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INTERNATIONAL GAME TECHNOLOGY PLC REPORTS SECOND QUARTER 2022 RESULTS
- Revenue of $1.02 billion, down 2% as reported and up 3% at constant currency, led by 23% growth in Global Gaming
- Operating income of $228 million; operating income margin of 22% at high end of outlook on substantial increase in Global Gaming profitability and resilience in Global Lottery margin
- Adjusted EBITDA of $409 million, in line with prior year’s record level at constant currency as Global Gaming performance offsets Lottery discrete benefits in the prior year; 40% adjusted EBITDA margin remains among the highest in Company history
- Recognized a non-operating expense of $150 million representing the probable loss associated with legal proceedings related to Double Down Interactive LLC and its social gaming business sold in 2017
- Diluted EPS from continuing operations of $(0.02); Adjusted diluted EPS from continuing operations of $0.57, up 78% from the prior year
- Compelling shareholder returns with $135 million deployed for cash dividends and share repurchases year-to-date
- Tightening full-year 2022 revenue outlook to reflect currency movements and perimeter impact from previously announced divestiture; reconfirming operating income margin outlook as fundamentals remain strong
International Game Technology PLC reported financial results for the second quarter ended June 30, 2022. Today, at 8:00 a.m. EDT, management will host a conference call and webcast to present the results; access details are provided below.
“Strong customer and player demand for IGT’s products and solutions drove some of our strongest profit results ever in the second quarter and first half of the year,” said Vince Sadusky, CEO of IGT. “Our business profile is supported by significant recurring revenue streams backed by long-term contracts and resilient end markets, providing a solid foundation on which to grow. We are laser focused on executing our strategic objectives and creating compelling value for our stakeholders.”
“Our first half results set us firmly on the path to achieving our 2022 financial targets,” said Max Chiara, CFO of IGT. “Rigor on costs and incremental revenue opportunities allow us to maintain our full-year operating income margin outlook despite unfavorable currency movements and macroeconomic challenges. At the same time, we are returning significant capital to shareholders via dividends and share repurchases.”
Overview of Consolidated Second Quarter 2022 Results
|
Quarter Ended |
Y/Y |
Constant |
|||
|
All amounts from continuing operations |
June 30, |
||||
|
2022 |
2021 |
||||
|
($ in millions) |
|||||
|
GAAP Financials: |
|||||
|
Revenue |
|||||
|
Global Lottery |
648 |
725 |
(11) % |
(4) % |
|
|
Global Gaming |
330 |
274 |
21 % |
23 % |
|
|
Digital & Betting |
43 |
42 |
1 % |
4 % |
|
|
Total revenue |
1,021 |
1,041 |
(2) % |
3 % |
|
|
Operating income (loss) |
|||||
|
Global Lottery |
230 |
300 |
(23) % |
(16) % |
|
|
Global Gaming |
57 |
1 |
NM |
NM |
|
|
Digital & Betting |
8 |
9 |
(11) % |
(10) % |
|
|
Corporate support expense |
(29) |
(26) |
(11) % |
(26) % |
|
|
Other(1) |
(39) |
(40) |
3 % |
2 % |
|
|
Total operating income |
228 |
244 |
(7) % |
1 % |
|
|
Operating income margin |
22 % |
23 % |
|||
|
Net cash provided by operating activities |
196 |
249 |
(21) % |
||
|
Cash and cash equivalents |
673 |
639 |
5 % |
||
|
Earnings per share – diluted |
$(0.02) |
$(0.48) |
96 % |
||
|
Non-GAAP Financial Measures: |
|||||
|
Adjusted EBITDA |
|||||
|
Global Lottery |
330 |
414 |
(20) % |
(13) % |
|
|
Global Gaming |
87 |
35 |
145 % |
150 % |
|
|
Digital & Betting |
12 |
13 |
(7) % |
(6) % |
|
|
Corporate support expense |
(20) |
(21) |
4 % |
(14) % |
|
|
Total Adjusted EBITDA |
409 |
442 |
(7) % |
(1) % |
|
|
Adjusted EBITDA margin |
40 % |
4 % |
|||
|
Adjusted earnings per share – diluted |
$0.57 |
$0.32 |
78 % |
||
|
Free cash flow |
117 |
176 |
(34) % |
||
|
Net debt |
5,722 |
6,312 |
(9) % |
||
|
(1) Primarily includes purchase price amortization |
|
Note: Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided at the end of this |
Key Highlights:
- Recently completed acquisition of iSoftBet, a leading iGaming content provider and third-party aggregator, greatly expanding the Company’s proprietary content library and providing a world-class game aggregation platform
- Won “Lottery Supplier of the Year” at 2022 SBC Awards North America in July
- Introduced high-performing Money Mania wide area progressive game to commercial gaming jurisdictions following a successful launch in tribal casinos
- Signed agreement with NUSTAR Resort & Casino to deploy IGT ADVANTAGE™ casino management system and a variety of leading games and cabinets
- Announced expanded sports betting partnership with SuperBook® Sports to Tennessee, the fourth state where IGT’s PlaySports platform is powering the SuperBook Sports mobile betting app
- Awarded a gold medal sustainability rating from EcoVadis, a leading sustainability rating agency
- Recently released 2021 Sustainability Report which outlines the Company’s demonstrated environmental, social, and governance (ESG) performance
Financial Highlights:
Consolidated revenue of $1.02 billion, down 2% as reported, or up 3% at constant currency, from $1.04 billion in the prior year
- Global Lottery revenue of $648 million compared to $725 million in the prior-year period, which included $70 million in prior-year benefits primarily from the closure of gaming halls in Italy
- Global Gaming revenue increases 21%, or 23% at constant currency, to $330 million, driven by strong U.S. & Canada replacement unit demand, higher average selling prices, and increased installed base yields
- Digital & Betting revenue of $43 million, stable with the prior year, as iCasino growth in the U.S. is partially offset by softness in other markets; North America sports betting market gross gaming revenue impacted by lower hold levels
Operating income of $228 million, down 7% as reported, or up 1% at constant currency, from $244 million in the prior-year period
- Global Lottery operating income down, primarily due to about $60 million related to prior-year benefits referenced above
- Global Gaming rises on higher revenue and profit flow through, partially offset by increased supply chain costs
- Digital & Betting operating income of $8 million was relatively stable with the prior year
Adjusted EBITDA of $409 million matches prior year’s record level at constant currency; Adjusted EBITDA margin of 40% remains among the highest in Company history
Net interest expense of $75 million compared to $91 million in the prior year, driven by lower average debt balances and interest rates
During the second quarter, the Company recognized a pre-tax non-operating expense of $150 million ($114 million after tax) representing the probable loss associated with ongoing litigation (Benson v. Double Down Interactive LLC, No. 2:18-cv-00525 (W.D. Wash.)) and associated claims related to Double Down Interactive LLC and its social gaming business sold in 2017 by International Game Technology, a wholly-owned subsidiary of the Company
Income tax benefit of $11 million compared to a provision of $32 million in the prior year, primarily driven by recognition of the non-operating expense mentioned above and foreign exchange losses in the prior year with no tax benefit
Income from continuing operations of $34 million versus a loss from continuing operations of $39 million in the prior-year period, driven by income tax benefit, gains in foreign exchange, and lower debt retirement costs
Net loss attributable to IGT PLC of $4 million compared to net income of $306 million in the prior year due to gain on sale and income from discontinued operations in the prior-year period
Net loss from continuing operations attributable to IGT PLC per diluted share of $0.02 compared to a net loss from continuing operations attributable to IGT per diluted share of $0.48 in the prior year, on higher net income; adjusted net income per diluted share increased 78% to $0.57
Net debt of $5.7 billion compared to $5.9 billion at December 31, 2021; Net debt leverage of 3.5x was stable compared to December 31, 2021
Cash and Liquidity Update
- Total liquidity of $2.1 billion as of June 30, 2022; $0.7 billion in unrestricted cash and $1.5 billion in additional borrowing capacity
- Executed amendment and extension of revolving credit facilities in July 2022
- Increased liquidity by $150 million to $1.83 billion and rebalanced EUR/USD mix to match operational exposure
- Extended maturities to July 2027
- Lowered interest margin and added ESG provision to allow for further potential reductions
- Raised annual permitted restricted payments basket from $300 million to $400 million at current credit rating; potential to increase to $550 million
Other Developments
The Company’s Board of Directors declared a quarterly cash dividend of $0.20 per common share
- Ex-dividend date of August 15, 2022
- Record date of August 16, 2022
- Payment date of August 30, 2022
Repurchased 750,000 shares for $15 million in the second quarter at an average price of $20.48 per share; 2.2 million shares repurchased for $54 million on a year-to-date basis at an average price of $24.89 per share
The Company expects to close on the sale of its Italian proximity payments/commercial services business in mid-to-late September
Tightening Full-year Revenue Outlook for Currency Rates and Business Disposition; Introducing Third Quarter 2022 Outlook
Full Year
- Revenue of $4.1 billion – $4.2 billion
- Lowered high end of range by $100 million
- Reflecting changes in currency rates and impact from sale of Italian proximity payments/commercial services business in Q3’22
- Operating income margin of 20% – 22% remains unchanged
- Cash from operations of $850 – $950 million
- Lowered high end of range by $50 million
- Primarily driven by a working capital investment in higher inventory levels to proactively manage supply chain disruptions
- Capital expenditures of approximately $350 million, lowered by $50 million to adjust for updated timing of spending
- Free cash flow outlook remains unchanged
Third Quarter
- Revenue of approximately $1.0 billion – $1.1 billion
- Operating income margin of 18% – 20% includes approximately 150 – 200 basis point impact from project-related expenses
Outlook assumptions
- EUR/USD exchange rate of 1.00 in the second half of 2022
- Impact from sale of Italian proximity payments/commercial services business in mid-to-late September 2022
- Operating income margin includes approximately 150 – 200 basis point impact from project-related and restructuring expenses expected in the second half of 2022
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Bundesliga International is strengthening its longstanding agreement with Sportradar Group AG (NASDAQ: SRAD) to further enhance the viewing experience, accelerate innovation through new exclusive data, and deliver next-generation digital experiences for the betting and gaming market.
Sportradar’s partnership with Bundesliga International dates back to 2005. Utilising the 3.6 million data points from every Bundesliga match, and harnessing Sportradar’s proprietary technology, a suite of engaging products has been launched ahead of the start of the 2025-26 Bundesliga season, and available to Sportradar’s global client base. These include:
Live Player Markets: Leveraging Bundesliga tracking data and Sportradar’s advanced AI capabilities in real-time will create approximately 240 additional opportunities to bet per match.
4Sight Streaming: Award-winning, next generation streaming technology allows betting operators to incorporate AI-driven animated overlays and actionable insights into a live stream, enriching the Bundesliga viewing experience by increasing understanding of live match action.
Enhanced Live Match Tracker: Powered by tracking data and computer vision which keeps fans engaged and provides in-play betting opportunities directly within the betting app.
“We are thrilled to further deepen our collaboration with Bundesliga, one of the most popular football leagues in the world,” said Patrick Mostboeck, SVP Fan Engagement at Sportradar.
“Over the course of our nearly twenty-year relationship, we’ve worked together to develop some of the most innovative and engaging football solutions for fans across the globe. And we continue to work together to power new ways to engage audiences and deliver unmatched value to the global football ecosystem.”
With coverage of more than 150,000 matches annually across 900+ football leagues, as industry leaders Sportradar offers the industry’s deepest and most comprehensive football portfolio.
“The Bundesliga is always looking to innovate and, working with Sportradar, we lead the way when it comes to enhancing our media product for the betting and gaming industry,” said Peer Naubert, Chief Executive Officer of Bundesliga International.
“This long-term relationship lays the foundation for creating new ideas and staying ahead of the curve, and we’re excited to see the fruits of that labour come to life with this latest launch.”
The post Sportradar introduces next gen Bundesliga products appeared first on European Gaming Industry News.
Vixio, a leading provider of regulatory intelligence solutions, has unveiled its 2025 Global Regulatory Awards (GRAs) shortlist.
Now in their ninth year, the GRAs continue to recognise and celebrate the achievements of individuals, teams, and organisations in the gambling industry that have excelled in compliance, corporate social responsibility, and safer gambling. This year’s awards shortlist features 21 award categories, over 190 finalists and more than 100 unique organisations represented. “Congratulations to all of this year’s finalists. Achieving a place on the shortlist is no small feat, especially in our most competitive year yet. The continued growth of the GRAs reflects how seriously the industry takes compliance and the ongoing drive for excellence in this field,” stated Mike Woolfrey, CEO of Vixio. Woolfrey added: “Our thanks go to the judging panel for their diligent and independent evaluation, which ensures the integrity of these awards. We look forward to celebrating with so many of you in November.”
The 2025 GRA presentation will take place on November 19, 2025, at the Grand Connaught Rooms in London. Due to the event’s popularity, the remaining tables will sell out fast. Vixio strongly advises booking now to ensure you don’t miss out. You can now secure your table online in minutes using Vixio’s quick and easy booking portal. Additional information on table bookings can be found here.
The GRAs 2025 shortlist is as follows:
| AML or MLR Professional of the Year | |
| 1 | Carlos Suárez, Catena Media |
| 2 | Cecile O’Connell, LeoVegas |
| 3 | Dave Foppert, DraftKings |
| 4 | Eleni Panagiotopoulou, SOFTSWISS |
| 5 | Georgi Iliev, Delasport |
| 8 | Kate Faulkner, BoyleSports |
| Award for Commitment to Compliance by a Supplier | |
| 1 | BETBY |
| 2 | Digitain |
| 3 | Docaposte |
| 4 | GBG |
| 5 | GeoComply |
| 6 | GeoLocs by mkodo |
| 7 | Kambi |
| 8 | OpenBet |
| 9 | Play’n GO |
| 10 | Pragmatic Solutions |
| 11 | Soft2Bet |
| 12 | Wazdan |
| Award for Commitment to Compliance by an Operator Sponsored by: Gaming Associates | |
| 1 | Betinia |
| 2 | CampoBet |
| 3 | DraftKings |
| 4 | Genting Casinos |
| 5 | LeoVegas |
| 6 | Tipico Games |
|
Chief Compliance Officer of the Year Sponsored by: eCOGRA |
|
| 1 | Abby Cosgrave, LeoVegas |
| 2 | Anton Sikström, Catena Media |
| 3 | Corinne Valletta, Betsson Group |
| 4 | Ed Bedrosian, Xpoint |
| 5 | Filippo Ferri, Delasport |
| 6 | Jennifer Aguiar, DraftKings |
| 7 | Lloyd Lemmon, Pragmatic Solutions |
| 8 | Ray Dunkle, Virginia Lottery |
| 9 | Sara Cass, IFX Payments |
| 10 | Sophie Bowler, Zodia Custody |
| 11 | Steve Richardson, Scientific Games |
| 12 | Tommaso Di Chio, Bragg Gaming |
| Compliance Innovator of the Year | |
| 1 | BetComply |
| 2 | BizAcuity Solutions |
| 3 | GeoComply |
| 4 | Mindway AI |
| 5 | OneComply |
| 6 | OpenBet |
| 7 | Rightlander |
| 8 | Sharp Vision |
| 9 | Soft2Bet |
| 10 | Xpoint |
| Compliance Professional of the Year | |
| 1 | Andrew Poole, Light & Wonder |
| 2 | Ardie Manuel, Virginia Lottery |
| 3 | Arshak Muradyan, Digitain |
| 4 | Bill Curtis, DraftKings |
| 5 | Christopher Lottering, Pragmatic Solutions |
| 6 | Denzil Mason, Genting Casinos |
| 7 | Jeremie Kanter, Continent 8 |
| 8 | Jessica Feil, OpenBet |
| 9 | Juan Jose Daruich, Daruich |
| 10 | Martin Crowe, NexaCompliance |
| 11 | Ryan Farrah, LeoVegas |
| 12 | Tatevik Grigoryan, BetConstruct |
| Compliance Rising Star Special Award | |
| 1 | Attila Hunter, Betika |
| 2 | Birgit Strauszberger, Greentube |
| 3 | Jasmine Yasin, Delasport |
| 4 | Kate Faulkner, BoyleSports |
| 5 | Kevin Kostreci, GLI |
| 6 | Kizzie Fenner, Evoke |
| 7 | Maša Tičar, Pragmatic Solutions |
| 8 | Medisha Moodley, Games Global |
| 9 | Robert Lo Giudice, BetMGM |
| 10 | Shacke Manukyan, BetConstruct |
| 11 | Sheena Patel, DraftKings |
| 12 | Vanessa Hurt, Paysafe |
| Compliance Team of the Year
Sponsored by: Docaposte |
|
| 1 | AGS |
| 2 | BetConstruct |
| 3 | Bragg Gaming |
| 4 | Continent 8 |
| 5 | Delasport |
| 6 | Digitain |
| 7 | DraftKings |
| 8 | OpenBet |
| 9 | Playtech |
| 10 | San Manuel Tribal Gaming Commission |
| 11 | Scientific Games |
| 12 | Wazdan |
| Head of Regulatory Affairs or Government Relations of the Year | |
| 1 | Carl Brincat, LeoVegas |
| 2 | Devon Dalbock, GLI |
| 3 | Emeline d’Ollone, Catena Media |
| 4 | Emőke Péter, Worldline |
| 5 | Filippo Ferri, Delasport |
| 6 | Hartwig Gerhartinger, Paysafe |
| 7 | Michael Karloutsos, Hard Rock International |
| 8 | Travis Foley, BMM Innovation Group |
| Legal Team of the Year | |
| 1 | Alea |
| 2 | Altenar |
| 3 | Betika |
| 4 | Betsson Group |
| 5 | Bragg Gaming |
| 6 | Catena Media |
| 7 | Kambi |
| 8 | LeoVegas |
| 9 | Light & Wonder |
| 10 | OKTO |
| 11 | Paysafe |
| 12 | Virginia Lottery |
| Marketing Compliance Team of the Year
Sponsored by: White Bullet |
|
| 1 | BetMGM |
| 2 | Better Collective |
| 3 | Catena Media |
| 4 | Gentoo Media |
| 5 | LeoVegas |
| Outstanding Contribution to Safer Gambling | |
| 1 | AiR HUB – UNLV International Gaming Institute |
| 2 | Betting and Gaming Council |
| 3 | Casino Guru |
| 4 | EPIC Global Solutions |
| 5 | Flutter Entertainment |
| 6 | GamProtect |
| 7 | Genting Casinos |
The post Vixio Announces the Finalists for the 2025 Global Regulatory Awards appeared first on European Gaming Industry News.
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BC.GAME Named Main Sponsor of St. Kitts & Nevis Patriots, 2021 Caribbean Premier League Champions
BC.GAME has announced it will be the main sponsor of the St. Kitts & Nevis Patriots, the professional cricket team representing the Caribbean nation of St. Kitts and Nevis and winners of the 2021 Caribbean Premier League (CPL) championship. Under the agreement, the BC.GAME logo will appear on the front of the Patriots’ playing jerseys, supported by in-stadium branding, official digital channel integration, and fan engagement initiatives.
Founded in 2015, the St. Kitts & Nevis Patriots play their home matches at Warner Park in Basseterre. The team claimed the CPL championship in 2021 and won the inaugural men’s The 6ixty tournament in 2022. Warner Park has a regular seating capacity of approximately 8,000, which can be expanded to around 10,000 for major events. With consistent results and strong home support, the Patriots remain one of the league’s most competitive teams.
BC.GAME stated that the decision to become the Patriots’ Main Sponsor was based on three key considerations:
- Team influence: The Patriots have delivered strong performances in the CPL and built a large, loyal fan base, aligning closely with BC.GAME’s brand positioning.
- Season focus: The CPL’s compact schedule ensures concentrated and measurable brand exposure, with the front-of-shirt position guaranteeing visibility in key broadcast moments.
- Community connection: The team enjoys strong support both locally and among diaspora communities, making it an ideal platform to pair in-stadium excitement with digital engagement and global fan interaction.
The partnership includes: Main Sponsor status for the 2025 season, front-of-shirt placement on both home and away jerseys (as confirmed by the club), in-stadium and broadcast-visible assets (including perimeter boards and interview backdrops), integration with the club’s official website and social media channels, and a series of fan engagement and reward activities around matchdays and player content.
Jack Dorset, CEO of BC.GAME, said: “Becoming the Patriots’ Main Sponsor puts BC.GAME at the heart of the CPL action. The front-of-shirt position ensures our brand appears at the most important moments of the season. We will pair this visibility with interactive products and experiences that bring the matchday energy to our global online community.”“We are excited to welcome BC.GAME as our Main Sponsor for the 2025 season. From jerseys to the stadium, from broadcast to social media, this partnership will deepen fan engagement and bring the energy of Caribbean cricket to a wider audience.” said Navneet Ganapathi – Sponsorship head of St Kitts and Nevis Patriots
About BC.GAME
BC.GAME is a global online igaming platform that supports multiple cryptocurrency payment options and emphasizes fair, transparent, and mobile-first experiences. The brand continues to expand its international presence through sports sponsorships and community-driven initiatives, serving players worldwide.
About St. Kitts & Nevis Patriots
Founded in 2015, the St. Kitts & Nevis Patriots compete in the Caribbean Premier League. The team won the 2021 CPL championship and the men’s 2022 The 6ixty title. Home matches are played at Warner Park in Basseterre.
The post BC.GAME Named Main Sponsor of St. Kitts & Nevis Patriots, 2021 Caribbean Premier League Champions appeared first on European Gaming Industry News.
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