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INTRALOT Announces First Quarter 2021 Financial Results
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, 2021, prepared in accordance with IFRS.
Group Revenue at €102.0m in 1Q21 (+9.3% y-o-y).
EBITDA in 1Q21 at €24.4m (+55.4% y-o-y), while Adjusted EBITDA at €20.8m (+56.4% y-o-y).
NIATMI (Net Income After Tax and Minority Interest) from continuing operations at €-7.3m, improved by 57.8% compared to a year ago.
North America operations, under Intralot Inc., achieved significant y-o-y growth (Revenue +21.8%, EBITDA +81.8%).
Group OPEX in 1Q21 is better by 8.3% y-o-y, with Greek entities OPEX lower by 25.7% y-o-y, without taking into consideration the capital structure optimization expenses.
Operating Cash Flow at €21.6m in 1Q21 (+127.4% y-o-y).
Group Net CAPEX in 1Q21 was €2.9m, lower by 48.2% compared to a year ago.
Group Cash at the end of 1Q21 at €90.6m.
Net Debt at €643.7m at the end of 1Q21.
The COVID-19 pandemic impact for 1Q21 has been restrained in the vicinity of €1.5m at Group’s EBITDA level.
In May 2021, INTRALOT announced the sale of its 80% stake in “Intralot do Brasil”, to SAGA, the only other shareholder of Intralot do Brasil, holding 20% of the company, for a total cash consideration of €0.7m. INTRALOT will continue to provide its gaming technology to Intralot do Brasil following closing of the transaction.
Also in May 2021, INTRALOT announced that its subsidiary in The Netherlands INTRALOT BENELUX BV, in co-operation with the Nederlandse Loterij, completed the transition of the operator’s full gaming portfolio enabled by the innovative LotosX platform, and rolled out 4,300 Photon terminals along with its robust signage solution empowering further the retail channel of Nederlandse Loterij’s Lottery games and Sports Betting offering.
Group Headline Figures
| (in € million) | 1Q21 | 1Q20 | % | LTM | ||
| Change | ||||||
| Revenue (Turnover) | 102.0 | 93.3 | 9.3% | 373.5 | ||
| GGR | 80.5 | 74.3 | 8.3% | 299.1 | ||
| OPEX1 | -23.2 | -25.3 | -8.3% | -93.1 | ||
| EBITDA2 | 24.4 | 15.7 | 55.4% | 74.9 | ||
| EBITDA Margin (% on | 23.9% | 16.8% | +7.1pps | 20.1% | ||
| Revenue) | ||||||
| EBITDA Margin (% on GGR) | 30.3% | 21.1% | +9.2pps | 25.0% | ||
| Adjusted EBITDA3 | 20.8 | 13.3 | 56.4% | 63.3 | ||
| Capital Structure | -5.0 | -0.3 | – | -11.5 | ||
| Optimization expenses | ||||||
| D&A | -16.0 | -18.2 | -12.1% | -66.3 | ||
| EBT | -3.4 | -14.9 | 77.2% | -82.6 | ||
| EBT Margin (%) | -3.3% | -16.0% | +12.7pps | -22.1% | ||
| NIATMI from continuing | -7.3 | -17.3 | 57.8% | -94.1 | ||
| operations | ||||||
| Total Assets | 612.1 | 755.3 | – | – | ||
| Gross Debt | 734.3 | 753.1 | – | – | ||
| Net Debt | 643.7 | 611.1 | – | – | ||
| Operating Cash Flow from | 21.6 | 9.5 | 127.4% | 49.8 | ||
| total operations | ||||||
| Net CAPEX | -2.9 | -5.6 | -48.2% | -33.3 | ||
INTRALOT Chairman & CEO Sokratis P. Kokkalis noted:
“First quarter results show strong Revenue and EBITDA growth, driven by robust operational performance and successful implementation of cost containment measures, while maintaining a strong cash position. At the same time, we continue to sharpen our focus on strategic markets with higher margins, launch new operations, such as Croatia, and roll out our new product portfolio, overall pointing to a very healthy operational performance for 2021.”
- OPEX presented exclude the capital structure optimization expenses.
- The Group defines “EBITDA” as “Operating Profit/(Loss) before tax” adjusted for the figures “Profit/(loss) from equity method consolidations”, “Profit/(loss) to net monetary position”, “Exchange Differences”, “Interest and related income”, “Interest and similar expenses”, “Income/(expenses) from participations and investments”, “Write-off and impairment loss of assets”, “Gain/(loss) from assets disposal”, “Reorganization costs” and “Assets’ depreciation and amortization”.
- Calculated as Proportionate EBITDA of fully consolidated entities including EBITDA from equity investment in Taiwan.
OVERVIEW OF RESULTS
REVENUE
Reported consolidated revenue posted an increase compared to 1Q20, leading to total revenue for the three-month period ended March 31st, 2021, of €102.0m (+9.3%).
- Lottery Games was the largest contributor to our top line, comprising 63.0% of our revenue, followed by Sports Betting contributing 19.1% to Group turnover. VLTs represented 8.7% and Technology contracts accounted as well for 8.7% of Group turnover, while Racing constituted the 0.5% of total revenue of 1Q21.
- Reported consolidated revenue for the three-month period is higher by €8.7m year over year. The main factors that drove top line performance per Business Activity are:
- €+1.3m (+3.9%) from our Licensed Operations (B2C) activity line, with the increase attributed mainly to higher revenue in:
- Malta (€+2.8m), with the variance attributable mainly to the COVID-19 impact at the end of the first quarter of 2020.
The increase in our Licensed Operations activity line was partially mitigated by the lower performance in:
- other Licensed Operations (referring to Brazil and Argentina), which dropped by €-1.5m, impacted mainly by the FX currency translation.
- €+5.3m (+65.4%) from our Management (B2B/ B2G) contracts activity line with the variance driven by:
- the surplus from our Turkish operations (€+3.1m), driven by Bilyoner’s improved top line performance, favored by the strong growth of the online market. In 1Q21, the local Sports Betting market expanded close to 2.0 times y-o-y, with the online segment representing close to 92% of the market at the end of 1Q21. Performance in Euro terms was partially mitigated by the headwinds in Turkish lira (32.3% Euro appreciation versus a year ago – in YTD average terms),
- the launch of US Sports Betting in Montana and Washington, D.C. in late 2020 (€+1.3m), and
- Morocco’s (€+0.9m or +31.2% y-o-y) improved performance, due to the COVID-19 impact in late 1Q20.
- €+2.1m (+4.0%) from our Technology and Support Services (B2B/ B2G) activity line, with the increase attributed mainly to:
- our US operations’ increased revenue (€+5.5m), mainly driven by the strong growth in our Lottery operations, while further boosted by a significant jackpot in January 2021, despite the effect from the adverse USD movement (9.1% Euro appreciation versus a year ago — in YTD average terms) and the lower merchandise sales in the current period.
The increase in our Technology and Support Services activity line was partially mitigated by the lower performance in:
- The Netherlands (€-1.2m), impacted by the revised commercial terms which affected half of the first quarter of 2020 vs. full quarter effect in 2021,
- Australia (€-1.1m), driven mainly by one-off merchandise sales in 1Q20, as well as the phasing-out of COVID-19 impact, while partially offset by the favorable currency movement, and
- sales from other jurisdictions (€-1.1m), impacted mainly by lower merchandise sales in the current period and the COVID-19 impact.
- Constant currency basis: In 1Q21, revenue — net of the negative FX impact of €13.2m — reached €115.2m (+23.5% y-o-y).
GROSS GAMING REVENUE & Payout
- Gross Gaming Revenue (GGR) from continuing operations concluded at €80.5m in 1Q21, posting an increase of 8.3% (or €+6.2m) year over year, attributable to:
- the increase in the non-payout related GGR (€+7.7m vs. 1Q20), driven mainly by the increased top line contribution of our US operations, as well as the improved performance of Bilyoner in the current period.
The GGR increase was partially counterbalanced by:
– the drop in our payout related GGR (-10.9% y-o-y or €-1.5m), driven mainly by the higher average payout ratio across all licensed operations in 1Q21 and especially in Malta, combined with the adverse FX impact from our licensed operations in Latin America (+2.8% y-o-y on wagers from licensed operations4). 1Q21 Average Payout Ratio5 increased by 5.5pps vs. LY (64.0% vs. 58.5%), affected mainly by the higher weighted contribution from our operations in Malta.
- Constant currency basis: In 1Q21, GGR — net of the negative FX impact of €10.1m — reached €90.6m (+21.9% y-o-y).
OPERATING EXPENSES6 & EBITDA7
- Total Operating Expenses decreased by €2.1m (or 8.3%) in 1Q21 (€23.2m vs. €25.3m in 1Q20). The variance is largely driven by the lower operating expenses across many key regions, such as the US and Morocco, and especially in the HQ, following cost savings and COVID-19 mitigation actions. The decrease was further supported by lower D&A in the current period, while it was only partially offset by the higher advertising costs in Bilyoner.
- Other Operating Income from continuing operations concluded at €5.5m, presenting an increase of 52.8% y-o-y (or €+1.9m), driven by higher equipment lease income in the USA.
- EBITDA, from continuing operations, amounted to €24.4m in 1Q21, posting an increase of 4% (or €+8.7m) compared to the 1Q20 results from continuing operations. 1Q21 Organic performance8 was boosted by the significant growth of our US operations in both Lottery and the new Sports Betting stream, Bilyoner’s improved performance and the operating expenses containments across many jurisdictions. The EBITDA increase was partially counterbalanced by Malta’s higher average payout ratio in 1Q21, a one-off revenue recognition in Australia in 1Q20, the revised commercial terms in Netherlands, as well as the adverse FX impact8 of currencies movement across many key markets (mainly US and Turkey).
- Licensed Operations Revenue also include a small portion of non-Payout related revenue, i.e., value-added services, which totaled €0.8m and €0.4m for 1Q21 and 1Q20, respectively.
- Payout ratio calculation excludes the IFRS 15 impact for payments to customers.
- Operating Expenses analysis excludes expenditures related to capital structure optimization.
- EBITDA analysis excludes Depreciation & Amortization, and expenditures related to capital structure optimization.
- CPI adjusted for Turkey and Argentina (proxy).
- On a yearly basis, EBITDA margin on sales improved to 23.9%, compared to 16.8% in 1Q20 (+7.1pps), as a result of revenue growth (mainly in the US and Turkey), combined with operating expenses containments across many key regions (mainly in HQ, US and Morocco).
- LTM EBITDA rose to €74.9m, up by 13.1% vs. FY20.
- Constant currency basis: In 1Q21, EBITDA, net of the negative FX impact of €3.9m, reached €28.3m (+80.3% y-o-y).
EBT / NIATMI
- EBT in 1Q21 totaled €-3.4m, compared to €-14.9m in 1Q20, with the key drivers of the improvement being:
- the impact of the increased EBITDA (€+8.7m vs. 1Q20), as described above,
- the better FX results (€+4.2m vs. 1Q20), as a result of the USD and other currencies movement against Euro, as well as the positive effect from the reclassification of FX reserves to Income Statement applying IFRS 10, and
- the decreased D&A (€+2.2m), due to increased impairments in the previous periods.
With the increase at EBT level being partially offset by:
– the higher capital structure optimization expenses in 1Q21 (€-4.7m).
- Constant currency basis: In 1Q21 EBΤ, adjusted for the FX impact, reached €+1.0m, from €-14.1m in 1Q20.
- NIATMI from continuing operations in 1Q21 concluded at €-7.3m compared to €-17.3m in NIATMI from total operations in 1Q21 amounted to €-8.2m (improved by €9.4m vs. a year ago), including the performance of the discontinued operations in Bulgaria and Peru.
- Constant currency basis: NIATMI (total operations) in 1Q21, on a constant currency basis, reached €-10.3m from €-17.4m in 1Q20.
CASH-FLOW
- Operating Cash-flow in 1Q21 amounted to €21.6m, increased by €12.1m, compared to 1Q20. Excluding the operating cash-flow contribution of our discontinued operations (mainly Bulgaria) and the capital structure optimization expenses paid, the cash-flow from operating activities is higher by €15.9m vs. a year ago and is largely driven by the positive variance in Income Taxes paid (€+12.2m), attributed to Income Tax returns during the current period vs. payments in 1Q20, and the higher recorded EBITDA y-o-y from continuing operations (€+8.7m), while partially offset by the adverse working capital movement of €-5.5m (€-7.3m in 1Q21, vs. €-1.8m in 1Q20).
- Adjusted Free Cash Flow9 in 1Q21 increased by €24.4m to €4.1m, compared to €-20.3m a year The main contributors to this variance were the positive swing in the Income Taxes Paid (€+12.2m), following an income tax return in 1Q21, the higher recorded EBITDA (€+8.7m y-o-y), and the lower Net Dividends paid (€+2.5m), driven mainly by Inteltek’s dividend paid in 1Q20 as part of settlement procedures after its contract discontinuation. Excluding Parent company tax audit payments and returns, as well as Inteltek’s contract discontinuation impact in the previous period, 1Q21 Adjusted Free Cash Flow stands at €-1.1m, or €+8.3m above 1Q20 levels.
- Calculated as EBITDA – Maintenance CAPEX – Cash Taxes – Net Cash Finance Charges (excluding refinancing charges – Net Dividends Paid; all finance metrics exclude the impact of discontinued operations.
- Net CAPEX in 1Q21 was €2.9m, compared to €5.6m in 1Q20, significantly decreased following the completion of prior years’ investments and projects. Headline CAPEX items in 1Q21 include €0.9m towards R&D and project pipeline delivery, and €0.9m in the US. All other net additions amount to €1.1m for 1Q21. Maintenance CAPEX accounted for €0.8m, or 28.0% of the overall capital expenditure in 1Q21, from €1.6m or 28.1% in 1Q20.
- Net Debt, as of March 31st, 2021, stood at €643.7m, decreased by €7.4m compared to December 31st, 2020. The Net Debt movement was impacted primarily by the Net Investments (€-13.3m, referring mainly to Intralot de Peru sale impact), the bonds IFRS treatment positive effect (€-9.3m), as well as an income tax return in the first quarter of 2021 related to the Parent Company tax audit payments of the previous periods (€-5.2m). The Net Debt decrease was only partially offset by the Restricted Bank Deposits for the period (€+3.2m), the payments towards Capital Structure Optimization (€+3.1m), and the investments towards the growth of our business, mainly for our projects in the US and Croatia (€+1.9m). Normal course of business in the Net Debt movement reflects March coupon payments and the adverse Working Capital, that fully offset the positive Operating Cash Flows.
CORONAVIRUS PANDEMIC IMPACT UPDATE
The economic fallout from COVID-19 continued to affect business activities in the beginning of 2021, and restrictions in most of the regions across the world were still enforced to cope with the spread of the pandemic. However, as vaccinations are progressing, governments have loosened COVID-19 measures after months of lockdowns, and gradually re-opened economic activities.
Gaming market in most of the regions where we operate has started to improve, while US Lottery market shows high degree of resilience. Based on the current performance of our operations in the first months of 2021 and the actions undertaken by most of our subsidiaries, no significant EBITDA impact is expected post 1Q21 from the pandemic. In any case, the scale and magnitude of COVID-19 impact for 2021 is continuously assessed and all containment measures assumed in 2020 remain intact and have been enhanced in order to absorb the potential impact in the financial results of 2021. The extent to which the COVID-19 pandemic may impact the financial performance in 2021 will depend on future development of the pandemic and the efficiency of the actions taken by the governments. This uncertainty will require us to continually adapt our strategy and initiatives and continuously assess the situation.
The health and safety of our team remains our top priority. With this in mind, we have immediately complied with all measures imposed by local governments and used technology in order to immediately enable a substantive majority of our personnel to work and collaborate remotely, without affecting the performance and quality standards of the Group.
9
RECENT/ SIGNIFICANT COMPANY DEVELOPMENTS
- On January 14th, 2021, the Company announced that OPAP exercised its two-year extension option of the contract with INTRALOT for the continuation of the collaboration of the two companies in the field of numerical lotteries and services from August 2021 to July 2023.
- On February 8th, 2021, INTRALOT announced that it has reached a binding agreement with Nexus Group in Peru to sell its entire stake of 20% in Intralot de Peru SA, an associate of INTRALOT Group, which was consolidated through the Equity method, for a cash consideration of USD 21.0m. In addition, the Company signed a three-year extension of its current contract with Intralot de Peru SA through 2024, to continue to provide its gaming technology and support services. The transaction was completed on February 24th, 2021, with the net cash consideration, after taxes and transaction expenses, amounting to USD 16.2m.
- On March 23rd, 2021, INTRALOT announced the amendment of the contract of INTRALOT Maroc, a subsidiary of the INTRALOT Group acting as games operator in Morocco, with La Marocaine Des Jeux et des Sports (MDJS), a state lottery offering sports betting and other games of chance in Morocco, which was signed in June 2019. According to this amendment, counterparties agree to reduce the duration of the contract, which was initially effective for an 8-year term, ending 31/12/2022.
- On May 14th, 2021, INTRALOT announced that it has reached a binding agreement with “SAGA CONSULTORIA E REPRESENTAÇÕES COMERCIAIS E EMPRESARIAIS” (“SAGA”) in Brazil to sell its entire stake in “Intralot do Brasil Comércio de Equipamentos e Programas de Computador LTDA” (“Intralot do Brasil”), representing 80% of the company’s voting capital. SAGA is the only other shareholder of Intralot do Brasil holding 20% of the company. INTRALOT will continue to provide its gaming technology to Intralot do Brasil following closing of the transaction. The total cash consideration for the stake sale amounts to €0.7m.
- On May 26th, 2021, INTRALOT announced that its subsidiary in The Netherlands INTRALOT BENELUX BV, in co-operation with the Nederlandse Loterij, completed the transition of the operator’s full gaming portfolio enabled by the innovative LotosX platform. Additionally,
INTRALOT has rolled out 4,300 Photon terminals along with its robust signage solution empowering further the retail channel of Nederlandse Loterij’s Lottery games and Sports Betting offering.
10
APPENDIX
Performance per Business Segment10
YTD Performance
Performance per Geography
Revenue Breakdown
| (in € million) | 1Q21 | 1Q20 | % | ||
| Change | |||||
| Europe | 34.4 | 39.0 | -11.8% | ||
| Americas | 55.0 | 49.7 | 10.7% | ||
| Other | 16.8 | 14.0 | 20.0% | ||
| Eliminations | -4.2 | -9.4 | – | ||
| Total Consolidated Sales | 102.0 | 93.3 | 9.3% |
Gross Profit Breakdown
| (in € million) | 1Q21 | 1Q20 | % | ||
| Change | |||||
| Europe | -1.8 | 2.5 | – | ||
| Americas | 14.4 | 9.1 | 58.2% | ||
| Other | 14.2 | 9.8 | 44.9% | ||
| Eliminations | -0.7 | -2.3 | – | ||
| Total Consolidated Gross Profit | 26.1 | 19.1 | 36.6% |
- Part of the US revenue that concerns SB management, has been included under the category “Game Management”. The rest of the US revenue is included under the “Technology” business segment.
11
| Gross Margin Breakdown | ||||||
| % | ||||||
| 1Q21 | 1Q20 | |||||
| Change | ||||||
| Europe | -5.2% | 6.4% | -11.6pps | |||
| Americas | 26.2% | 18.3% | +7.9pps | |||
| Other | 84.5% | 70.0% | +14.5pps | |||
| Total Consolidated Gross Margin | 25.6% | 20.5% | +5.1pps | |||
INTRALOT Parent Company results
- Revenue for the period decreased by 55.3%, to €4.6m, with the decrease attributable mainly to one-off equipment sales in 1Q20, as well as lower rendering of services towards the Group’s subsidiaries in the current period.
- EBITDA shaped at €-4.5m from €-2.4m in 1Q20, variance affected mainly by the revenue decrease, while partially offset by the containments in the Company’s operating expenses.
- Earnings after Taxes (EAT) at €-0.1m from €-10.2m in 1Q20.
| (in € million) | 1Q21 | 1Q20 | % | LTM | ||||
| Change | ||||||||
| Revenue | 4.6 | 10.3 | -55.3% | 42.0 | ||||
| Gross Profit | -3.1 | 0.1 | – | 12.3 | ||||
| Other Operating Income | – | – | – | 0.2 | ||||
| OPEX11 | -5.1 | -6.9 | -26.1% | -25.7 | ||||
| EBITDA11 | -4.5 | -2.4 | -87.5% | 0.7 | ||||
| EAT | -0.1 | -10.2 | 99.0% | -30.5 | ||||
| CAPEX (paid) | -0.5 | -1.9 | -73.7% | -6.4 |
- Operating Expenses and EBITDA presented exclude the expenditures related to capital structure optimization.
12
SUMMARY OF FINANCIAL STATEMENTS
Group Statement of Comprehensive Income
| (in € million) | 1Q21 | 1Q20 | % | LTM | |||||||||
| Change | |||||||||||||
| Revenue | 102.0 | 93.3 | 9.3% | 373.5 | |||||||||
| Gross Profit | 26.1 | 19.1 | 36.6% | 82.3 | |||||||||
| Other Operating Income | 5.5 | 3.6 | 52.8% | 19.5 | |||||||||
| OPEX | -23.2 | -25.3 | -8.3% | -93.1 | |||||||||
| EBITDA | 24.4 | 15.7 | 55.4% | 74.9 | |||||||||
| Margin | 23.9% | 16.8% | +7.1pps | 20.1% | |||||||||
| Capital Structure Optimization | -5.0 | -0.3 | – | -11.5 | |||||||||
| expenses | |||||||||||||
| D&A | -16.0 | -18.2 | -12.1% | -66.3 | |||||||||
| EBIT | 3.4 | -2.9 | – | -2.8 | |||||||||
| Interest expense (net) | -11.8 | -12.0 | 1.7% | -48.2 | |||||||||
| Exchange differences | 3.7 | -0.5 | – | -5.4 | |||||||||
| Other | 1.3 | 0.5 | 160.0% | -26.2 | |||||||||
| EBT | -3.4 | -14.9 | 77.2% | -82.6 | |||||||||
| NIATMI | -8.2 | -17.6 | 53.4% | -96.8 | |||||||||
| NIATMI continuing | -7.3 | -17.3 | 57.8% | -94.1 | |||||||||
| NIATMI discontinued | -0.9 | -0.3 | -200.0% | -2.7 | |||||||||
| Group Statement of Financial Position | |||||||||||||
| (in € million) | 1Q21 | FY20 | |||||||||||
| Tangible Assets | 138.9 | 134.3 | |||||||||||
| Intangible Assets | 200.7 | 202.0 | |||||||||||
| Other Non-Current Assets | 19.4 | 19.2 | |||||||||||
| Inventories | 24.2 | 25.7 | |||||||||||
| Trade and Other Short-term Receivables | 138.3 | 151.5 | |||||||||||
| Cash and Cash Equivalents | 90.6 | 100.0 | |||||||||||
| Assets Held for Sale | – | 16.2 | |||||||||||
| Total Assets | 612.1 | 648.9 | |||||||||||
| Share Capital | 47.1 | 47.1 | |||||||||||
| Other Equity Elements | -270.6 | -269.3 | |||||||||||
| Reserves from profit / (loss) recognized directly in other | – | -0.6 | |||||||||||
| comprehensive income and are related to assets held for sale | |||||||||||||
| Non-Controlling Interests | 1.5 | 3.7 | |||||||||||
| Total Shareholders’ Equity | -222.0 | -219.1 | |||||||||||
| Long-term Debt | 480.5 | 476.2 | |||||||||||
| Provisions/ Other Long-term Liabilities | 20.8 | 21.5 | |||||||||||
| Short-term Debt | 253.8 | 274.9 | |||||||||||
| Other Short-term Liabilities | 79.0 | 95.4 | |||||||||||
| Total Liabilities | 834.1 | 868.0 | |||||||||||
| Total Equity and Liabilities | 612.1 | 648.9 | |||||||||||
13
Group Statement of Cash Flows
| (in € million) | 1Q21 | 1Q20 | |
| EBT from continuing operations | -3.4 | -14.9 | |
| EBT from discontinued operations | 0.5 | – | |
| Plus/less Adjustments | 23.3 | 31.1 | |
| Decrease/(increase) of Inventories | -1.3 | 1.0 | |
| Decrease/(increase) of Receivable Accounts | 13.5 | -0.2 | |
| (Decrease)/increase of Payable Accounts | -17.6 | -2.0 | |
| Income Tax Paid | 6.6 | -5.5 | |
| Net Cash from Operating Activities | 21.6 | 9.5 | |
| Net CAPEX | -2.9 | -5.6 | |
| (Purchases) / Sales of subsidiaries & other investments | 13.3 | -0.5 | |
| Restricted bank deposits | -3.2 | -0.7 | |
| Interest received | 0.3 | 0.6 | |
| Dividends received | – | 1.0 | |
| Net Cash from Investing Activities | 7.5 | -5.2 | |
| Cash inflows from loans | – | 27.5 | |
| Repayment of loans | -11.2 | -27.2 | |
| Repayment of Leasing Obligations | -1.4 | -1.8 | |
| Interest and similar charges paid | -21.4 | -22.1 | |
| Dividends paid | -5.1 | -7.9 | |
| Net Cash from Financing Activities | -39.1 | -31.5 | |
| Net increase / (decrease) in cash for the period | -10.0 | -27.2 | |
| Exchange differences | 0.6 | -1.9 | |
| Cash at the beginning of the period | 100.0 | 171.1 | |
| Cash at the end of the period from total operations | 90.6 | 142.0 | |
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- Banking Methods: VISA, Mastercard, BTC, ETH, LTC, SOL, XRP, USDT, BNB, BCH, etc.
- Customer Support: 24/7 Live Chat.
JACKBIT ranks number one in our list of the best real money online casinos UK. The Curacao-licensed online casino was launched in 2022 and offers many gambling options. JACKBIT is a jack of all trades (no pun intended). It provides an exciting array of 7,000+ games from every theme you can imagine. The casino has employed 85+ software providers to ensure a diverse game selection.
It doesn’t end there. JACKBIT also offers sports, esports, and horse racing betting options. The intuitive user interface makes it easy for novice and returning players to easily play the games. Even though JACKBIT is a crypto-focused casino, you can easily buy cryptocurrencies from its website using fiat formats like VISA and Mastercard.
As for bonuses, new players who register for an account at JACKBIT receive a stunning welcome bonus of 200 free spins with no wagering requirements or maximum cashout limitations. However, players should deposit a minimum of $50 to redeem the welcome bonus. New sports bettors also receive a 100% “No-Risk” bonus for the first deposit.
Here are a few other bonuses and promotions offered by JACKBIT to its existing players:
- Rakeback VIP Club: Members of the Rakeback VIP Club receive an instant rakeback, bonuses with no wagering requirements, and several other benefits.
- Tournaments: JACKBIT offers daily and weekly tournaments with 1,500 free spins and $1,500 prize pools respectively. The casino also has an ongoing Drops & Wins Tournament with a prize pool of €2,000,000.
- Social Media Bonuses: Join JACKBIT’s social media accounts and get free casino bonuses exclusively made for you.
- Sports Bonuses: 10% Bet Insurance, 3+1 FreeBet, BetBuilder, etc are the bonuses offered exclusively for sports bettors.
2. 7Bit Casino: Top Rated UK Online Gambling Site
- Welcome Bonus: 325% up to 5.25 BTC + 250 Free Spins.
- License: Government of Curacao
- Established: 2014
- Total Games: 8,000+
- Providers: 100+
- Game Selection: Slots, Table Games, Video Poker, Instant Wins, and BTC Live Dealer Games.
- Banking Methods: VISA, Mastercard, Neosurf, eZeeWallet, AstroPay Card, AstroPay Direct, BTC, ETH, LTC, SOL, BNB, USDT, etc.
- Customer Support: 24/7 Live Chat & Email Support.
7Bit Casino is one of the most experienced online casinos on our list of best online real money casinos UK . This UK gambling site was originally launched in 2014 and was one of the first online casinos to adapt to the crypto storm. Operating under the purview of the Government of Curacao, 7Bit Casino offers an expansive collection of 8,000+ games from 100+ top-tier game developers.
Navigating the UK online casino is a breeze for new and returning players thanks to its intuitive user interface. The experience is accentuated by the wide range of crypto and fiat payment formats supported by 7Bit Casino for moving money in and out of the casino platform. The fast and reliable customer support of 7Bit Casino also helps players resolve any issues they face.
7Bit Casino offers a wide range of massive and stunning bonuses. The best one is the supersized four-part welcome bonus of up to 5.25 BTC and 250 free spins. Minimum deposits of 0.2 mBTC are required to claim the entire welcome bonus, which also carries a 35x wagering requirement.
Other promotions offered by 7Bit Casino include:
- Exclusive Bonuses: New Game Offer of 45 FS, Chinese NYE Offer of 25% match + 60 FS.
- Cashback Bonuses: Weekly Cashback of up to 20% based on the previous week’s losses.
- Reload Bonuses: Monday Offer of 25% + 50 FS, Wednesday Offer of up to 100 FS, Friday Offer of 111 FS, Weekend Offer of 99 FS.
- Telegram Bonuses: Join 7Bit Casino’s Telegram channel to receive up to 111 FS by completing simple tasks.
- Casino VIP Program: VIP members receive a dedicated VIP host, better bonus rates, higher cashback, and superfast cashouts.
3. BitStarz: UK Online Casino That Accepts Crypto
- Welcome Bonus: Up to 5 BTC or $10,000 + 180 Free Spins.
- License: Government of Curacao
- Established: 2014
- Total Games: 6,000+
- Providers: 40+
- Game Selection: Slots, Classic Slots, Table Games, Bitcoin Games, Exclusive Games, BitStarz Originals, Game Shows, Hold & Win, and Live Dealer Games.
- Banking Methods: VISA, Mastercard, Maestro, Neosurf, MiFINITY, and 500+ Cryptocurrencies.
- Customer Support: 24/7 Live Chat & Email Support.
BitStarz was launched in 2014 and has over a decade of experience. BitStarz operates under the purview of the Curacao eGaming Commission and offers a fair gambling experience to players from the United Kingdom. The massive game library of BitStarz contains 6,000+ games from 40+ reputable game providers. The USP of BitStarz is its acceptance of 500+ cryptocurrencies.
However, the online casino also supports a wide range of fiat payment methods, allowing accessibility to all types of gamblers. The highly optimized website and games featured in BitStarz make it seamlessly compatible with every device. The interface and graphics of BitStarz are tastefully designed, accentuating the overall gambling experience.
Novice players receive a stunning welcome bonus of up to 5 BTC or $10,000. The welcome package also includes 180 free spins that carry an x40 playthrough requirement. The welcome bonus is spread across the first four deposits and requires minimum deposits of $20 to claim the entire welcome bonus.
Apart from the welcome bonus, here are a few other bonuses offered by BitStarz:
- Reload Bonus: 50% Monday Reload Bonus of up to $300.
- Free Spin Bonuses: Deposit $37, $100, or $210 on Wednesdays to receive 20, 80, or 100 free spins respectively on the next day.
- Tournaments: Slot Wars, Table Wars, Jackpotz Mania, Piggyz Mania, Bonus Mania, and Booty Raiders Level Up are the ongoing tournaments at BitStarz.
- VIP Starz Club: VIP members receive bigger bonus rates, faster cashouts, a dedicated account manager, and several other perks.
4. Bets.io: Trustworthy Online Casino & Sportsbook In The UK
- Welcome Bonus: 100% up to 1 BTC + 100 Free Spins.
- License: Government of Curacao
- Established: 2021
- Total Games: 10,000+
- Providers: 60+
- Game Selection: Slots, Table Games, Video Poker, Jackpot Games, Instant Wins, and Live Dealer Games.
- Banking Methods: 500+ Cryptocurrencies including BTC, ETH, LTC, ADA, SOL, XRP, TRX, DOGE, etc.
- Customer Support: 24/7 Live Chat.
Next, we have another Curacao-licensed online casino on the list best real money online casinos UK. Established very recently in 2021, Bets.io has muscled its way to the top by offering best-in-class games and lucrative bonuses. The massive game library of Bets.io encompasses a huge collection of 10,000+ games. This humongous game collection has been sourced from 60+ leading providers.
Like the wide array of games, Bets.io also offers an expansive portfolio of bonuses that provide a boost to the player’s bankroll. The highly compatible website and optimized games make sure that Bets.io can be played across all sorts of devices. Bets.io is a true-blue crypto casino that accepts more than 500 cryptocurrencies.
New players who register for an account at Bets.io receive a 100% match on their first deposit up to an astonishing 1 BTC. The deposit bonus also includes 100 free spins. The second and third deposits at Bets.io also fetch new players 75% up to 1,000 USDT +75 FS and 50% up to 500 USDT + 50 FS respectively.
Bets.io incentivizes existing players for their loyalty through promotions like:
- Exclusive Solana Bonus: 50% Deposit Bonus of up to 3 SOL + 30 FS.
- Cashback: 10% Daily Cashback based on previous week’s losses.
- Wednesday FS Drop: Get up to 50 free spins for weekly deposits.
- Weekend Reload Bonus: 50% up to 10,000 USDT + 75 FS.
- Tournaments:io has several tournaments that offer prize pools of up to 10,000,000 USDT.
- VIP Program:io offers a 10-tiered VIP program with exclusive benefits and perks.
5. KatsuBet: Reliable Online Casino That Accepts UK Players
- Welcome Bonus: Up to 5 BTC + 200 Free Spins.
- License: Government of Curacao
- Established: 2020
- Total Games: 7,000+
- Providers: 30+
- Game Selection: Slots, Instant Wins, Table Games, Card Games, Poker Games, and Live Dealer Games.
- Banking Methods: VISA, Mastercard, Maestro, PurplePay, Neosurf, EcoPayz, iDebit, Interac, BTC, ETH, LTC, XRP, SOL, ADA, BNB, BCH, etc.
- Customer Support: 24/7 Live Chat.
The list of the best online casinos in the UK is incomplete without the inclusion of KatsuBet. This Japanese-themed online casino was launched in 2020 and operates under the purview of the government of Curacao. The online gambling site boasts a collection of 7,000+ games from 30+ providers. The gambling experience at KatsuBet is further accentuated by the wide array of lucrative bonuses and promotions.
The interface of KatsuBet is designed for new and existing players to comfortably navigate and play their favorite games. KatsuBet also supports fiat and crypto payment formats that allow players to easily move their money in and out of the casino. To top it all off, the UK online casino also has fast and reliable customer support that is available 24/7/365.
Lucrative promotions offered by KatsuBet include:
- Exclusive Bonuses: 50% Welcome Highroller Bonus of up to 0.029 + New Game Bonus of up to 45 FS, Chinese New Year Bonus of 60 FS, and exclusive Birthday Bonus.
- Regular Bonuses: 25% Monday Reload Bonus of 0.00096 BTC + 50 FS, Wednesday Free Spins of up to 100 FS, Thursday Loot Boxes of up to 100 FS, Weekend Bonus, and Daily Cashback of up to 10%.
- Tournaments: Slot Combat that offers a prize pool of 1,500 FS + 5,000 KP (KatsuPoints).
- VIP Program: Advance from Jade Talisman to Kabuto and receive several perks along the way.
Final Words On Best Online Casinos UK
To wrap up, the United Kingdom has a very dynamic online gambling landscape that you can explore to make a good fortune. According to our research, JACKBIT, 7Bit Casino, BitStarz, KatsuBet, and Bets.io are the best online casinos in the UK.
These casinos offer exciting casino games from reputable software providers, extremely lucrative casino bonuses, and a wide range of banking methods that allow you to easily move money in and out of the casino platform.
You can select from any of the UK online casinos in this article and expect the best gambling experience. So, head over to any of the casinos mentioned in this list and start a highly rewarding gambling journey.
FAQ’S
- Are crypto casinos legal in the UK?
- Yes, all forms of online gambling are legal in the UK as long as it has a license issued from the UK Gambling Commission (UKGC). Remotely licensed online casinos can also legally operate within the shores of the UK.
- What is the legal gambling age for UK gamblers?
- Players need to be at least 18 years older to start gambling at an online casino in the UK.
- What types of games are offered at the best UK online casinos?
- UK online casinos offer a great assortment of games like slots, table games, video poker, jackpot games, instant wins, and live dealer games.
- Do UK online casinos offer bonuses and promotions?
- The lucrative bonuses offered by UK online casinos include welcome bonuses, deposit-matched bonuses, free spins, cashback, reload bonuses, and VIP programs.
- How to choose the best Bitcoin casino in the UK?
- Look for online casinos with an active gambling license, a diverse collection of games, fair bonuses, fast payout options, 24/7 customer support, and the latest SSL encryption.
The post 5 Best Online Casinos UK 2025 | Top New & Quickest Payout Real Money Online Casinos You Can Trust! appeared first on European Gaming Industry News.
Latest News
GGBET UA is bringing football fans and teams closer together: FC Dynamo press conference takes place in Kyiv
On March 3, a joint media event was held by Dynamo Kyiv and GGBET UA, the official partner of the club’s winter training camp. During the conference, the participants discussed the results of recent matches, the team’s preparations for the second half of the season, and new marketing initiatives, as well as shared insights on the team’s partnership with the betting brand.
The team’s experience in the European leagues in January was a challenge for the football club, which the team faced with dignity and learned from. The Dynamo’s captain, ex-Dortmund and West Ham player Andriy Yarmolenko, said that the tournament’s updated format made it even more exciting. Team’s head coach Oleksandr Shovkovskyi highlighted the importance of the team’s winter training camp, adding that it was a crucial stage of preparation.
The team’s deputy general director Maksym Radutskyi spoke about new marketing initiatives: “At the moment it’s difficult to organize offline activities in Ukraine, which is why we’ve launched a number of digital projects as we prepare for the club’s 100th anniversary. In terms of scale, they’re comparable to the EURO 2012 final, which took place in Ukraine. What has been a great help is our synergy with our partners at GGBET, who do a lot of effective, high quality work, and we’ve had an excellent experience collaborating with them.”
As a part of GG.BET’s brand strategy, media events aimed at bringing the team closer to its fans provide a unique opportunity for journalists to receive up-to-date insights into the club’s day-to-day life, creating value for all participants and promoting Ukrainian football.
One aspect of this strategy involves the launch of a YouTube channel, GG.Sport, with the latest football content. In a recent video, legendary Ukrainian footballer Andriy Yarmolenko talked about what motivates him to play, his role as the “older brother” in the team, and his plans once he finishes his career.
The post GGBET UA is bringing football fans and teams closer together: FC Dynamo press conference takes place in Kyiv appeared first on European Gaming Industry News.
ADG
Attention: Important Information from the Arizona Department of Gaming Regarding Reporting Gambling Winnings on Taxes
The Arizona Department of Gaming (“ADG”) has received inquiries from patrons seeking to verify the legitimacy of companies that are issuing tax forms for gambling winnings. As a result, the ADG wants to take this opportunity to remind Arizonans to be cautious this tax season and to thoroughly review and investigate any requests from anyone purporting to be the Internal Revenue Service (“IRS”).
The ADG would like to remind Arizonans that if they participate in casino gambling, parimutuel/simulcast wagering, event wagering, and/or fantasy sports, they may receive a W-2G or 1099-MISC form for their winnings. It is important to be aware that the gambling institution that you choose to participate in gaming activities with will be the payor, and the payor is responsible for issuing the tax form. The ADG
advises that Arizonans keep accurate records of any winnings from all gambling activities throughout the year to avoid any confusion during tax season. It is further recommended that Arizonans consult a tax professional if they have any questions about income reporting requirements to ensure they file an accurate tax return.
To help ensure Arizonans are aware of common tax scams, the ADG advises Arizonans to review the
following links and articles on the IRS website discussing common tax scams for 2025:
- As stated on the IRS website, the IRS will make initial contact with a taxpayer through a letter
sent via the United States Postal Service. Be wary of anyone purporting to be the IRS or ADG
contacting you by phone, email, or social media requesting personal or financial information. - If you receive a letter from someone purporting to be the IRS, you can verify that the letter is
legitimate through the IRS website. - Dirty Dozen tax scams for 2025: IRS warns taxpayers to watch out for dangerous threats.
- Misleading social media advice leads to false claims for Fuel Tax Credit, Sick and Family Leave
Credit, household employment taxes; FAQs help address common questions, next steps for those
receiving IRS letters.
What to Do If You Encounter Fraud or Identity Theft:
If you believe you or someone you know has been targeted by fraudulent payors or individuals
purporting to be the IRS, file a consumer complaint by visiting azag.gov/consumer. You can also find the
contact information for the Arizona Attorney General’s Office below:
- Phoenix: (602) 542-5763
- Tucson: (520) 628-6648
- Statewide: (800) 352-8431
For more information, check out the Department’s related news releases from this past year:
- ADG PSA: Tips for Safe and Responsible Online Gaming
- Please Remain Vigilant: Department PSA on Gaming Scam Calls
The post Attention: Important Information from the Arizona Department of Gaming Regarding Reporting Gambling Winnings on Taxes appeared first on Gaming and Gambling Industry in the Americas.
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