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Aspire Global: Interim Report Third Quarter 2021
REVENUE INCREASED 46% AND EBITDA 38% IN Q3 2021
THIRD QUARTER
- Revenues increased by 46.0% to €58.6 million (40.1).
- EBITDA increased by 38.0 % to €9.1 million (6.6).
- The EBITDA margin amounted to 15.5% (16.4%).
- EBIT increased by 38.7% to €6.8 million (4.9).
- Earnings after tax increased 68.1% to €6.4 million (3.8).
- Earnings per share increased 62.5% to €0.13 (0.08).
NINE MONTHS
- Revenues increased by 38.2% to €162.4 million (117.5).
- EBITDA increased by 46.0% to €27.5 million (18.8).
- The EBITDA margin increased to 16.9% (16.0%).
- EBIT increased by 45.7% to €21.1 million (14.5).
- Earnings after tax increased 79.0% to €19.4 million (10.8).
- Earnings per share increased 77.2% to €0.39 (0.22).
SIGNIFICANT EVENTS IN THE QUARTER AND AFTER THE END OF THE QUARTER
- Revenues increased 46.0% from Q3 2020 driven by strong development in all segments.
- Organic growth of 39.0% from Q3 2020.
- B2B revenues grew 40.5% from Q3 2020 with organic growth of 31.2%.
- Strong performance in sub-segments Aggregation and Games – Pariplay and Sports – BtoBet.
- Agreement to sell the B2C segment to Esports Technologies announced 1 October – closing expected by 30 November 2021 upon completion
of certain contingent terms. The total value of the transaction sums up to about €65 million. The transaction also includes a four-year platform and managed services agreement with an estimated gross value of €70 million. - Aspire Global signed a platform deal with Esports Technologies in September for its leading brand Gogawi.
- Pariplay further strengthened its position in the Americas – first contract in Brazil signed and granted full supplier license in West Virginia.
- Pariplay signed a deal to provide its proprietary games to Holland Casino in the newly regulated Dutch market.
- First brand live with BtoBet’s sportsbook on Aspire Global’s platform. To date six brands are already live.
- Two deals covering Aspire Global’s complete offering signed.
CEO COMMENTS
“WE CLEARLY EXECUTE OUR GROWTH STRATEGY TO BECOME A WORLD LEADING IGAMING SUPPLIER”
With the sale of the B2C segment, Aspire Global will become a clearly focused B2B company and even stronger and more profitable. The sale will also give us additional resources to further develop and enhance our B2B offering as well as the opportunity to explore new M&A activities. In Q3 2021, we have made key progress towards our objective of establishing strong positions in the US and Brazil. Our success in these markets will be important steps in reaching our goal to become a world leading B2B iGaming supplier.
The sale of the B2C segment – expected to take place at the end of November 2021 – will have a significant positive impact on Aspire Global’s position as a focused B2B company and profitability. Excluding the B2C segment, revenues increased by 36.1% to €118.9 million and EBITDA increased by 54.1% to €22.7 million in the first nine months 2021 with an EBITDA margin of 19.1%. B2B organic growth in the nine-month period amounted to 27.1%.
We initiated the review of our B2C segment in March this year, and on October 1 we announced the agreement with US-based Esports Technologies to acquire the B2C segment. The consideration sums up to about €65 million, consisting of €50 million in cash, €10 million in a promissory note and €5 million in common stock in the listed entity of Esports Technologies. The transaction also includes a four-year platform and managed services agreement with an estimated gross value of €70 million, based on present volumes. The transaction is expected to close by November 30, 2021, pending Esports Technologies receipt of financing, and other closing requirements.
A TRANSFORMATIVE, STRATEGIC MOVE
The divestment of the B2C segment is a transformative, strategic move for Aspire Global. First of all, the change in business mix will affect the revenue so that it will consist only of B2B revenues and, at the same time, the share of managed services will increase. The divestment will also provide Aspire Global with additional resources to further develop the technology platform as well as its offering in casino, sports and managed services. The managed services part of our business is essential to us, not only because it is recurring, but also because it will secure our continued deep knowledge about player behaviour. Furthermore, we expect that Aspire Global will have other peers as a focused B2B company and that investors will find it easier to value the company.
Following the divestment, we will also look into M&A possibilities with the aim to control even more of the value chain. Our successful acquisitions of Pariplay in 2019 and BtoBet in 2020 are proof of our ability to identify and integrate companies that complement our offering in the value chain. In the first nine months of 2021, Pariplay has grown by 79.4% to €21.7 million with an EBITDA margin of 27.9%. BtoBet has also demonstrated strong growth of 68.7% to €7.8 million in the nine-month period with an EBITDA margin of 23.1%.
KEY PROGRESS IN THE US AND BRAZIL
The B2C divestment also provides us with increasing opportunities to continue to invest in establishing a considerable position in above all the big and quickly growing Brazilian and US markets. In Q3 2021, we have made key progress in the US and Brazil. Pariplay signed a deal with FansUnite Entertainment, entailing that Aspire Global enters the Brazilian market for the first time. FansUnite is a Canadian sports and entertainment company, and Pariplay will supply its wide portfolio of proprietary and third-party content, via its Fusion Pariplay also further strengthened its position in Latin America by a deal with the world-famous land-based and online games provider Ainsworth Game Technology. The deal will see Ainsworth partnering exclusively with Pariplay for all new online releases in Latin America, with making its titles available to players through Pariplay’s Fusion Pariplay reached another milestone in its US expansion strategy during Q3 2021 after being granted a full iGaming Supplier License in West Virginia. Pariplay made its debut in the fast-growing US market when its content went live in New Jersey in February 2021 and Pariplay has applied for licenses in several states. DEEPER ESPORTS RELATIONSHIPS
We are also proud and happy with the relationship we have established with Esports Technologies. Esports Technologies is a leading global operator and provider of products and marketing solutions in the quickly growing esports market. Beside the B2C deal, we also signed a strategic license agreement with Esports Technologies in Q3 2021. As part of the deal, Esports Technologies will launch its esports/sportsbook Gogawi.com in certain key markets on our platform and intends to launch an additional brand on the platform in the future. In addition, we will make the Esports Technologies proprietary esports feed available to our partners around the world.
Esports Technologies are at a rapid growth phase and aim to become the world’s number one esports company. As part of the B2C agreement, Karamba and our other B2C brands will join our B2B network, and will become one of our biggest B2B partners. I’m sure that the experience and excellence of our B2C team, together with the ambition and investment of Esports Technologies, will take the brands to new heights.
PROFITABLE GROWTH IN REGULATED MARKETS
In the quarter, Germany introduced a new regulation with higher gaming duties. Despite this regulatory change, the EBITDA margin in the B2B segment increased to 18.7% from 18.0% in Q3 2020. This clearly demonstrates Aspire Global’s ability to manage a profitable operation in regulated markets. In October, the Netherlands opened for online gaming and Pariplay just a few days ago announced a deal to supply its proprietary games to Holland Casino. Holland Casino has a leading presence within the new regulated digital ecosystem in the Netherlands.
OUTLOOK
Aspire Global has consistently demonstrated its ability to execute its growth strategy, reaching its financial targets and create value. We see great growth opportunities by expanding with existing partners, gaining new partners and entering new markets. With the divestment of the B2C segment we will further enhance investments in our technology and product offering as well as geographic presence with focus on Brazil and the US. We will also put even more energy on increasing the M&A pipeline. We clearly execute our growth strategy to become a world leading iGaming supplier.
Tsachi Maimon, CEO.
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Leading igaming operators ComeOn Group and evoke, one of the world’s leading betting and gaming companies with internationally renowned brands including William Hill, 888 and Mr Green, are pleased to announce a strategic partnership to bring the 888 brand to the regulated Dutch market.
evoke has selected ComeOn Group to operate the 888 brand in the Netherlands. The partnership will see ComeOn Group operate 888.nl under a local Dutch license, leveraging its proprietary casino and sportsbook platform to deliver a world-class gaming experience to the Dutch audience.
Players can look forward to a wide range of slots, exclusive games, leading sportsbook odds and an immersive selection of live casino tables, ensuring a premium and diverse gaming experience.
Juergen Reutter, Chief Executive Officer at ComeOn Group, said: “evoke is one of the biggest betting and gaming companies in our industry, and we are honoured to be entrusted with the operation of 888, one of the most iconic consumer brands in gaming. Our proprietary technology, strong market expertise, and commitment to responsible gaming will ensure that Dutch players enjoy a best-in-class experience with the 888 brand.”
Davide Marchisio, Director of Corporate Development at evoke, said: “888 is an incredibly strong global brand, and partnering with a world-class operator gives us the opportunity to provide the amazing 888 experience to our Dutch fans. We are excited about launching 888 to Dutch customers and further expanding into regulated markets with a high-impact, low-capital partnership aligned to evoke’s strategy. The partnership highlights ComeOn Group’s commitment to expanding its presence in key regulated markets alongside the recognised and trusted brand 888, while reinforcing 888’s position as a premier gaming brand globally.”
The post 888 to launch in Netherlands with strategic partnership between evoke and ComeOn Group appeared first on European Gaming Industry News.
Brightstar Lottery PLC has reported the financial results for the second quarter ended June 30, 2025.
“We achieved several important milestones over the last few months. We secured the Italy Lotto license through November 2034, closed the sale of our Gaming & Digital business for $4 billion in cash, and announced plans to return significant capital to shareholders. With a singular focus on lottery and unmatched industry expertise, we are well positioned to create value for all stakeholders with our mission to elevate lotteries and inspire players around the world,” said Vince Sadusky, CEO of Brightstar.
“Our second quarter results reflect sustained global demand for instant ticket and draw games. We are investing in key initiatives to drive sustainable, long-term growth, while also delivering structural cost reductions to right-size the business. The Company’s attractive profit profile and strong, predictable cash flows support our balanced approach to capital allocation,” said Max Chiara, CFO of Brightstar.
Key Highlights
• Successful completion of Gaming & Digital sale for approximately $4.0 billion of net cash proceeds on July 1, 2025.
• Secured several meaningful contract wins and extensions including a nine-year Lotto operator license in Italy, an eight-year contract in Missouri which includes a fully-integrated OMNIA retail and digital solution, and several multi-year instant ticket printing contract extensions.
• Expanding OPtiMa 3.0 cost reduction programme to $50 million to right-size the business following the Gaming & Digital sale.
Second Quarter 2025 Financial Highlights
Second quarter revenue was $631 million, up 3% or stable at constant currency.
• Instant ticket & draw same-store sales increased across geographies with Italy increasing 3.7%, U.S. higher by 0.6%, and Rest of World climbing 8.4%.
• Product sales rose 59% on higher instant ticket printing and terminal sales.
• Foreign currency translation had a positive impact on growth.
• Growth from the drivers above was partially offset by elevated U.S. multi-state jackpot activity and associated LMA incentives in the prior year.
Loss from continuing operations was $60 million compared to income from continuing operations of $84 million in the prior year period.
• Incurred a foreign exchange loss versus a foreign exchange gain in the prior year, primarily reflecting the non-cash impact of fluctuations in the EUR/USD exchange rate on debt.
• Operating income was lower, driven by the high profit flow-through from elevated U.S. multi-state jackpot sales and associated LMA incentives in the prior year and restructuring charges related to the expanded OPtiMa 3.0 cost reduction programme in the current year.
• Increased provision for income taxes.
• Dynamics noted above were partially offset by reduced interest expense.
Adjusted EBITDA was $274 million compared to $290 million in the prior-year period, demonstrating resiliency despite incremental investments in the business and multi-state jackpot and LMA dynamics.
• Prior year results include the high profit flow-through from elevated U.S. multi-state jackpot sales and associated LMA incentives.
• Selling, general, and administrative costs were modestly higher as ongoing investments in the business were partially offset by OPtiMa cost savings.
• The Q2’25 period benefited from positive foreign currency translation.
Diluted loss per share from continuing operations was $0.47 compared to diluted earnings per share from continuing operations of $0.21 in the prior year. Adjusted diluted earnings per share from continuing operations was $0.12 compared to $0.20 in the prior year, primarily driven by lower operating income.
YTD 2025 Financial Highlights
Year-to-date revenue of $1.2 billion compares to $1.3 billion in the prior-year period.
• The decline was due to higher U.S. multi-state jackpot activity and associated LMA incentives in the prior year.
• Global instant ticket & draw same-store sales rose 1.2%.
Loss from continuing operations was $52 million compared to income from continuing operations of $200 million in the prior year period.
• Lower operating income, primarily due to the items affecting Adjusted EBITDA as noted below.
• Foreign exchange loss versus foreign exchange gain in the prior year, primarily reflecting the non-cash impact of fluctuations in the EUR/USD exchange rate on debt.
Adjusted EBITDA of $524 million compares to $617 million in the prior-year, primarily driven by high profit flow-through from elevated U.S. multi-state jackpot sales and associated LMA incentives in the prior year, partially offset by positive foreign currency translation.
Diluted loss per share from continuing operations was $0.59 compared to diluted earnings per share from continuing operations of $0.56 in the prior year. Adjusted diluted earnings per share from continuing operations of $0.20 compares to $0.47 in the prior year primarily driven by lower operating income, partially offset by reductions in net interest and income tax expense.
Net debt was $5.2 billion compared to $4.8 billion at December 31, 2024. The increase was primarily driven by an approximate $340 million impact from fluctuations in the EUR/USD exchange rate. Net debt leverage was 3.0x pro forma for $2 billion debt reduction completed in July.
Cash and Liquidity Update
Total liquidity was $2.9 billion as of June 30, 2025 with $1.3 billion in unrestricted cash and $1.6 billion in additional borrowing capacity from undrawn credit facilities.
Other Developments
The Company plans to launch a $250 million accelerated share repurchase programme (ASR) by entering into an accelerated share repurchase agreement with a counterparty bank. The Company plans to execute the ASR as part of its $500 million share repurchase authorization outlined below and in accordance with the share repurchase authorisation provided by the Company’s shareholders at the Company’s 2025 Annual General Meeting. The Company has been informed by De Agostini S.p.A., that it does not intend to participate in the ASR.
The Company’s Board of Directors declared a quarterly cash dividend of $0.20 per common share with a record date of August 12, 2025 and a payment date of August 26, 2025.
Completed the sale of the Gaming & Digital business on July 1, 2025. The Company received approximately $4.0 billion of net cash proceeds that are expected to be allocated in the following manner:
$2.0 billion used to reduce debt (completed in July 2025).
• Redeemed in whole the 4.125% Senior Secured U.S. Dollar Notes due April 2026 and the 3.500% Senior Secured Euro Notes due June 2026.
• Prepaid €300 million of the Term Loan Facilities due January 2027.
• The remaining amount was allocated to prepay the Revolving Credit Facilities due July 2027.
$1.1 billion to be returned to shareholders.
• The Company’s Board of Directors declared a special cash dividend to common shareholders in the amount of $3.00 per share. The record date of the distribution was July 14, 2025, and it is payable July 29, 2025.
• In addition, the Board authorized a $500 million, two-year share repurchase programme. The new authorisation replaces the Company’s existing share repurchase programme.
$500 million to partially fund upcoming Italy Lotto license payments.
$400 million to be used for general corporate purposes.
The U.S. federal income tax consequences of distributions by the Company will depend, in part, on whether the Company has current or accumulated earnings and profits (“E&P”), as determined under U.S. federal income tax principles. Based on preliminary estimates, the Company does not expect to have current E&P for fiscal year 2025 or accumulated E&P from prior fiscal years that would offset the current year expected E&P deficit. Accordingly, the Company anticipates that the special dividend, the Q1 dividend paid on June 12, and any future dividends paid in the current fiscal year will be treated for U.S. income tax purposes as a non-taxable return of capital to the extent of a shareholder’s basis in its shares, and thereafter as capital gain, although no assurances can be provided because the determination of E&P is a full-year calculation which depends upon facts that are not known as of the date hereof.
FY’25 Outlook: Adjusted EBITDA Reaffirmed, Cash Flow Improved
• Revenue of approximately $2.50 billion; adjusting revenue down $50 million compared to the previous outlook to reflect a timing shift in product sales and increased amortization related to Italy Lotto upfront license fee (which is treated as contra-revenue).
• Adjusted EBITDA of approximately $1.10 billion, in line with the previous outlook as incremental benefit from foreign currency translation is offset by higher-than-expected U.S. multi-state jackpot and LMA impacts.
• Net cash used in operating activities of approximately $275 million reflects a $75 million improvement versus the previous outlook driven by interest, income taxes, and other working capital items.
• Capital expenditures of approximately $375 million, a $75 million improvement from the previous outlook to reflect timing shifts related to recent contract extensions.
• Increasing FY’25 EUR/USD assumption to 1.12.
The post Brightstar Lottery Reports Second Quarter 2025 Results appeared first on European Gaming Industry News.
Dodo, the newest player in the iGaming space, officially launches as a dedicated network built entirely around the fast-rising crash and instant games. Created to meet rising player demand, it offers top game reviews, trusted casino listings, and free demo play—all in one place.
Dodo answers a clear market need: a centralized destination designed specifically for crash gaming enthusiasts. Dodo network spans 8 specialized verticals: CrashDodo, WheelDodo, CoinflipDodo, DiceDodo, HiloDodo, LimboDodo, MinesDodo, and PlinkoDodo—each dedicated to a specific instant game format.
“We created Dodo because it was time for a site that treats crash games as a category of their own — not a subgenre or a passing trend. With the format’s rise in popularity, players need a dedicated space where they can explore, compare, and play,” said Ethan Thompson, content lead at Dodo.
Dodo also reflects a wider trend—the growing intersection of crash mechanics and crypto gambling. As localisation and hybrid formats expand, Dodo steps in as a natural platform for discovery, guidance and connection between players and operators.
Dodo’s Key Features:
• Curated crash and instant game selections with a free play option
• Game reviews, expert tips, and easy-to-follow player guides
• Trusted casino listings tailored for crash games fans
• Designed with crypto players in mind, offers crypto-related insights.
The post Meet Dodo: The New Home for Crash Gaming Fans appeared first on European Gaming Industry News.
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