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INTRALOT Announces First Quarter 2021 Financial Results

Published

4 years ago

June 9, 2021

Reading Time: 14 minutes

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 31^st, 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).

European Gaming Congress 2024 (Warsaw, Poland)

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
(in € million)	1Q21	1Q20	Change	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)	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	-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	-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	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 31^st, 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 31^st, 2021, stood at €643.7m, decreased by €7.4m compared to December 31^st, 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.

RECENT/ SIGNIFICANT COMPANY DEVELOPMENTS

On January 14^th, 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 8^th, 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 24^th, 2021, with the net cash consideration, after taxes and transaction expenses, amounting to USD 16.2m.

On March 23^rd, 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 14^th, 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 26^th, 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.

APPENDIX

Performance per Business Segment¹⁰

YTD Performance

Performance per Geography

Revenue Breakdown

(in € million)	1Q21	1Q20	%
(in € million)	1Q21	1Q20	Change
			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	%
(in € million)	1Q21	1Q20	Change
			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.

Gross Margin Breakdown
				%
		1Q21	1Q20	%
		1Q21	1Q20	Change
				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
(in € million)	1Q21	1Q20	Change	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.

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

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

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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Rasmus Sojmark, Founder and CEO of SBC, said: “Latin America represents not just one of the most dynamic regions in global gaming, but also one of the most nuanced.

“Our programme gets to the heart of the challenges businesses face in Latin America and Brazil, whether it’s navigating local rules, understanding cultural differences, or keeping pace with shifting tax policies and digital trends. If you want to grow in this region, these sessions offer insights you can’t miss.”

The track will open with the LATAM Leaders: Latin America First – the Home-grown Operators Reinventing the Game, which will unite industry heavyweights Zeno Ossko (CEO, Betwarrior) and Sebastian Salazar (Founder, EstelarBet) as they discuss how regional operators are outmaneuvering international brands by creating locally-tailored innovations that resonate with Latin American audiences.

The Brazil Leaders Panel: The Bubble That Just Won’t Burst – Looking Back at the Launch of Sports Betting will explore Brazil’s post-regulation landscape and why operators must tailor strategies to local contexts. Regional experts Andreas Bardun (CEO, KTO Group), Alex Fonseca (CEO, Superbet Brazil), Almir Silva (CEO – Brazil, BetMGM) and panel moderator Neil Montgomery (Founding Partner, Montgomery Sociedade de Advogados), will discuss how partnerships with local providers and gaming influencers are key to long-term success in Brazil.

The session Peru and the Impact of ISC: All Eyes on the Andes will examine what Peru’s new tax measures will mean for operators in the region. Experts Xabier Maribona (CEO, RETABet Group), Alejandro Rivero (CEO, Estelarbet), Gonzalo Perez (CEO, Apuesta Total), and Gonzalo Rosell (CEO, La Tinka) will tackle the implications of the new Selective Consumption Tax (ISC) and what it could mean for growth, compliance, and the pace of market development.

Another key session centres on the Mexican market. In Mexico: Reaching Market Maturity, or More to Go?, industry leaders George Athanasopoulos (CEO, Novibet), JD Duarte (CEO, Betcris), Ohad Narkis (CEO, PlayUZU), Dr Miguel Angel Ochoa (President, AIEJA), Aviv Sher (CEO, Codere), and Yono Sidi (CEO, Winpot.mx) will examine the country’s stalled regulatory progress and whether an ongoing lack of clarity is creating the conditions for black market activity to thrive.

The track will also feature the panel Casino in Latin America: from Land-Based to Mobile, where regulatory leaders will examine the evolving legislative frameworks driving the region’s digital gaming transition.

Beyond the Latin America and Brazil spotlight on day one, the Global Markets track will also feature in-depth sessions on Western Europe and North America, rounding off this dedicated summit stream.

Complementing this, a separate Emerging Markets stage will focus on key regions including Africa, Eurasia & the Middle East, and Asia, reinforcing SBC’s commitment to providing comprehensive insights into the markets shaping the global gambling landscape.

Secure your ticket to SBC Summit 2025 today.

The post SBC Summit 2025 Adds Latin America & Brazil Track appeared first on Gaming and Gambling Industry in the Americas.

iGaming

The LATAM Online Casino Market: Where Innovation Meets Localization

Published

7 hours ago

June 18, 2025

GamingAmericas.com

the-latam-online-casino-market:-where-innovation-meets-localization

Latin America, or LATAM, is quickly rising on the global radar as a hot new playground for online casinos. A lively mixture of tech-hungry young people, wider Internet access every month, and rules that are slowly but steadily growing friendlier to gaming makes the region a tempting patch of soil for operators eager to plant their brand. Unlike older markets that are already crowded and tightening the regulatory screws, LATAM still feels fresh and open, letting companies chase fast gains by leaning on bold ideas, local flavors, and mobile-first thinking.

Why LATAM Is a Key Growth Market for Online Gambling

A few key trends are stacking the deck in favor of LATAM casinos. First, smartphones have practically become a third arm for many residents. The GSMA Mobile Economy report for 2023 says more than 73 percent of the region now carries a smartphone, and that share keeps climbing. Such broad pocket-sized connectivity lets gaming sites reach players, even in remote towns, without the extra cost of shops or kiosks.

Second, LATAM’s population is much younger than Europe or North America. Millennials and Gen Z together make up a huge slice of the online betting crowd. Because these generations live, shop, and play through apps, they slide into digital payments and gamified screens with little friction, exactly the kind of audience casinos dream about.

Third, even though rules still differ from nation to nation, the general trend is toward looser, friendlier legislation. Brazil, for example, just passed a law covering fixed-odds sports betting and other online games, a clear sign that officials want licensed, taxable sites.

For LATAM players who prefer local touches, a one-stop hub such as Ingamble proves useful. The service directs users to casinos in their language, accepts their usual payment methods, and meets local laws, building the trust and ease that a young market needs.

How Cultural Differences Shape Casino Preferences

Grasping what people like in each country is critical to success, and LATAM shows that well. Its mix of cultures, customs, and histories means a blanket offer will disappoint in most places. In Mexico, for instance, community bingo nights and brightly themed slots still rule the floor, echoing deep traditions. Developers win by weaving folkloric images, regional music, and familiar tales into those games.

Brazilians, by contrast, look for platforms that merge casino fun with sports betting heat. Because football is almost a second religion, sites that serve live odds alongside a spinning wheel or table gain a clear and lasting advantage.

Localizing a product goes well beyond swapping English words for Spanish or Portuguese. It means building every step of the user journey around local holidays, favorite sports, and even the colors people associate with luck. When a digital service reflects the rhythm of daily life in a country, users stay longer and come back more often.

LATAM’s payments landscape is fragmented, so every casino must meet players where they are. Many customers are underbanked or lean on alternative tools, which makes integrating local methods essential rather than optional. Accepting Brazil’s PIX or the classic boleto bancario has moved from a bonus feature to a bare minimum.

Across the region, Argentina’s Mercado Pago rules wallets while Colombia’s Mercado Pago leads transfers through PSE. If these gateways are missing, carts are abandoned and trust disappears.

Currency support matters just as much. Enabling deposits and withdrawals in pesos or reales spares players conversion fees, and signals the operator treats them like a local. Casinos that add instant payouts and clear fee structures speed up service and earn a valuable edge.

Mobile Dominance: Data-Light Designs Win

Smartphones drive almost all online traffic across LATAM, so any brand that ignores them is courting failure. Yet mobile success goes beyond fitting a website on a small screen; it means building services that run smoothly on flaky networks and budget handsets.

Enter Progressive Web Apps (PWAs), a lightweight layer that gives casino players app-like speed without the hassle of Big Store downloads. Pair that with smart tricks: images that shrink on command, offline pockets so play never halts, and a no-frills layout that cuts data costs for users counting every megabyte.

Market leaders also roll out lite skins, peeling off heavy animations and endless scripts in favor of bare-bones speed and rock-solid uptime. Research shows delays of even a second can send players packing, turning lean design from a tech choice into a profit-or-loss showdown.

Localization Beyond Language: Bonuses and UI

Translation may get the words right, but it rarely captures what a player actually feels. Rewards, loyalty plans, and promos need to mirror local rhythms or they fade into the noise. A Holy Week rebate or a Festas Juninas gift card, for example, speaks straight to a Brazilian wallet and makes gaming personal.

User interfaces should always respect the tastes of the region. Across most LATAM markets, bold colors and lively animations win users more reliably than soft, stripped-back looks. Themes that borrow from local myths, beloved athletes, or street parties hit harder and draw stronger emotional ties.

Clear, honest talk about bonuses – especially wagering rules – matters just as much. LATAM players often arrive wary and quick to abandon sites that hide or twist the fine print. Simple, plain-language promises and fair play keep satisfaction high and churn low.

LATAM Regulation: Fragmented Today, Unified Tomorrow?

The legal landscape across LATAM still looks like a patchwork quilt, with every nation moving at its own rhythm. After years of debate, Brazil has at last laid down the first stones for an official iGaming market. Rules passed in 2023 set out licensing, tax rates and ad norms, marking a huge step for the region.

Colombia stays ahead, having greenlit online gambling in 2016 and handing out more than twenty operators’ licences since then. Its clear framework shows how steady oversight can tempt first-class global brands while still shielding everyday players.

Yet nations such as Venezuela and Bolivia remain at the back, relying on vague or years-old laws. So, firms chasing regional growth move quickly, launching under Curacao or MGA permits and promising to shift to local licenses once the rules firm up.

This patchwork of regulations calls for clear-eyed planning. Online casinos must link arms with lawyers and compliance pros who can steer them through local quirks, keep them out of gray markets, and support lasting operations.

LATAM’s online casino field is tricky but lucrative. Brands that respect local culture, invest in thorough localization, and build mobile-first sites stand a strong chance. As rules continue to modernize and user appetite grows, happy young audiences and friendly smartphone stacks regions shine as a fresh frontier for global iGaming.

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