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INTRALOT announces strong EBITDA growth +29.2% y-o-y and positive Earnings after Tax at €3.1m in 1Q23

Published

2 years ago

May 30, 2023

Reading Time: 5 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 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.

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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INCENTIVE GAMES AND GOLDBET LAUNCH NEW FREE-TO-PLAY GAME ‘WINNING5’

Published

5 hours ago

October 13, 2025

Adrienn Sarkany

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Incentive Games, a leading B2B games provider, has partnered with Goldbet, part of the Lottomatica Group Italy’s leading name in online gaming, to launch a new free to play weekly football game, Winning5.

The game gives football fans a chance to visit the Goldbet app each weekday to ‘collect’ a different Seria A team, selected at random, with play bonus slot, spots bonus, and a €2,000 shared jackpot up for grabs depending on how many of their teams win over the weekend.

The more winning teams players collect, the bigger the prize. From smaller wins for two correct results, to the ultimate reward for collecting all five teams, Winning5 offers players an engaging and free way to add fun to the weeks matches.

On game day, players can track their progress through real-time updates, powered by Incentive Games’ specialised data and analytics to deliver a seamless, engaging experience.

This is the first collaboration between Goldbet and Incentive Games as part of the company’s partnership with Lottomatica.

John Gordon, CEO and co-founder of Incentive Games, said, “Winning5 is designed to bring the thrill of weekend football to life, but in a way that’s free-to-play and accessible. We’re thrilled to partner with Goldbet, one of Italy’s most respected gaming brands, to deliver a product that keeps fans engaged and entertained from kick-off to the final whistle.”

Simone Occhiuzzi, Lottomatica Digital & i-Gaming Director, said, “Our objective is to ensure an ever-expanding for-fun offering for our customers. We are proud to have broadened our engagement bouquet with the introduction of Winning5, further enriching our customers’ for-fun experience.”

The game is now live for all eligible Goldbet customers in Italy.

The post INCENTIVE GAMES AND GOLDBET LAUNCH NEW FREE-TO-PLAY GAME ‘WINNING5’ appeared first on European Gaming Industry News.

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Red Bull launches ‘Solo Legends’; India’s largest-ever solo BGMI tournament

Published

9 hours ago

October 13, 2025

Adrienn Sarkany

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Red Bull India has officially announced Red Bull Solo Legends, the country’s largest ever solo Battlegrounds Mobile India (BGMI) tournament, designed to give aspiring players a platform to showcase their individual skill, strategy, and consistency.

The multi-phase tournament will include both online and on-ground stages, uniting thousands of solo players from across the country, ranging from grassroots talent to seasoned pros. Competitors will battle in a solo queue format, progress through multiple rounds of qualifiers, and ultimately have the opportunity to face some of India’s top BGMI professionals in the finals. The winner of Red Bull Solo Legends will earn the coveted title of India’s best solo BGMI player along with an exclusive international Red Bull Racing experience.

“Every pro player’s journey starts from playing solo. When you’re on your own, you learn every role, whether it’s fragging, supporting, making calls, or handling pressure like an IGL. Red Bull Solo Legends is the perfect stage for players to showcase those skills and prove what they can do without relying on a team. I’m really excited to be part of this format and see which players rise through the ranks to claim the title. It’s time for India’s solo players to take the spotlight,” said Red Bull Athlete Jonathan Amaral.

Red Bull Solo Legends will feature some of India’s prominent BGMI athletes including Jonathan Amaral (Jonathan Gaming), Tanishk Singh (Admino), Ashutosh Singh (Punk), Sahil Jakhar (Omega), Sohail Shaikh (Hector), Mohammed Owais Lakhani (Owais), Raghuraj Singh (Slug), Ammar Khan (Destro), Aditya Dawar (Aadi) and many more. These players, known for their exceptional skills, will compete against each other, bringing their unique strategies and gameplay styles to the forefront.

“Playing solo is the ultimate test of a player’s all-round abilities. You are responsible for every choice you make, from rotations to engagements, and it forces you to master every aspect of the game. Red Bull Solo Legends recognizes individual excellence and encourages players to innovate, adapt, and compete at the highest level,” noted Sahil Jakhar aka Omega.

This initiative reinforces Red Bull’s growing presence in the Indian esports ecosystem. The brand has long supported competitive gaming through flagship properties such as the Red Bull M.E.O. (Mobile Esports Open), featuring BGMI and the World Cricket Championship. It has also collaborated with leading Indian esports organization GodLike Esports and onboarded top gaming talent such as Ujjwal Chaurasia (Techno Gamerz), Jonathan Amaral (Jonathan Gaming), Ankit Panth (V3nom) as Red Bull Athletes while partnering with numerous gaming events across the country. Red Bull Solo Legends builds on this commitment by providing a distinctive platform for emerging Indian gamers to showcase their skill and talent.

“Solo competition is where you truly test your adaptability and decision-making under pressure. The unique thing about Red Bull Solo Legends is that it gives players the chance to showcase those skills and handle intense situations on their own. Every match challenges you to think on your feet and find creative solutions, whether it’s surviving the zone, positioning against multiple opponents, or optimizing your loot. This tournament will bring out hidden talent and give gamers a real chance to prove themselves among the best in the country,” commented Mohammed Lakhani aka Owais.

Registrations for Red Bull Solo Legends are now open and will continue until October 31. Aspiring solo players can sign up via – redbull.in/sololegends

Stay updated on all tournament news, announcements, and highlights by following Red Bull India on social media.

The post Red Bull launches ‘Solo Legends’; India’s largest-ever solo BGMI tournament appeared first on European Gaming Industry News.

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BC.GAME News Secures Front-of-Jersey Deal with Deccan Gladiators for Abu Dhabi T10 2025

Published

9 hours ago

October 13, 2025

Adrienn Sarkany

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Three-time Abu Dhabi T10 champions Deccan Gladiators have announced a new title sponsorship agreement with BC.GAME News ahead of the 2025 season.

As part of the partnership, BC.GAME News will appear on the front of the Gladiators’ official match jersey — the most prominent branding position in one of cricket’s fastest-growing and most-watched short formats.

The Gladiators, T10 champions in 2021, 2022, and 2024, have reached the finals five times in the past six editions—making them one of the most consistently performing franchises in tournament history. With a reputation for a high-scoring batting approach and assertive on-field strategies, the team enters the 2025 season with a strong competitive record.

“Deccan Gladiators have always represented performance, passion, and boldness,” said Udit Vats, CEO of the franchise. “Our new partnership with BC.GAME News reflects our ongoing commitment to innovation and to delivering unforgettable experiences for fans worldwide.”

The Abu Dhabi T10 League — sanctioned by the ICC and launched in 2017 — has continued to attract a global audience, with its condensed 10-over format drawing comparisons to the high-tempo energy of digital-era entertainment. In recent years, the tournament has also emerged as a preferred sponsorship platform for digital-first brands looking to engage young cricket fans across South Asia and the Middle East.

Sources close to the partnership suggest that the collaboration will feature a mix of digital content campaigns, fan engagement initiatives, and online media integrations throughout the season.

The Deccan Gladiators are expected to unveil their 2025 squad — including returning international stars and domestic prospects — in the coming weeks, as anticipation builds for the opening match of the Abu Dhabi T10 2025 season.

About BC.GAME News

BC.GAME News is a newsroom covering digital entertainment, sports partnerships, and community initiatives worldwide. It focuses on clear, timely announcements and responsible-entertainment messaging for 18+ audiences.

About Deccan Gladiators

Deccan Gladiators is a professional T10 cricket franchise competing in the Abu Dhabi T10. Known for its fast-paced style and passionate fan base across the Middle East and South Asia, the team collaborates with partners to deliver engaging on- and off-field experiences.