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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%.

  • 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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XGENIA Exits Beta: Debuts Enterprise AI Platform at SiGMA; Built Production-Quality Slot Game in Days

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XGENIA, the AI-native development platform, today announced the debut of its production-ready enterprise tier at SiGMA Central Europe in Rome. The company will showcase “Dark Alice”—a polished, playable slot game built entirely on XGENIA in a matter of days—demonstrating how AI-first architecture is collapsing development timelines from months to days while maintaining full creative control.

Industry professionals attending SiGMA Central Europe (Fiera Roma, November 3–6, 2025) are invited to Hall 2, Stand 2006 to play Dark Alice, experience XGENIA’s Dark AI security methodology featured in SiGMA World, and see live demos of the platform’s AI Workflows and other enterprise capabilities. Book a private 15-minute demo at xgenia.ai/book-a-demo.

“Six months ago, we had a vision. Today, we have a production platform that just built a polished slot game, end to end, in days,” said Mark Flores Martin, CEO of XGENIA“That’s not incremental improvement—that’s a fundamental reset of what’s possible in game development. Studios shouldn’t spend months battling fragmented tools. With XGENIA, they build visually, ship faster, and keep full control.”

What XGENIA will debut at SiGMA:

Enterprise Tier with iGaming Package

Purpose-built for regulated markets and studio pipelines, XGENIA’s new Enterprise Tier delivers advanced controls and integrations tailored for iGaming operations. The iGaming Package includes production-ready game templates for slots, crash games, and more—eliminating repetitive setup tasks and accelerating prototyping and deployment timelines from months to days.

The production-ready platform delivers:

  • Visual Development — Node-based TypeScript with full PixiJS and advanced camera controls
  • AI Workflows — Vibe Coding, on-the-fly image editing, 200+ AI models and 1000s of integrations
  • Professional Animation — Full Spine support for skeletal animation
  • Instant Backend — One-click Supabase deployment
  • Production Templates — Ready-to-use templates for slots, crash games, and more to accelerate prototyping
  • iGaming Maths Engine — Dedicated nodes for RNG, reel strips, balance handling, state management, and result formatting

XGENIA combines the speed of turnkey deployment with the customisation of full development studios—enabling operators to prototype, test, and launch distinctive gaming experiences at a fraction of traditional timelines and costs.

The popular Free tier remains available to indie developers and small studios, with a Premium tier currently in development.

Beyond Gaming: AI-First Transformation for Any Business

While XGENIA powers next-generation game development, its visual, node-based architecture enables any business to become AI-first—not by bolting AI onto legacy processes, but by building AI workflows from the ground up.

“Most companies fail at AI transformation because they’re automating broken workflows,” said Martin. “That’s not AI-first—that’s a slightly faster version of the past.”

XGENIA’s platform reveals hidden bottlenecks in existing processes, allowing businesses to identify core vulnerabilities ripe for reinvention. By leveraging modern cloud platforms like Supabase and Vercel, companies eliminate traditional infrastructure headaches while building AI-native operations.

XGENIA’s four practical rules for AI-first operations:

  • Mandate AI as the Default — Begin every task with an AI tool
  • Make AI a Core Expectation — Position AI usage as essential across all functions
  • Embed AI into Operations — Layer AI onto systems for data-driven decisions
  • Declare AI a Strategic Priority — Reorient products around AI integration from the top down

“The same visual tools that let game developers create complex mechanics in days can help any business transform their operations,” Martin added. “We’re showing companies how to build AI-native infrastructure, using AI.”

“Dark Alice”: Proof at Production Quality

Visitors to Stand 2006 can play Dark Alice, a fully realized slot game demonstrating XGENIA’s end-to-end capabilities. Built in a matter of days using XGENIA’s slot template as a foundation, Dark Alice features hauntingly beautiful art direction, smooth Spine animations, and compelling bonus mechanics—all created using XGENIA’s visual, AI-assisted workflow.

It’s not a tech demo. It’s a game operators can imagine on their platforms.

Dark AI: Security That Evolves With Threats

XGENIA’s Dark AI—detailed in the company’s recent SiGMA World op-ed—goes beyond traditional penetration testing. This controlled “red-team” AI continuously stress-tests game logic, infrastructure, and operational workflows against emerging AI-driven threats, allowing platforms to self-harden and build evidence-based confidence for regulators and operators.

Unlike periodic security audits and penetration tests, Dark AI operates autonomously and continuously, providing real-time hardening against evolving attack vectors—including AI-powered social engineering, code injection, and exploitation of game maths vulnerabilities. The future of cybersecurity is AI versus AI. Live demos will be available at the booth.

From Private Reveal to Production in Six Months

In May 2025, XGENIA unveiled its vision at an exclusive event in Valletta, Malta: replace fragmented, legacy workflows with a unified, creator-first, AI-native platform.

After rapid, community-driven release cycles—including alpha testing, public beta launch in August 2025, and three complete engine rebuilds—the platform now exits beta as a stable, enterprise-grade solution for studios and operators.

XGENIA defines a new product category: AI-native, node-based visual development that fuses collaborative AI, professional 2D engines, iGaming-specific maths tooling and game templates, and instant backend deployment into one seamless canvas.

Experience XGENIA Live at SiGMA Central Europe, Rome

Where: Fiera Roma, Hall 2, Stand 2006

  • Play “Dark Alice” — production-quality slot built in XGENIA in days
  • Experience Dark AI — autonomous security testing in action
  • See platform demos — visual node-based development, AI workflows, on-the-fly AI editing, instant deployment
  • Explore game templates — slots, crash games, and rapid prototyping tools

The post XGENIA Exits Beta: Debuts Enterprise AI Platform at SiGMA; Built Production-Quality Slot Game in Days appeared first on European Gaming Industry News.

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MyEmpire Reborn: New Look, New Empires, New Features

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MyEmpire, one of the leading brands within the MioMedia affiliate program, proudly unveils its grand transformation. The empire has been reborn — with a stunning new look, an expanded collection of games, and thrilling new features set to redefine the gaming experience.

The redesigned MyEmpire brand unveils a fresh and immersive environment inspired by great civilizations of the past. The new interface offers smoother navigation, enhanced visuals, and a layout that reflects the brand’s evolution and the spirit of the empire. It’s cleaner, faster, and full of life — giving players the feeling of truly stepping into a renewed realm of majesty.

The updated design extends across the entire game world, bringing richer landscapes, detailed architecture, and enhanced character art that adds elegance and depth, drawing players further into play.

Along with the visual transformation, MyEmpire is expanding its portfolio with new games. Each title offers a unique experience while staying true to the empire’s spirit of strategy, adventure, and discovery. Together, they create a broader and more dynamic world for players to explore.

Beyond new games, MyEmpire is expanding with the launch of a dedicated shop — a new destination where players can purchase exclusive items or exchange their in-game bonuses for them. It’s a fresh way to turn progress into rewards and make every victory even more satisfying.

Soon, players will also enjoy new gamification features — SpinRally, Wheel of Fortune, and WonderPot. These additions will introduce even more thrills and rewards, giving players the chance to test their luck, win prizes, and uncover new surprises within the empire. Each feature is designed to enhance engagement and add a fresh layer of fun to the play.

MioMedia Affiliates continue to stand at the forefront of iGaming innovation, bringing together top-performing brands and world-class affiliate partnerships. As MyEmpire enters a new era with its refreshed look and features, MioMedia Affiliates celebrates the brand’s dedication to excellence, creativity, and pursuit of entertainment that both inspires and rewards.

For more information and guidance, contact the team: https://www.miomedia.com/contact-us

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53% OF PC DEVELOPERS WORRY ABOUT STEAM RELIANCE, AS PC DISTRIBUTION DIVERSIFIES

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Rokky, the PC game distribution platform delivering publisher-approved keys to global markets, has today unveiled its landmark whitepaper, The State of PC Distribution. The report, based on an independent study of 306 game industry execs, reveals how Steam’s continued dominance of PC game distribution leaves developers fearing their over-reliance on the platform and exploring alternative channels.

For years, Steam has deservedly been synonymous with PC game distribution. A striking 72% of developers believe Steam operates as a monopoly, with more than half (53%) concerned about their overwhelming reliance on a single platform. With over 18,000 new titles hitting Steam in 2024, the dominant storefront is drowning in games, and this fierce competition fuels developers’ concerns for game distribution. Market saturation (35%), and the ever-present challenge of discoverability (33%) are cited as key challenges, although the rise of the free-to-play model (40%) was named as the number one concern.

In response, developers are diversifying their distribution channels, with a significant 48% utilising the Epic Games Store. E-stores (38%) and marketplaces (30%) are also key channels for PC distribution, offering avenues to sell Steam keys outside of Valve’s platform, and appreciated by a third of developers for their access to hard-to-reach markets. The report also dives deep into the often-misunderstood gray market, where discounted keys are resold from low-priced regions in marketplaces and e-stores. With 73% of developers concerned about players reselling keys, “The State of PC Distribution” Report details how studios can reap the perceived benefits of e-stores and marketplaces without falling victim to the gray market.

Vadim Andreev, CEO and Co-Founder of Rokky, said:

“With a growing prominence of e-stores and marketplaces, PC game distribution is more varied, vast, and complex than it has ever been. New opportunities are everywhere – as are pitfalls and challenges. And most of the old guard remain relevant. Understanding the nuances has never been more important, and so we created this report to highlight the trends that matter.”

Key Findings from “The State of PC Distribution”:

  • Today’s challenges: The rise of free-to-play games is the biggest challenge of selling PC games today (40%), followed by market saturation and competition (35%) and discoverability (33%)

  • Steam’s dominance: 88% of studios say Steam accounts for over 75% of their revenue. 72% feel Steam effectively exists as a monopoly and 53% are concerned about their level of reliance on that single platform.

  • Beyond Steam: 48% have distributed a title to the Epic Games Store, 30% to marketplaces such as G2A and Kinguin, 38% to e-stores such as Fanatical or Humble Bundle, 10% have distributed with GOG, and 8% with itch.io.

  • Marketplace Benefits: Developers relate marketplaces with benefits such as ease of use (45%), pricing control (35%), promotional support (33%) and international reach (31%).

  • E-Store Benefits: Developers relate marketplaces with benefits such as ease of use (41%), pricing control (35%), promotional support (33%) and international reach (35%)

  • Marketplace Concerns: Developers relate marketplaces with the gray market (24%), loss of control (22%), and loss of revenue (22%).

  • E-Store Concerns: Developers relate e-stores with the gray market (23%), loss of control (23%), and loss of revenue (19%).

  • Alternative distribution outlook: 75% of developers anticipate at least a 10% revenue uplift from using e-stores and marketplaces; 80% expect alternative channels to become a regular part of their distribution mix within five years.

  • Defining the gray market: Only 22% believe the gray market is the concept of unauthorised reselling. For the majority of respondents (73%), the gray market is not a practice but a place. 24% perceive that marketplaces themselves are the gray market, 24% define it as e-stores, and 25% believe the gray market is a combination of both.

  • Resale concerns: 73% of developers are concerned about players reselling keys.

The post 53% OF PC DEVELOPERS WORRY ABOUT STEAM RELIANCE, AS PC DISTRIBUTION DIVERSIFIES appeared first on European Gaming Industry News.

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