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

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INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the threemonth period ended March 31st, 2023, prepared in accordance with IFRS.

OVERVIEW

  • Group Revenue at €89.5m (8.4% yoy).
  • EBITDA at €33.7m (+29.2% yoy) 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% yoy).
  • 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% yoy).
  • Group Net CAPEX in 1Q23 was €7.2m.
  • Group Cash at the end of 1Q23 at €109.2m, €6.8m higher vs. Dec22.
  • Net Debt at €471.6m at the end of 1Q23, lower by 18.9m vs. Dec22 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 threemonth 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%.

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  • 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 threemonth 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% yoy), driven by local market growth. In local currency, current year results posted a +104.5% yoy 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% yoy), 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 Bilyoners improved performance, favored by the growth of the online market. In 1Q23, the local Sports Betting market expanded close to 2.2 times yoy. 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% yoy 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 topline performance in USA and Turkey
  • Other Operating Income from continuing operations ended at €7.8m presenting an increase of 37.0% yoy (or €+2.1m).
  • EBITDA amounted to 33.7m in 1Q23, posting a doubledigit 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 Cashflow in 1Q23 amounted to 37.2m, increased by €19.9m, compared to 1Q22. The positive impact arising from the higher recorded EBITDA yoy 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 Dec22. Positive gross debt movements include the capital payments towards the Term Loan in US, the lower interest accrued in comparison with Dec22 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 ilottery 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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Boomerang’s insights: The evolution of sports betting traffic

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Sports betting is becoming a key driver of affiliate growth — it’s a global trend, and Boomerang Partners reveals the latest insights behind this evolution.

Sports betting has evolved significantly in recent years. Now, it is a serious separate direction in affiliate traffic, bringing top profits. Boomerang Partners, a rapidly growing global brand and organizer of the tournament for affiliate teams – the Golden Boomerang Awards, has analyzed the evolution of this business direction and shared its insights.

It’s a thing of the past: simple Sportsbook sites, limited payment methods, and basic betting options

Evolution touches every aspect of human activity, and sports betting is no exception. Previously, bookmakers offered their users simple website functionality so they could focus their attention only on betting opportunities. The range of markets was much more modest than it is now.

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Payment options for deposits and withdrawals were also quite limited compared to today, often causing inconvenience for users. Users had to choose from a few options for transferring funds, and it was not always convenient for them.

Current trends: focus on dynamics, privacy, and modern technology

Today, the betting industry is booming thanks to live betting, where users place wagers in real time. The rapid development of the mobile app segment makes it possible to place bets wherever one likes. Users also appreciate dynamically changing odds and the ability to watch match streams on betting platforms to adjust their predictions. Artificial intelligence (AI) is increasingly being used to calculate odds, making them more accurate and adaptive.

Modern technologies have expanded the range of payment methods available, with the integration of cryptocurrencies opening new possibilities for fast, secure, and anonymous transactions. Another notable trend is the introduction of social functions into the work of Sportsbooks. For example, holding tournaments with prize pools adds an element of interaction and competition between players.

Golden Boomerang Awards 2025 as an opportunity to succeed through sports traffic

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Sports betting is now an important area that can significantly impact traffic growth. Boomerang Partners is currently running its second annual global Golden Boomerang Awards 2025. Its participants compete for monthly prizes and awards in 11 categories, including a Grand Prix. This year, for the first time, organizers have introduced two separate leaderboards: one for sports and one for casino traffic. Registration is open until May 5, and all interested affiliate teams have time to join and compete for awards.

Also, as part of the Golden Boomerang Awards 2025, Boomerang Partners is holding a special raffle with prizes to coincide with the Champions League semifinals. The tournament will run until May 11. If you register now, you can get into the prize draw, which will take place on May 3. The top 30 teams at the end of the tournament will go to Milan to the iconic San Siro stadium.

Join the Golden Boomerang Awards 2025

About Boomerang

Boomerang Partners is a rapidly growing global brand offering a wide range of services. Boomerang is the Official Regional Betting Partner of AC Milan and collaborates with women’s football star and influencer Alisha Lehmann. In 2024, it launched the inaugural Golden Boomerang Awards 2024, the first annual global affiliate tournament. Boomerang Partners’ betting segment surged 5x, and gambling — 2x in 2024. Its affiliate program demonstrated a 120% increase in partners, and the number of sports betting offers surged more than 6 times. Six new products were launched by Boomerang in 2024, which contributed to an almost 1.5-fold increase in product users.

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Boomerang’s portfolio contains 15+ gambling brands, including sportsbooks. They cover over 35 GEOs and offer a wide range of betting options with favorable odds. These products provide personalized bonuses and 24/7 multilingual support.

The post Boomerang’s insights: The evolution of sports betting traffic appeared first on European Gaming Industry News.

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Team Vitality launches RushBee: Creative media agency dedicated to helping brands shape the future of entertainment

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Team Vitality, one of the world’s leading esports clubs, is excited to announce the launch of RushBee, a new marketing agency designed to deliver high-impact, culturally relevant campaigns. Built to meet the evolving expectations of Gen Z and Alpha, RushBee helps brands craft authentic narratives that drive engagement across gaming, entertainment, and pop culture.

Building on over a decade of Team Vitality’s expertise in building online communities and partnering with top content creators, RushBee offers brands a unique gateway into emerging digital behaviours and trends. The agency specializes in immersive, social-first brand experiences that connect meaningfully with digital-native audiences.

While rooted in the gaming culture, RushBee’s ambitions go beyond the esports sector, aiming to help brands engage with next-gen audiences across traditional and media industries, creating immersive,social-first brand experiences, designed for Gen Z and Alpha.

RUSHBEE: THE AGENCY SERVING BRANDS IN TODAY’S FAST-MOVING DIGITAL WORLD

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With over 3.3 billion gamers worldwide, younger generations are shifting their attention from traditional media to new platforms such as Twitch, TikTok, and YouTube. Video games and social media are now the pillars of contemporary pop culture and the brands looking to connect meaningfully with Gen Z and Alpha, must embrace this cultural phenomenon to be successful.

RushBee has been launched to help brands navigate this cultural phenomenon with authenticity, speed, and creative edge. With a team of experts in strategy, production and creation, RushBee will deliver standout brand stories that resonate across platforms and generations to help brands cut through the noise, offering complete support on four major key pillars including:

  • Brand strategy: Connect brands with the new generation of consumers who shape trends and spark cultural conversations – turning attention into long-term affinity.
  • Creative factory: From idea to execution, crafting bold, original campaigns that cut through the noise and come to life across every channel.
  • Growth media: Design data-led, tailor-made media strategies that reach the right audience, spark engagement, and drive measurable results.
  • Experiential: Building immersive, innovative brand experiences that captivate all types of audiences and create lasting emotional impact.

Under the leadership of François-Xavier Roux – an expert in creative industries and artistic production with a background at M6 Music, Paramount Media Networks, and Endemol – RushBee is positioning itself as a new force in cultural marketing. “Through RushBee, we want to channel the expertise we’ve developed in esports to service more traditional brands,” explains François-Xavier. The high expectations of gaming and esports communities have pushed us to move faster, think sharper, and execute with greater precision than traditional agencies, especially when it comes to creativity and data. RushBee is uniquely equipped to tell powerful stories and help brands create bold, engaging campaigns that resonate.”

Drawing on his deep experience in brand strategy and the production of high-impact content, François-Xavier will guide brands across the entire value chain, from strategic consulting and creative campaigns to immersive activations, talent partnerships, and the production of innovative formats.

TEAM VITALITY PROVIDES PREMIUM SUPPORT TO BRANDS

Leveraging a network of partners including ALDI, NESCAFÉ LATTE, UNILEVER, hummel, and EVNIA by Philips, RushBee draws on Team Vitality’s proven expertise in brand collaboration. Rooted in a global footprint including 12 esports teams across Europe, Asia, and the Americas, over 13 million social media followers, and offices in Paris and Berlin, RushBee builds on a strong foundation of influence and credibility.

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This new business unit represents a powerful growth engine, enhancing Team Vitality’s premium services and marking a new chapter where cultural relevance, sporting ambition, and long-term value creation converge.

Team Vitality continues its expansion with a clear objective: to become the go-to partner for brands shaping the future of gaming, entertainment, and digital culture.

Amélie Canet, Director of Strategy and Brand Development at Team Vitality, shares:
“The creation of RushBee aligns perfectly with our 2025–2027 roadmap and marks a strategic turning point for Team Vitality. It reflects our ambition to build a sustainable business model that supports our global development beyond pure competitive performance. RushBee embodies our commitment to innovation, diversification, and delivering tangible value, both for our long-standing partners and new brands seeking to connect with the digital generation. It also reinforces our positioning as a premium international brand.”

The post Team Vitality launches RushBee: Creative media agency dedicated to helping brands shape the future of entertainment appeared first on European Gaming Industry News.

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Fujitsu names Sammi Abdulla as Business Development Manager for iGaming

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Fujitsu, the leading provider of infrastructure and platform solutions to businesses in the global online gambling industry and beyond, has named Sammi Abdulla as Business Development Manager for iGaming.

Sammi is a highly experienced business development manager, having held roles at major companies both inside and outside of the industry. Most recently, he was Business Development Manager at media powerhouse, Next.io.

As Business Development Manager at Fujitsu, Sammi has been tasked with driving the company’s expansion within the global online gambling industry, building meaningful relationships, understanding the unique demands of the sector and aligning Fujitsu’s solutions with client needs.

This includes delivering tailored platform and infrastructure solutions such as compute, storage and hybrid cloud. Sammi will also consult on technical requirements and compliance standards and support clients in driving digital transformation initiatives that improve scalability, uptime and security.

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Over the coming months, his priority will be to engage with key stakeholders across the industry, demonstrate how Fujitsu’s technology can add real value and help clients to strengthen and futureproof their operations via scalable, secure and reliable infrastructure.

Nick McDonald, iGaming Account Director at Fujitsu, said: “Sammi is one of the most experienced Business Development Managers in the sector with a proven track record at renowned organisations both in and out of the industry. We are delighted to be able to leverage this as we look to strengthen our position in the market. 

“Fujitsu’s platform and infrastructure solutions set the standard for others to follow, and with Sammi on board, we can make more operators and suppliers aware of our suite of products and how they can help them future proof their operations. 

“This is a significant hire for Fujitsu, and I look forward to working closely with Sammi in the weeks, months and years to come.”

Sammi AbdullaBusiness Development Manager for iGaming at Fujitsu, added: “I’m thrilled to have joined Fujitsu and to be diving even deeper into the iGaming world, a space I have good knowledge of and feel passionate about. 

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“With Fujitsu’s powerful tech behind us, I’m excited to help our clients level up their infrastructure, stay ahead of the game and maybe even have a little bit of fun while we do it. 

“I’m also looking forward to working with the incredible Fujitsu team, which has already made me feel incredibly welcome.”

The post Fujitsu names Sammi Abdulla as Business Development Manager for iGaming appeared first on European Gaming Industry News.

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