2022 15:00:00 +0000 https://casinobeats.com/?p=74994 Inspired Entertainment has voiced confidence in capitalising on future opportunities via an “exciting pipeline” of products after “an uncertain economic environment” caused third quarter drawbacks. As the company rolled-out a “milestone” contract with Betfred, a record showing in Inspired’s virtual sports division could not offset declines across gaming, interactive and leisure.  Overall revenue through the […]

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Inspired Entertainment has voiced confidence in capitalising on future opportunities via an “exciting pipeline” of products after “an uncertain economic environment” caused third quarter drawbacks.

As the company rolled-out a “milestone” contract with Betfred, a record showing in Inspired’s virtual sports division could not offset declines across gaming, interactive and leisure. 

Overall revenue through the quarter dropped three per cent to $74.9m (2021: $77.6m), despite virtual sports increasing 39 per cent to a record $14.6m (2021: $10.5m).

This uptick, Inspired said, was primarily due to online revenue within the segment more than doubling year-over-year, on a functional currency basis, driven by growth from existing customers across channels, geographies and content

Lorne Weil, Executive Chair of Inspired, said: “Virtual sports continued its impressive growth trajectory, producing its fifth record-setting revenue and adjusted EBITDA quarter in a row, with online virtual sports doubling year-over-year versus strong comparatives.” 

The gaming division reported the biggest downfall in revenue after closing at $24.1m, down 12 per cent year-on-year from $27.6m, with Inspired noting “an adverse $3.3m attributable to currency movement”.

Interactive declined six per cent to $5.7m (2021: $6.2m), however, Inspired is buoyed by a potential future uptick in the US and Canada where “several” additions customers are to launch in Q4.

In the leisure segment, which still accounted for the lion’s share of revenue, a nine per cent downfall to $30.5m, which was set against a record quarter of $33.4m one year earlier.

“Growth in interactive revenue was modest, however, the addition of new content and customers in Pennsylvania has led to an acceleration in interactive growth rates in October,” Weil commented.

“…we have an exciting pipeline of new products and further enhancements, opening potentially significant new avenues of growth”

Lorne Weil, Executive Chair of Inspired

“As our online business continues its growth trajectory, our land-based business has held strong, with consumers continuing to frequent betting shops and pubs and staying local for holidays, and we continue to move towards a less capital-intensive business model, signing a milestone contract with Betfred subsequent to the end of the quarter for the sale of 5,000 terminals and the provision of fully integrated managed services for their entire estate.”

Stewart Baker, Executive Vice President and Chief Financial Officer, stated: “We are pleased to report another strong quarter in the face of an uncertain economic environment. Our online business was relatively unimpacted by inflation or supply chain issues, however, we did experience significant cost pressures in the holiday parks business. 

“We have experience reducing costs significantly when we have needed to and will do so again here as we are highly focused on mitigating the impact and improving our cost efficiency. 

“Our underlying business remains strong and produces substantial free cash flow, allowing us to buy back more than $10m of our common stock so far this year. 

“We are focused on delivering sustained efficiencies across our business and are confident in our strategy and our ability to deliver consistent results in the current economic environment in order to maximise shareholder value.”

Net income through the second quarter plummeted to finish up at $10.2m (2021: $25m), while adjusted EBITDA decreased eight per cent to close Q3 at $27.8m (2021: $30.1m).

“With the growing popularity of our content, increased brand awareness and rapid speed to market, we are confident we are well-positioned to capitalise on this opportunity,” Weil continued.

“In addition, we have an exciting pipeline of new products and further enhancements, opening potentially significant new avenues of growth, that we look forward to showcasing in the coming months.”

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AGS confirms that Inspired talks have concluded with no transaction https://casinobeats.com/2022/09/09/ags-inspired-talks-have-concluded/ Fri, 09 Sep 2022 12:00:00 +0000 https://casinobeats.com/?p=72159 AGS looks to have shut down any potential acquisitive interest held in the Las Vegas headquartered firm by Inspired Entertainment via a recent Securities and Exchange Commission filing. This has seen the group acknowledge that “preliminary discussions” had taken place, however, the firm’s stock price has subsequently slid after it was detailed that this hasn’t […]

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AGS looks to have shut down any potential acquisitive interest held in the Las Vegas headquartered firm by Inspired Entertainment via a recent Securities and Exchange Commission filing.

This has seen the group acknowledge that “preliminary discussions” had taken place, however, the firm’s stock price has subsequently slid after it was detailed that this hasn’t resulted in any potential forthcoming purchase.

Last month, Reuters reports that a $370m approach, which offered an alleged $10 per share in cash, had been made. This subsequently saw shares in the gaming manufacturer and distributor spike in the ensuing period.

This also came after Stewart Baker, Inspired Chief Financial Officer, had previously disclosed, during an analyst call, that the company was “actively looking at a number of M&A activities”.

In the SEC filing, AGS reported: “As previously disclosed, on August 12, 2022, PlayAGS indicated that it was in preliminary discussions with a third party that Reuters had identified as making an offer to acquire the company. Such discussions have concluded without a transaction. 

“The company does not intend to make further comments regarding potential transactions or provide any public updates regarding proposed or potential transactions, unless required by required law or a regulatory body.”

Last month, AGS reported that revenue through the year’s second quarter increased 14.6 per cent year-on-year to close Q2 at $76.58m (2021: $66.83m), with that figure also up five per cent on a quarterly basis from $72.85m.

The April to June time frame also represents the first time in ten quarters (Q4 2019) that AGS generated positive net income, with Q2 2022’s $1.5m compared to $3.9m year-on-year.

A six per cent increase in adjusted EBITDA to $34.1m (2021: $32.1m) is due to upticks of 40 per cent and seven per cent across the table games and EGM divisions, which offset a 54.7 per cent interactive drop. AEBITDA rose four per cent from Q1’s $32.75m.

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Inspired Entertainment to ‘deliver further progress’ after strong Q2 https://casinobeats.com/2022/08/10/inspired-entertainment-progress-q2/ Wed, 10 Aug 2022 09:30:00 +0000 https://casinobeats.com/?p=70728 Inspired Entertainment is eyeing a further expansion of its digital footprint after stressing that “we are particularly pleased with our second quarter results,” especially given headwinds from the macroeconomic environment. A series of improvements have been tracked by the B2B provider of gaming content during the time frame, including a 72 per cent year-on-year revenue […]

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Inspired Entertainment is eyeing a further expansion of its digital footprint after stressing that “we are particularly pleased with our second quarter results,” especially given headwinds from the macroeconomic environment.

A series of improvements have been tracked by the B2B provider of gaming content during the time frame, including a 72 per cent year-on-year revenue uptick to $71.3m (2021: $41.5m) thanks to increases across all reporting segments.

Virtual sports are praised by Lorne Weil, Inspired Executive Chair, as being the standout performer “once again” as revenue and adjusted EBITDA set a best performance for the fourth consecutive quarter.

The former increased 71 per cent to $14m (2021: $8.2m), with the latter surging 88 per cent to close at $12m (201: $6.4m). Post Q2, DC Lottery became the second North American lottery to launch Inspired’s virtual products across retail and online settings.

Interactive remained flat though the quarter with revenue of $5.8m and an AEITDA drop of 12 per cent to $3.1m (2021: $3.6m). North American and Greek growth was offset by UK operators enhancing protections for players ahead of the publication of the UK Gambling Act review white paper.

Gaming and leisure saw financial performances return to pre-COVID levels, with a strong local holiday business praised and “major contracts” secured alongside William Hill, Greene King and Mitchells & Butlers.

Revenue and AEBITDA across the gaming segment increased 57 per cent and 168 per cent to $25.5m (2021: $16.2m) and $9.5m (2021: $3.5m), respectively. 

“The long-term fundamentals and health of the business are the strongest they have been”

The leisure decision closed up 130 per cent in revenue to $26m (2021: $11.3m), with AEBITDA swinging from a loss of $200,000 to $7.7m through Q2 2022.

“Virtual sports was, once again, the standout in the quarter, producing its fourth record-setting revenue and adjusted EBITDA quarter in a row, with online virtual sports doubling year-over-year versus strong comparatives, speaking to our strong product development and increased market penetration,” noted Weil.

“Interactive revenue increased year-over-year on a functional currency basis as we increased our footprint through numerous integrations. 

“In our land-based business, we’re delighted to see that customer gross win per unit in betting shops and holiday parks was ahead of pre-COVID levels as consumers continue to frequent betting shops and pubs and are staying local for holidays.”

Adding: “We are very excited about the current trends in our business and what’s to come, including our recent interactive launches in Ontario and particularly in Pennsylvania.”

Net income through the second quarter finished up at $7.5m compared to a loss of $43.8m through the prior year period, with AEBITDA up 227 per cent to $26.1m (2021: $8m).

“The long-term fundamentals and health of the business are the strongest they have been in my tenure,” Weil concluded.

“The growth dynamics of our markets remain compelling as a wider audience engages with online betting and gaming and new jurisdictions open up, creating further opportunities. 

“With the return of our retail customer base, we remain confident that our diversification and proven ability to grow our business will enable us to deliver further progress against our strategy.”

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Continued recovery leads Inspired to ‘strong start to the year’ https://casinobeats.com/2022/05/11/continued-recovery-leads-inspired-to-strong-start-to-the-year/ Wed, 11 May 2022 12:00:00 +0000 https://casinobeats.com/?p=66245 A full recovery across the gaming and leisure divisions has been lauded by Inspired Entertainment, which has seen the group eye sustained long-term growth and profitability. A “full recovery” across land-based enterprises, aligned with a record performance across the virtual sports segment, has seen the company report a 166 per cent revenue rise to $60.6m […]

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A full recovery across the gaming and leisure divisions has been lauded by Inspired Entertainment, which has seen the group eye sustained long-term growth and profitability.

A “full recovery” across land-based enterprises, aligned with a record performance across the virtual sports segment, has seen the company report a 166 per cent revenue rise to $60.6m (2021: $22.8m).

This latter division rose 84 per cent to $11.6m (2021: $6.3m) during the three months ending March 31, 2021, driven by growth from existing customers and an increase in recurring retail virtuals.

Interactive revenue secured a slight two per cent growth to $5.3m (2021: $5.2m), with the segment impacted by a re-deployment of resources to new market launches.

Gaming service revenue increased 202 per cent to $23.2m (2021: $7.7m) inspired by a return to pre-COVID performance as well as a newly acquired lottery systems contract in the Dominican Republic, and partly offset by a $2.2m decrease in VAT-related revenue.

The leisure division increased to $19.6m from $500,000 year-on-year, with all customers’ retail venues closed during the prior year. Revenue from pubs, holiday parks and motorway services was higher as a result of increased travel within the UK.

“We continue to be encouraged by the trends and demand in our online and land-based businesses and remain extremely excited about our North American strategic growth initiatives,” explained Lorne Weil, Executive Chair of Inspired.

“In the first quarter, we laid the groundwork to launch igaming and virtual sports in multiple new markets, including Connecticut (first quarter) and Ontario (second quarter). 

“While this focus resulted in a slight delay in new content introductions, we believe this investment will lay the foundation for significant future growth, beginning in the current quarter as content has resumed its previous pace of introduction and we have seen a corresponding impact on results. 

“Our virtual sports business continues to establish record performance with retail venues returning to operation and online well ahead of a year ago, as Ontario is proving to be our best North American market to date for virtual sports. 

“The North American online market remains a tremendous opportunity for Inspired, and we expect to continue to progress on the same growth trajectory with the continued addition of new customers and markets in the second half of the year.

“In addition, our Valor terminal consistently impresses in North America as was evident in our recent 720-unit Valor terminal award from Western Canada Lottery Corporation.”

Furthermore, the first quarter also saw the company report that net income swung to $1.5m from a loss of $16.7m one year earlier, in addition to a 418 per cent increase in adjusted EBITDA to $20.1m (2021: $3.9m).

“We are pleased with the overall progress of our business and are confident in our long-term growth prospects,” Weil added. 

“Our higher margin virtual sports and interactive segments delivered 48 per cent of our combined segment adjusted EBITDA, in a strong retail quarter, and we believe this will continue to be a tremendous driver of revenue growth, margin expansion and asset utilisation. 

“With our enlarged digital business, growing position in North America and our ongoing focus on delivering superior content, we believe our business remains in good standing for the future.”

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Inspired secures extended Saskatchewan VLT provision https://casinobeats.com/2022/04/13/inspired-secures-extended-saskatchewan-vlt-provision/ Wed, 13 Apr 2022 12:45:00 +0000 https://casinobeats.com/?p=64987 Inspired Entertainment has expressed delight at securing an enhanced North American footprint after enhancing its video lottery terminal provisions under the Saskatchewan program. This saw the group awarded a contract to supply an additional 700 Valor VLT terminals by Western Canada Lottery Corporation, acting on behalf of the Saskatchewan Liquor and Gaming Authority, following a […]

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Inspired Entertainment has expressed delight at securing an enhanced North American footprint after enhancing its video lottery terminal provisions under the Saskatchewan program.

This saw the group awarded a contract to supply an additional 700 Valor VLT terminals by Western Canada Lottery Corporation, acting on behalf of the Saskatchewan Liquor and Gaming Authority, following a formal request for quotation process.

“We have been impressed with Inspired’s Valor VLT and their commitment to launch the product, which we have been operating for the past year in Saskatchewan,” noted Eric Karmark, WCLC Vice President, VLT Gaming and Operations. 

“Valor has had strong comparative performance and we appreciate the depth and quality of the new and existing game styles, which we believe will offer an exciting and varied experience to Saskatchewan VLT players.”

This agreement will see Inspire provide an updated Valor cabinet with several new game themes specifically tailored for the Saskatchewan market as part of what it calls “a continued commitment to the region”. 

The additional terminals are expected to be delivered by the end of 2022, with new games to be released throughout 2022 and 2023.

“We are thrilled to deploy additional VLT products into Canada in partnership with WCLC, as it is a testament to the successful launch and ongoing performance of the initial 100 units deployed in 2021,” explained Brooks Pierce, President and Chief Operating Officer of Inspired. 

“We are proud of our launch in Saskatchewan and the great working partnership we have developed with the WCLC VLT team to launch our products, especially during the global pandemic. We will continue to innovate and improve on our offerings as we build on this foundation and cement our presence in North America.”

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Inspired ‘couldn’t be more excited’ to join Ontario gaming market https://casinobeats.com/2022/03/18/inspired-couldnt-be-more-excited-to-join-ontario-gaming-market/ Fri, 18 Mar 2022 12:00:00 +0000 https://casinobeats.com/?p=63737 Inspired Entertainment has become the latest supplier to gain a licence to enter the Canadian province of Ontario, just one week after the group voiced confidence in achieving its North American igaming growth ambitions. The company is slating the second quarter of the current year as the timeframe for the launch of its entire portfolio, […]

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Inspired Entertainment has become the latest supplier to gain a licence to enter the Canadian province of Ontario, just one week after the group voiced confidence in achieving its North American igaming growth ambitions.

The company is slating the second quarter of the current year as the timeframe for the launch of its entire portfolio, after receiving a gaming-related supplier licence from the Alcohol and Gaming Commission of Ontario.

This Canadian growth, which will build on a partnership that the group already boasts in a neighbouring region alongside Loto-Quebec, sees Inspired become authorised to offer its games to AGCO approved operators. 

Subsequently, those that service market will be able to utilise 25 games that will be certified in time for launch, including titles such as Big Spin Bonus, Big Fishing Fortune and retro classic Space Invaders.

In January, the launch date for Ontario’s regulated igaming market was given a revised opening date of April 4, after it was originally expected to be operational in December, 2021.

Claire Osborne, VP of Interactive at Inspired, commented: “Ontario’s igaming market officially opens to licensed operators on April 4, 2022, and we couldn’t be more excited to be a part of the newly regulated igaming market.  

“With a population of nearly 15 million people, Ontario’s demographics compare favourably to states like New Jersey or Michigan where we already operate. 

“We expect Ontario to present a significant market opportunity for us, and we look forward to players in Ontario enjoying our games.”

Last week, Inspired asserted that it was focussed on a forward pipeline of growth opportunities across the Americas and Europe, with Ontario and Connecticut pinpointed as particular regions of target.

This came as the group reported a seven per cent decline in revenue through the past year’s fourth quarter to $67m (2020: $71.7m), which it said was due to “a $32.5m payment from a UK LBO customer related to our contractual revenue share of the customer’s value added tax rebate”.

Without this, Q4 revenue was said to have secured a 71 per cent uptick from $39.2m, driven by continued momentum and strong demand throughout all business lines.

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