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INTERNATIONAL GAME TECHNOLOGY PLC REPORTS SECOND QUARTER 2022 RESULTS
- Revenue of $1.02 billion, down 2% as reported and up 3% at constant currency, led by 23% growth in Global Gaming
- Operating income of $228 million; operating income margin of 22% at high end of outlook on substantial increase in Global Gaming profitability and resilience in Global Lottery margin
- Adjusted EBITDA of $409 million, in line with prior year’s record level at constant currency as Global Gaming performance offsets Lottery discrete benefits in the prior year; 40% adjusted EBITDA margin remains among the highest in Company history
- Recognized a non-operating expense of $150 million representing the probable loss associated with legal proceedings related to Double Down Interactive LLC and its social gaming business sold in 2017
- Diluted EPS from continuing operations of $(0.02); Adjusted diluted EPS from continuing operations of $0.57, up 78% from the prior year
- Compelling shareholder returns with $135 million deployed for cash dividends and share repurchases year-to-date
- Tightening full-year 2022 revenue outlook to reflect currency movements and perimeter impact from previously announced divestiture; reconfirming operating income margin outlook as fundamentals remain strong
International Game Technology PLC reported financial results for the second quarter ended June 30, 2022. Today, at 8:00 a.m. EDT, management will host a conference call and webcast to present the results; access details are provided below.
“Strong customer and player demand for IGT’s products and solutions drove some of our strongest profit results ever in the second quarter and first half of the year,” said Vince Sadusky, CEO of IGT. “Our business profile is supported by significant recurring revenue streams backed by long-term contracts and resilient end markets, providing a solid foundation on which to grow. We are laser focused on executing our strategic objectives and creating compelling value for our stakeholders.”
“Our first half results set us firmly on the path to achieving our 2022 financial targets,” said Max Chiara, CFO of IGT. “Rigor on costs and incremental revenue opportunities allow us to maintain our full-year operating income margin outlook despite unfavorable currency movements and macroeconomic challenges. At the same time, we are returning significant capital to shareholders via dividends and share repurchases.”
Overview of Consolidated Second Quarter 2022 Results
|
Quarter Ended |
Y/Y |
Constant |
|||
|
All amounts from continuing operations |
June 30, |
||||
|
2022 |
2021 |
||||
|
($ in millions) |
|||||
|
GAAP Financials: |
|||||
|
Revenue |
|||||
|
Global Lottery |
648 |
725 |
(11) % |
(4) % |
|
|
Global Gaming |
330 |
274 |
21 % |
23 % |
|
|
Digital & Betting |
43 |
42 |
1 % |
4 % |
|
|
Total revenue |
1,021 |
1,041 |
(2) % |
3 % |
|
|
Operating income (loss) |
|||||
|
Global Lottery |
230 |
300 |
(23) % |
(16) % |
|
|
Global Gaming |
57 |
1 |
NM |
NM |
|
|
Digital & Betting |
8 |
9 |
(11) % |
(10) % |
|
|
Corporate support expense |
(29) |
(26) |
(11) % |
(26) % |
|
|
Other(1) |
(39) |
(40) |
3 % |
2 % |
|
|
Total operating income |
228 |
244 |
(7) % |
1 % |
|
|
Operating income margin |
22 % |
23 % |
|||
|
Net cash provided by operating activities |
196 |
249 |
(21) % |
||
|
Cash and cash equivalents |
673 |
639 |
5 % |
||
|
Earnings per share – diluted |
$(0.02) |
$(0.48) |
96 % |
||
|
Non-GAAP Financial Measures: |
|||||
|
Adjusted EBITDA |
|||||
|
Global Lottery |
330 |
414 |
(20) % |
(13) % |
|
|
Global Gaming |
87 |
35 |
145 % |
150 % |
|
|
Digital & Betting |
12 |
13 |
(7) % |
(6) % |
|
|
Corporate support expense |
(20) |
(21) |
4 % |
(14) % |
|
|
Total Adjusted EBITDA |
409 |
442 |
(7) % |
(1) % |
|
|
Adjusted EBITDA margin |
40 % |
4 % |
|||
|
Adjusted earnings per share – diluted |
$0.57 |
$0.32 |
78 % |
||
|
Free cash flow |
117 |
176 |
(34) % |
||
|
Net debt |
5,722 |
6,312 |
(9) % |
||
|
(1) Primarily includes purchase price amortization |
|
Note: Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided at the end of this |
Key Highlights:
- Recently completed acquisition of iSoftBet, a leading iGaming content provider and third-party aggregator, greatly expanding the Company’s proprietary content library and providing a world-class game aggregation platform
- Won “Lottery Supplier of the Year” at 2022 SBC Awards North America in July
- Introduced high-performing Money Mania wide area progressive game to commercial gaming jurisdictions following a successful launch in tribal casinos
- Signed agreement with NUSTAR Resort & Casino to deploy IGT ADVANTAGE™ casino management system and a variety of leading games and cabinets
- Announced expanded sports betting partnership with SuperBook® Sports to Tennessee, the fourth state where IGT’s PlaySports platform is powering the SuperBook Sports mobile betting app
- Awarded a gold medal sustainability rating from EcoVadis, a leading sustainability rating agency
- Recently released 2021 Sustainability Report which outlines the Company’s demonstrated environmental, social, and governance (ESG) performance
Financial Highlights:
Consolidated revenue of $1.02 billion, down 2% as reported, or up 3% at constant currency, from $1.04 billion in the prior year
- Global Lottery revenue of $648 million compared to $725 million in the prior-year period, which included $70 million in prior-year benefits primarily from the closure of gaming halls in Italy
- Global Gaming revenue increases 21%, or 23% at constant currency, to $330 million, driven by strong U.S. & Canada replacement unit demand, higher average selling prices, and increased installed base yields
- Digital & Betting revenue of $43 million, stable with the prior year, as iCasino growth in the U.S. is partially offset by softness in other markets; North America sports betting market gross gaming revenue impacted by lower hold levels
Operating income of $228 million, down 7% as reported, or up 1% at constant currency, from $244 million in the prior-year period
- Global Lottery operating income down, primarily due to about $60 million related to prior-year benefits referenced above
- Global Gaming rises on higher revenue and profit flow through, partially offset by increased supply chain costs
- Digital & Betting operating income of $8 million was relatively stable with the prior year
Adjusted EBITDA of $409 million matches prior year’s record level at constant currency; Adjusted EBITDA margin of 40% remains among the highest in Company history
Net interest expense of $75 million compared to $91 million in the prior year, driven by lower average debt balances and interest rates
During the second quarter, the Company recognized a pre-tax non-operating expense of $150 million ($114 million after tax) representing the probable loss associated with ongoing litigation (Benson v. Double Down Interactive LLC, No. 2:18-cv-00525 (W.D. Wash.)) and associated claims related to Double Down Interactive LLC and its social gaming business sold in 2017 by International Game Technology, a wholly-owned subsidiary of the Company
Income tax benefit of $11 million compared to a provision of $32 million in the prior year, primarily driven by recognition of the non-operating expense mentioned above and foreign exchange losses in the prior year with no tax benefit
Income from continuing operations of $34 million versus a loss from continuing operations of $39 million in the prior-year period, driven by income tax benefit, gains in foreign exchange, and lower debt retirement costs
Net loss attributable to IGT PLC of $4 million compared to net income of $306 million in the prior year due to gain on sale and income from discontinued operations in the prior-year period
Net loss from continuing operations attributable to IGT PLC per diluted share of $0.02 compared to a net loss from continuing operations attributable to IGT per diluted share of $0.48 in the prior year, on higher net income; adjusted net income per diluted share increased 78% to $0.57
Net debt of $5.7 billion compared to $5.9 billion at December 31, 2021; Net debt leverage of 3.5x was stable compared to December 31, 2021
Cash and Liquidity Update
- Total liquidity of $2.1 billion as of June 30, 2022; $0.7 billion in unrestricted cash and $1.5 billion in additional borrowing capacity
- Executed amendment and extension of revolving credit facilities in July 2022
- Increased liquidity by $150 million to $1.83 billion and rebalanced EUR/USD mix to match operational exposure
- Extended maturities to July 2027
- Lowered interest margin and added ESG provision to allow for further potential reductions
- Raised annual permitted restricted payments basket from $300 million to $400 million at current credit rating; potential to increase to $550 million
Other Developments
The Company’s Board of Directors declared a quarterly cash dividend of $0.20 per common share
- Ex-dividend date of August 15, 2022
- Record date of August 16, 2022
- Payment date of August 30, 2022
Repurchased 750,000 shares for $15 million in the second quarter at an average price of $20.48 per share; 2.2 million shares repurchased for $54 million on a year-to-date basis at an average price of $24.89 per share
The Company expects to close on the sale of its Italian proximity payments/commercial services business in mid-to-late September
Tightening Full-year Revenue Outlook for Currency Rates and Business Disposition; Introducing Third Quarter 2022 Outlook
Full Year
- Revenue of $4.1 billion – $4.2 billion
- Lowered high end of range by $100 million
- Reflecting changes in currency rates and impact from sale of Italian proximity payments/commercial services business in Q3’22
- Operating income margin of 20% – 22% remains unchanged
- Cash from operations of $850 – $950 million
- Lowered high end of range by $50 million
- Primarily driven by a working capital investment in higher inventory levels to proactively manage supply chain disruptions
- Capital expenditures of approximately $350 million, lowered by $50 million to adjust for updated timing of spending
- Free cash flow outlook remains unchanged
Third Quarter
- Revenue of approximately $1.0 billion – $1.1 billion
- Operating income margin of 18% – 20% includes approximately 150 – 200 basis point impact from project-related expenses
Outlook assumptions
- EUR/USD exchange rate of 1.00 in the second half of 2022
- Impact from sale of Italian proximity payments/commercial services business in mid-to-late September 2022
- Operating income margin includes approximately 150 – 200 basis point impact from project-related and restructuring expenses expected in the second half of 2022
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Firesand, a leader in iGaming security services and software, has developed a cutting-edge Anti-Account Fraud solution to safeguard iGaming operators and platform providers from escalating credential-based cyber threats.
Firesand Shield is a best-in-class product that has been designed to address the growing complexity of account fraud that has impacted the global iGaming industry in recent times, which in some cases has resulted in loss of business, damaged reputation and regulatory fines. Common examples of account fraud include credential stuffing, dictionary attacks, and common password exploitation.
The new solution provides proactive, intelligent detection and prevention against the full spectrum of account compromise techniques, without relying on user-disruptive CAPTCHAs or blunt blocking mechanisms, to ensure the end user experience remains uninterrupted.
Unlike legacy or bot-only detection tools, Firesand Shield leans on the company’s specialism as a penetration testing service provider to focus on attack patterns, regardless of whether the source is human, bot, or hybrid, offering unmatched insight and agility in protecting operator user accounts and platform integrity. It includes in-depth attack analysis and reporting to provide greater transparency and clarity over the source of each security vulnerability.
With a product upgrade roadmap that includes geolocation anomaly detection, VPN usage analysis, and AI-powered behavioural profiling, Firesand Shield is set to offer operators and platforms significant peace of mind to stay ahead of security threats as they evolve.
Chris Blake, Director at Firesand, said: “Account fraud is a growing threat to the global iGaming industry. There have been multiple cases in the previous year alone where user data has been breached, leading to a detrimental impact for businesses targeted.
“Firesand Shield has been designed to support operators and platform providers of all sizes to sharpen their security capabilities as these attacks become more common and sophisticated. Underpinned by our superior iGaming security excellence, we are well positioned to further strengthen online systems on a global scale.”
With a proven track record of developing bespoke security platforms for a range of industries, Firesand brings unmatched credibility and expertise to the iGaming space, combining technical solutions with practical, actionable defence capabilities for high-risk digital environments.
The post Firesand launches Firesand Shield to combat rise in iGaming account fraud attacks appeared first on European Gaming Industry News.
Industry Awards
Soft2Bet Named Acquisition & Retention Partner and Industry Innovator of the Year by SBC Europe Awards 2025
Soft2Bet has secured two major wins at the SBC Awards Europe 2025, being recognised by excellence for Acquisition & Retention Partner of the Year and Industry Innovation of the Year. Its flagship brand Betinia also earned a Silver Award in the Casino Operator of the Year category, highlighting a company’s ability to create performing brands in saturated and highly competitive key markets.
The awards recognise the continued success of Soft2Bet’s powerful turnkey solutions and Motivational Engineering Gaming Application (MEGA), which has played a central role in driving player engagement and retention across key markets. During the last 12 months, the impact of Soft2Bet’s cutting-edge gamification solutions for casino and sportsbook has played a major role in enhancing customer experience, loyalty, and engagement, delivering ROI-driven performance that goes beyond retention. MEGA was key in achieving a 128% retention uplift for Campobet in Denmark and 106% for Betinia in Sweden, further proving the solution’s impact.
“SBC Europe Awards recognition is a testament to the vision of our technology and its impact on building strong brands, long-term player relationships, and product excellence that goes beyond retention. MEGA continues to lead the European, Nordic and North America market in creating unique experiences that combine innovation, a strong regulatory framework, high performance results from the start,” – stated Oksana Tsyhankova, CMO at Soft2Bet.
Earlier in 2024, Soft2Bet was also recognised at the SBC Awards, winning in Innovation in Mobile and Innovation in Casino Entertainment categories. Soft2Bet now holds 19 licences across 12 jurisdictions and continues to expand both its B2B and B2C footprint in Europe and beyond. With brands like Betinia, CampoBet, Don.ro, Tooniebet, and Quickcasino, the company remains focused on delivering innovative, localised, high-performance iGaming experiences.
The post Soft2Bet Named Acquisition & Retention Partner and Industry Innovator of the Year by SBC Europe Awards 2025 appeared first on European Gaming Industry News.
There are affiliate networks, and then there’s MegaList – a performance-first, hype-last kind of operation built for casino and sportsbook brands that prefer results over buzzwords.
In an industry that sometimes feels like it’s powered by vague metrics and recycled content, MegaList steps in as the “Mega Map” – a practical, data-driven network guiding both players and operators to higher ground. Less “look at our reach,” more “here’s your conversion rate.”
So no, this isn’t just another logo-stamped brand promising traffic and delivering bounce rates. This is a carefully engineered affiliate engine built on smart SEO, qualified leads, and just enough caffeine-fueled obsession with results to make even the most skeptical operators pay attention.
The iGaming Affiliate World: Why It (Still) Matters
Let’s be honest – the affiliate space in iGaming has had its fair share of bad actors and empty promises. But when done right, affiliate marketing is still one of the most effective and efficient ways to connect licensed operators with the right players.
Players want fewer popups, more clarity. Operators want actual ROI, not vague impressions.
Enter: the data-driven affiliate network.
It’s simple:
- Informed players make better choices.
- Strategic affiliates deliver better traffic.
- Everyone wins. Except, of course, the shady operators who preferred it the other way.
Meet the MegaList Brands
These aren’t vanity microsites. Each MegaList brand has a specific mission, actual humans behind the content, and a reputation for, well… telling it like it is.
MegaCasinoList
Let’s face it – players don’t need another affiliate promising “top 10 casinos” based on whatever ad paid the most. They need honest, transparent, expert-backed reviews.
That’s where MegaCasinoList comes in – a platform that filters out the noise and delivers legit info on licensed casinos, security, fairness, and gameplay. Slots? Live dealer games? Payout speed? Yep, it’s all in there, and it’s all vetted.
They work with reliable operators only, because – and here’s a crazy idea – not every shiny site deserves your deposit.
MegaTipsList
If you like sports predictions that read like a 20-page legal document, you’re in the wrong place.
MegaTipsList is built for bettors who want real insights, fast reads, accurate tips, and actual value. It delivers predictions, sports news, and timely promotions – minus the fluff and with none of that “win guaranteed” nonsense.
Designed for bettors who like to stay informed without needing a PhD to understand the odds.
MegaBetList
For the practical bettor who just wants the facts: which sites are legit, which ones pay fast, and what to expect before placing your first wager.
MegaBetList reviews betting platforms with a clear, no-nonsense voice. It’s not trying to dazzle; it’s trying to help people bet smarter – and it’s doing a pretty solid job of it.
From licensing to promotions to usability, everything is covered – and everything is filtered through what actually matters to sports fans.
Why This All Matters (And Why It’s Working)
The iGaming world doesn’t need more noise. It needs better filters, smarter partners, and affiliates that actually care whether the traffic leads somewhere useful.
That’s where MegaList comes in – not to impress with buzzwords, but to perform, to scale, and to make sure both operators and players are on the same page for once.
And if we may drop in a little vision while we’re at it:
“At MegaList, we believe informed players and strategic operators shape a stronger, smarter iGaming industry.”
For once, a statement that isn’t just inspirational filler.
So the next time someone pitches you an affiliate network, ask one thing: “Do they have a plan, or just a landing page?”
MegaList has both, and a track record to prove it.
Explore MegaList’s network:
🔗 MegaAffiliatesList.com
The post Meet MegaList: The Rising Force in iGaming Affiliation appeared first on European Gaming Industry News.
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