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INTRALOT announces strong EBITDA growth +29.2% y-o-y and positive Earnings after Tax at €3.1m in 1Q23
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, 2023, prepared in accordance with IFRS.
OVERVIEW
- Group Revenue at €89.5m (–8.4% y–o–y).
- EBITDA at €33.7m (+29.2% y–o–y) in 1Q23, with EBITDA margin reaching 37.7% from 26.7% in 1Q22.
- LTM EBITDA at €130.5m, up by 6.2% vs. FY22.
- Substantial growth in our US operations (Revenues +13.1%, EBITDA +31.6% y–o–y).
- EBT in 1Q23 shaped at €10.9m vs. €–2.3m in 1Q22.
- NIATMI (Net Income After Tax and Minority Interest) at €3.1m, vs. €–5.7m a year ago.
- Operating Cash Flow at €37.2m in 1Q23 (+115.3% y–o–y).
- Group Net CAPEX in 1Q23 was €7.2m.
- Group Cash at the end of 1Q23 at €109.2m, €6.8m higher vs. Dec–22.
- Net Debt at €471.6m at the end of 1Q23, lower by €18.9m vs. Dec–22 and €29.0m vs. 1Q22.
- Net Debt/ LTM EBITDA at 3.6x in 1Q23 vs. 4.0x in FY22.
Group Headline Figures
INTRALOT Chairman & CEO Sokratis P. Kokkalis noted:
We are extremely proud of first quarter robust organic Ebitda growth of 29% and a return to Net Earnings, along with healthy cash flows and significant reduction of Group Net Leverage Ratio down to 3.6x, providing additional momentum to INTRALOT’s successful turnaround story as a result of our consistent efforts in the past few years. With healthy financials and new technical capabilities offered through next generation solutions for Lottery digital transformation, in both the retail and online worlds, we look forward to timely addressing upcoming maturities, further improving our capital structure, and implementing an ambitious plan for strong and sustainable growth in the US and key markets around the world, creating value for all stakeholders.
OVERVIEW OF RESULTS
REVENUE
Although the reported consolidated revenue posted a decrease compared to 1Q22, leading to a total revenue for the three–month period ended March 31st, 2023, of €89.5m (–8.4%), excluding the impact from the discontinuation of Malta license, underlying revenue from continuing operations increased by 17.5%.
- From a contribution perspective, Lottery Games remain our largest contributor to Group turnover with a share of 60.4%, followed by Sports Betting with a share of 17.5%, VLTs monitoring with a share of 12.5%, Technology contracts with a share of 9.5%, and Racing with a share of 0.1%.
- Reported consolidated revenue for the three–month period is lower by €8.2m year over year. The main factors that drove top line performance per Business Activity are:
- €–20.4m (–64.5%) from our Licensed Operations (B2C) activity line with the variance driven by:
- Lower revenue in Malta (€–21.5m) due to the license expiration early July 2022 and
- Higher revenue in Argentina (€+1.1m or +10.9% y–o–y), driven by local market growth. In local currency, current year results posted a +104.5% y–o–y increase.
- €+6.3m (+11.4%) from our Technology and Support Services (B2B/ B2G) activity line, with the variance driven by:
- US operations’ increased revenue (€+4.6m or +13.1% y–o–y), mostly driven by the growth in Numerical and Instant games, further affected by the EUR depreciation (–4.3% versus a year ago – in average terms) and
- Higher revenue from rest jurisdictions (€+1.7m or +8.6%).
- €+5.9m (+54.2%) from our Management (B2B/ B2G) contracts activity line with the variance driven by:
- Strong momentum of our Turkish3 operations (€+5.8m), driven by Bilyoner’s improved performance, favored by the growth of the online market. In 1Q23, the local Sports Betting market expanded close to 2.2 times y–o–y. Performance in Euro terms was partially mitigated by the headwinds in Turkish lira (+28.1% Euro appreciation versus a year ago),
- Higher revenue from our US Sports Betting contracts in Montana and Washington, D.C. (€+0.1m) and
- Steady performance in Morocco.
- €–20.4m (–64.5%) from our Licensed Operations (B2C) activity line with the variance driven by:
GROSS GAMING REVENUE & Payout
- Gross Gaming Revenue (GGR) concluded at €83.4m in 1Q23, posting an increase of 4.5% (or €+3.6m) year over year. The improved performance across most key regions managed to absorb the loss of sales from Malta and the higher payout ratio in Argentina (–67.7% y–o–y on wagers from licensed operations4). 1Q23 Payout Ratio5 was higher by 3.5pps vs. 1Q22 (62.4% vs. 58.9%).
OPERATING EXPENSES & EBITDA
- Total Operating Expenses marginally increased by €0.9m (or +3.9%) in 1Q23 (€22.7m vs. €21.8m) driven by the improved top–line performance in USA and Turkey
- Other Operating Income from continuing operations ended at €7.8m presenting an increase of 37.0% y–o–y (or €+2.1m).
- EBITDA amounted to €33.7m in 1Q23, posting a double–digit growth of 29.2% (or €+7.6m) compared to 1Q22. The main drivers underpinning this performance are attributed to the strong growth in our US operations and the boosted performance in Turkey.
- On a yearly basis, EBITDA margin on sales climbed to 37.7%, from 26.7% in 1Q22 (+11.0pps).
- LTM EBITDA stands at €130.5m, up by 6.2% vs. FY22.
EBT / NIATMI
- EBT in 1Q23 amounted to €10.9m compared to €–2.3m in 1Q22, largely driven by the significant EBITDA contribution, the improved results from participations and investments, the gains on net monetary position and the benefit from the lower D&A.
- NIATMI in 1Q23 concluded at €3.1m compared to €–5.7m in 1Q22.
CASH FLOW
- Operating Cash–flow in 1Q23 amounted to €37.2m, increased by €19.9m, compared to 1Q22. The positive impact arising from the higher recorded EBITDA y–o–y and the favorable working capital movement was partially offset by the negative variance in tax payments.
- Net CAPEX in 1Q23 was €7.2m, higher by €2.9m compared to 1Q22, with US projects consuming most of the CAPEX needs.
- Net Debt, as of March 31st, 2023, stood at €471.6m, decreased by €18.9m compared to December 31st, 2022. Robust cash flow generation supported the continued deleveraging, with Net Debt / EBITDA dropping to 3.6x in 1Q23, from 4.0x in Dec–22. Positive gross debt movements include the capital payments towards the Term Loan in US, the lower interest accrued in comparison with Dec–22 and the positive FX impact on our USD denominated debt.
OUTLOOK/RISKS
The Company Management identifies significant opportunities in the growth of the Lottery and Sports Betting online markets and the expansion of regulated i–lottery markets, as well as from the recovery from the implications of the recent pandemic. Combined with the evolution of INTRALOT’s new technological solutions for Lottery digital transformation, the Company is in position to capture more technology projects with an increased profit margin compared to previous years.
World economies continue to navigate through macroeconomic uncertainties, with interest rates at high levels and relatively slow economic growth.
Increased interest rates have a direct impact on the financing servicing costs of the Intralot Group, while the outlook indicates that central banks may start to ease their monetary policy by the end of 2023.
nflation is declining more slowly than expected, having strong impact on most of the industries and regions. However, the gaming industry seems to be more resilient than other sectors of the economy, presenting above average growth in most regions.
The Management of the Company closely monitors geopolitical and economic developments and is ready to take all the necessary measures for protecting its operations.
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Bety Casino Launches New Premium Platform with Trusted Licensing, Instant Crypto Withdrawals, and Elite Gaming
Bety Casino, owned and operated by Platinum Technology NV, officially launches its new crypto gambling platform Bety.com. It is offering players 10,000+ titles, several unique in-house games, and instant withdrawals via cryptocurrencies. The platform also operates under the license and regulation of the Curacao Gaming Control Board (GCB) to ensure players globally enjoy gambling in a secure and fair environment.
The majority of the game titles provided by Bety Casino are sourced from leading suppliers like Pragmatic Play, BGaming, Red Tiger, and Microgaming. With so much focus on responsible gaming, security, player entertainment, and satisfaction, Bety aims to redefine the online crypto gaming industry.
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‘’At Bety, we believe in creating a safe and enjoyable environment for all our players. We highly promote responsible gaming practices by offering features and/or tools that will help our gamers stay in control. Some of our responsible gambling resources include self-exclusion and setting deposit limits. Besides, our support team is well-trained to assist any player who might need help managing their gaming habits.’’ He added.
Both casual and high rollers can potentially enjoy one of the most competitive welcome bonuses of 280% up to €12,000 (or equivalent value in crypto) plus 150 free spins upon signing. Gamers can also enjoy regular promotions, tournaments, and lotteries. The platform also processes payout requests instantly via more than 10 popular cryptocurrencies like BTC, ETH, LTC, DOGE, USDT, and BNB.
‘’From the time players register to the moment they want to withdraw their winnings, we have ensured that every step is simple, fast, and rewarding.’’ Continued Bety chief executive, Durrant Nagra. ‘’The overwhelmingly positive feedback from our members is a clear indication that crypto gambling can be a truly premium experience.’’ Bety team.
Bety Casino has set out to be a game changer amongst other crypto casinos, a platform with exceptional value for users and players. From its notable features like its no KYC policy and fast transactions to its curated premium game library and rewarding bonus system, Bety delivers on key expectations for today’s crypto gamblers, combining variety, speed, and security in one platform.
In addition to its active customer support, advanced security features, and transparent operations, Bety is steadily positioning itself as the platform of choice for discerning players in 2025 and beyond.
About Bety Casino
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The post Bety Casino Launches New Premium Platform with Trusted Licensing, Instant Crypto Withdrawals, and Elite Gaming appeared first on European Gaming Industry News.
The country’s integrated resort casinos generated Php93.36 billion in gross gaming revenues (GGR) in the first half of 2025 to sustain the momentum of the local tourism and gaming sectors, according to the Philippine Amusement and Gaming Corporation (PAGCOR).
In his welcome address at the Philippine Hotel Connect 2025 on Thursday, July 24, PAGCOR Chairman and CEO Alejandro H. Tengco said the country’s IR casinos accounted for nearly half of the local gaming industry’s total GGR of Php215 billion from January to June this year.
“Of the Php93.36 billion generated by the integrated resort casinos, Php16 billion was paid to PAGCOR as license fees, ensuring funding for government social services and driving the country’s economic growth,” Chairman Tengco said.
The PAGCOR chief noted that aside from contributing to government revenues, integrated resort casinos also helped position the Philippines as a competitive tourism destination.
“We have seen time and again how a thriving hospitality sector can drive employment, fuel trade, revive local enterprises, and bridge communities,” he said. “And nowhere is this more evident than in the huge tourism contributions from our licensed integrated resort casinos within and outside Metro Manila.”
Aside from paying billions in license fees, the country’s integrated resort casinos also provide significant funding support to key government institutions – including the health, education, and military sectors – through their cultural foundations.
“Their contributions are concrete examples of how tourism, hospitality, and gaming – when aligned and responsibly managed – become a catalyst for national resilience and progress.”
But alongside the gaming industry’s strong performance, Mr. Tengco emphasized the need to safeguard its growth through effective regulation and responsible gaming practices.
He underscored PAGCOR’s recent move to remove gambling advertisements from areas frequented by minors and its memorandum of understanding with the Ad Standards Council to implement stricter gaming advertising guidelines.
“As the gaming industry expands, so must our safeguards,” he said. “Hence, we have taken a firm stance against the proliferation of illegal and unregulated gaming operations that offer no safety nets or protection to players and, more importantly, no remittance or any form of revenue to the government.”
Mr. Tengco called for continued collaboration between government and the private sector to maintain the momentum of tourism recovery and long-term economic gains.
“The success of Philippine tourism is a shared journey between regulators and investors, between public ambition and private innovation,” he said. “PAGCOR will continue to walk side by side with our partners in building a globally competitive yet distinctly Filipino tourism and gaming industries.”
Organized by the Philippine Hotel Owners Association, the Philippine Hotel Connect 2025 gathered tourism and hospitality leaders to foster collaboration, discuss global and regional tourism insights and opportunities, emerging trends, among others.
The post Integrated Resorts’ 1H GGR hits Php93.36-B GGR, PAGCOR says appeared first on European Gaming Industry News.
MightyTips has joined forces with fast-growing online platform HeyBaji to increase user engagement, drive qualified traffic, and enhance visibility for both parties.
Eugene Ravdin, Head of PR at SEOBROTHERS, said: “Partnering with HeyBaji reflects MightyTips’ ongoing commitment to connect players with trusted, high-quality gaming platforms. We’re excited to support their growth through our collaboration.”
HeyBaji offers high-quality sports betting and live casino action, featuring games such as Baccarat, Roulette, Andar Bahar, Fan Tan, Sic Bo, and Dragon Tiger, hosted by live dealers.
Under the management of VB Digital N.V., and regulated by the Curacao Gaming Commission, HeyBaji operates with the highest standards of integrity, data security, and responsible gaming. The platform is supported by a dedicated 24/7 customer service.
Masum, Marketing Executive at HeyBaji, said: “Working with MightyTips has been a rewarding experience for HeyBaji. Their team consistently demonstrates professionalism, transparency, and a deep understanding of affiliate marketing. They’ve helped amplify HeyBaji’s presence by driving quality traffic and delivering players who truly engage with our platform.
MightyTips doesn’t just promote, they partner with purpose. Their commitment to performance and long-term growth aligns perfectly with HeyBaji’s mission to deliver top-tier gaming experiences. We look forward to scaling new heights together.”
This cooperation will further strengthen HeyBaji’s brand visibility across key markets while also enhancing the MightyTips network with another reputable operator.
The post MightyTips teams up with HeyBaji to elevate the game appeared first on European Gaming Industry News.
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