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International Game Technology PLC Reports Fourth Quarter and Full Year 2024 Results
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International Game Technology PLC reported financial results for the fourth quarter and full year ended December 31, 2024.
“2024 was a year of momentous transformation with the conclusion of our strategic review and the announced sale of our Gaming & Digital business for $4.05 billion in cash. Our unmatched capabilities in developing world-class Lottery solutions and innovative game content support several important investments to drive long-term growth and shareholder returns. We are well-positioned to continue strengthening our global lottery leadership,” Vince Sadusky, CEO of IGT, said.
“We delivered solid financial results in 2024, including robust cash flow generation to invest in the business, reduce debt, and return capital to shareholders. Our core, recurring business has a compelling low-to-mid single digit growth profile and provides a solid foundation as we head into our next CapEx cycle aimed at securing our portfolio and extending its duration to more than eight years,” Max Chiara, CFO of IGT, said.
Fourth Quarter 2024 Financial Highlights
Revenue of $651 million, down 4% compared to $681 million in the prior-year period, mainly due to comparisons with record product sales revenue in the prior year; current year period represents the second highest quarter for product sales revenue in Company history
• Strong instant ticket and draw game same-store sales growth across jurisdictions; Italy up 7.0%, 3.9% normalized for same number of selling days
• Elevated U.S. Multi-state Jackpot activity in the prior year inclusive of LMA incentive impact (which is recognized in Other service revenue)
• Higher central system software license, terminal, and instant ticket services in the prior year
• Negative impact of foreign currency rates
Operating income of $179 million compared to $197 million in the prior year, primarily driven by the items affecting Adjusted EBITDA as noted below, partially offset by lower restructuring costs
Income from continuing operations of $116 million versus $73 million in the prior-year period; income from continuing operations margin of 17.9% compared to 10.7% in the prior year
• Improvement in net interest expense primarily due to lower average borrowings on committed bank facilities and the refinancing of a senior-secured note at a lower coupon
• Foreign exchange gain versus foreign exchange loss in the prior year, primarily reflecting the non-cash impact of fluctuations in the EUR/USD exchange rate on debt
• Increased provision for income taxes primarily driven by higher pre-tax income and a discrete tax item, partially offset by foreign exchange gains that are taxable in a low-tax jurisdiction in the current year versus the impact of non-deductible foreign exchange losses in the prior year.
The post International Game Technology PLC Reports Fourth Quarter and Full Year 2024 Results appeared first on European Gaming Industry News.
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Recommend a Startup & Earn 1% of Multi-Million Dollar Investments with Xanada Investments
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Xanada Investments has introduced a new referral program, inviting industry professionals, entrepreneurs, and investors to participate in identifying high-potential startups. Through this initiative, those who successfully refer a startup that secures investment will receive 1% of the deal value, often translating into significant rewards from multi-million-dollar investments.
Participants can either submit a startup directly – ensuring the referred project mentions their name – or officially join the referral system by emailing [email protected]. Additionally, those who want to continuously recommend startups and act as official referral agents can reach out to discuss long-term collaboration opportunities.
Xanada Investments is actively seeking iGaming businesses with proven traction that are ready to scale, early-stage startups in the MVP phase preparing for launch, and industry professionals with solid business plans looking for strategic investment.
This referral program reinforces Xanada Investments’ mission to support the next generation of iGaming startups, ensuring that the best ideas reach the funding they need while recognizing and rewarding those who help make it happen.
Vladimir Malakchi, CEO & Managing Partner of Xanada Investments, commented on the launch: “We want to motivate the industry to take an active role in investment. By helping us connect with strong startups, participants not only support the fund but also benefit from the success of the projects they introduce. It’s a win-win for everyone – startups find the right investors, the fund discovers high-potential projects, and referrers are rewarded for their valuable connections.”
About Xanada Investments
Xanada Investments is an ideological investment fund led by industry visionaries, targeting PreSeed, Seed, and Series A funding of promising projects and their leaders who resonate with their ethos. The fund’s goal is to build an excellent xanadu-like business ecosystem, which will ideologically and strategically bond leaders into one community for the global idea of mutual prosperity.
The post Recommend a Startup & Earn 1% of Multi-Million Dollar Investments with Xanada Investments appeared first on European Gaming Industry News.
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The $100 Billion Problem: iGaming Fraud Set to Surge by 2025
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The iGaming industry is fighting back against fraudulent traffic, with operators now successfully blocking up to 50% of fraudulent activity, according to recent research published by RockApp. This development marks a major milestone in a sector where fraudsters have long manipulated advertising budgets, distorted key metrics, and inflated acquisition costs.
Fraud in iGaming: A Multi-Billion Dollar Drain
Fraud in iGaming advertising has reached alarming levels, with up to 40% of ad traffic in iGaming campaigns being fraudulent. The rise of sophisticated fraud techniques, such as bot-generated clicks, affiliate fraud, and bonus abuse, has created an urgent need for operators to strengthen their security measures.
RockApp’s latest research, which examines the scale of fraudulent traffic across iGaming, highlights that fraud is draining billions from marketing budgets annually. Digital advertising fraud is projected to cost businesses over $100 billion annually by 2024, and the iGaming sector is among the most impacted due to its high CPAs and complex user acquisition strategies.
How Fraud is Manipulating iGaming Campaigns
Fraud in iGaming advertising takes many forms, with fraudsters using increasingly advanced methods to exploit ad networks, tracking systems, and promotional incentives. Key types of fraud affecting operators include:
- Click Fraud & Fake Traffic: Up to 50% of clicks in high-CPA iGaming campaigns come from bots, automated scripts, and fraudulent networks that deplete budgets without bringing in real users.
- Affiliate Fraud & False Attribution: Fraudulent affiliates manipulate tracking systems using tactics such as cookie stuffing, fake sign-ups, and pixel fraud, leading to inflated marketing spend.
- Multi-Accounting & Bonus Abuse: Fraudsters create thousands of fake accounts to claim promotional bonuses, distorting retention rates and inflating acquisition costs.
- Ad Injection & Domain Spoofing: Operators find their ads displayed on unauthorized or low-quality websites, misleading media buyers and reducing conversion rates.
The Financial & Operational Impact
Operators that fail to implement fraud prevention strategies are suffering from:
- Inflated CPAs: Fraudulent traffic increases acquisition costs by 30-50%, making real user acquisition more expensive.
- Distorted Performance Metrics: Fake traffic results in unreliable retention rates, conversion rates, and ROI calculations.
- Regulatory & Compliance Risks: Fraudulent advertising practices put operators at risk of violating strict responsible gaming regulations.
- Reputation Damage: Trust is essential in iGaming, and brands associated with high fraud levels risk losing credibility with users and partners.
How Operators Are Cutting Fraud in Half
With fraud levels reaching crisis proportions, leading iGaming operators are taking aggressive measures to detect and eliminate fraudulent traffic. The latest RockApp research reveals that brands implementing AI-driven fraud prevention solutions have successfully reduced fraudulent traffic by up to 50%, improving advertising efficiency and increasing real user acquisition.
Key Strategies for Combating iGaming Fraud:
- AI-Powered Traffic Analysis: Machine learning algorithms detect abnormal traffic patterns and block fraudulent users in real time.
- Affiliate Fraud Monitoring & Transparent Attribution: Advanced tracking tools expose irregular sign-ups and prevent fraudulent commissions.
- Enhanced KYC & User Verification: Biometric authentication and multi-factor verification stop multi-accounting fraud.
- Whitelisting & Real-Time Ad Verification: Operators are restricting ad placements to verified, high-quality websites to prevent domain spoofing.
The Future of Fraud Prevention in iGaming
The battle against fraud in iGaming is far from over, but the industry is making significant strides. As more operators adopt data-driven fraud detection solutions, the market is moving toward a future where advertising budgets yield real, measurable results. The reduction of fraudulent traffic by 50% marks a turning point, proving that technology-driven solutions are the key to securing long-term growth in iGaming.
RockApp’s full research on fraudulent traffic in iGaming is available now, providing a deep dive into the financial and operational impact of fraud, as well as the latest strategies operators can use to combat it effectively.
The post The $100 Billion Problem: iGaming Fraud Set to Surge by 2025 appeared first on European Gaming Industry News.
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Million Games Expands Blackjack Portfolio with Million Blackjack London Deal
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Million Games is proud to announce the latest game launch of Million Blackjack London Deal, an authentic European-style blackjack experience designed for real players. This latest addition to the Million Blackjack series follows their first launch of Million Blackjack Peek, offering players an alternative way to enjoy the classic casino favourite.
Unlike its American-rules counterpart, Million Blackjack London Deal features a distinctive dealing style – cards are dealt one at a time, and the dealer takes only one card in the initial round. This subtle yet strategic difference brings a fresh challenge to blackjack enthusiasts, requiring sharper decision-making and an enhanced focus on game strategy.
Thomas Nimstad, CEO of Million Games, commented on the significance of introducing both versions under their traditional names: “We wanted to give players the true blackjack experience. With Million Blackjack Peek and Million Blackjack London Deal, we’re providing real players with the versions they know and love, allowing them to engage with the game in its purest form.”
Million Games remains committed to delivering high-quality, player-focused experiences, and Million Blackjack London Deal is a testament to this dedication. Whether players prefer the American Peek version or the European London Deal format, Million Games ensures a seamless and engaging blackjack experience.
The post Million Games Expands Blackjack Portfolio with Million Blackjack London Deal appeared first on European Gaming Industry News.
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