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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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Genting Casino Launches the £20k Spin Leaderboard Challenge with VIP finale at Resorts World Birmingham

Published

17 hours ago

October 14, 2025

Adrienn Sarkany

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Reading Time: 2 minutes

Premium online casino brand Genting Casino has announced the launch of its headline £20k Spin Leaderboard Challenge, an exciting promotion offering players the chance to spin for £20,000 grand prize in a roulette showdown at Resorts World Birmingham in December.

Live now until 17 November 2025, this exclusive multi-channel promotion gives eligible UK online casino customers the opportunity to get free spins on deposit, compete in a leaderboard by playing selected games, and secure a place in a live-filmed casino tournament, culminating in a single spin worth £20,000.

Players can opt in by making a deposit of £10 or more at Genting Casino using the bonus code WIN20K, which grants 150 free spins on Big Bass Splash, 10 leaderboard points and a shot at climbing the top 50.

The top five players on the leaderboard will be invited to Resorts World Birmingham for a VIP experience including an overnight stay on the 13th December, up to £150 travel reimbursement and entry into a high-stakes live roulette tournament. The overall tournament winner will claim the Grand Prize Spin which could be worth £20,000.

Those finishing between 6th and 50th place on the leaderboard will receive 100 free spins on Fishin’ Frenzy The Big Catch 2.

Mike Vella from Genting Casino said: “We’re thrilled to offer our unique £20k spin promotion to online customers again, culminating in our unique live finale. The campaign brings players from screen to casino floor in a spectacular fashion and is part of our commitment to capitalise on the exclusive journey we can offer our online customers thanks to our partners at Resorts World Birmingham.”

Leaderboard points are earned playing Online Slot Games and selected Live Tables. Double points are available on specific games on certain weeks with eligible titles including Genting Live Roulette from Manchester, Lucky Lady’s Charm Deluxe and Fishin Frenzy The Big Splash.

The final five players will participate in a filmed, bracket-style live roulette tournament at Resorts World Birmingham, with one last spin deciding who walks away with the life-changing top prize.

Winners will be contacted on 19 November 2025, and the live tournament date will be on 13 December 2025.

This is another example of Genting Casino offering customers a chance to play their favourite online games in order to climb the leaderboard to win prizes from cash following on from previous promotions which offered winners experiences including trips to see some of the world’s most prestigious sporting events.

Genting Casino offer a premium online experience with over 7,000 casino games ranging from the classic casino table games including live roulette, blackjack and a catalogue of online slots and instant win games from leading studios and providers, including favourites like Starburst, Fishin’ Frenzy and Book of Dead, all within a safe and secure gaming environment.

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Xtremepush Confirms €12m Financing by AshGrove Capital

Published

20 hours ago

October 14, 2025

Adrienn Sarkany

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Reading Time: 2 minutes

Xtremepush, a market leader of CRM and gamification powered by AI, has announced today that it has received €12m in new funding from its long-term investment partner, AshGrove Capital.

The European capital solutions provider, which specialises in B2B software companies, has issued a flexible debt facility to Xtremepush, which will allow a scaling up of its ambitious growth and acquisition strategies. In addition, it will cement Xtremepush’s market-leading position as a unified CRM and gamification software platform while also advancing its footprint in regulated verticals such as financial services, e-commerce, and publishing.

Xtremepush’s next growth phase, set to be expedited by this latest funding, will see it scale up its operations in multiple regulated markets. This will allow Xtremepush, with Ashgrove’s support, to continue its investment in industry leading R&D, explore new opportunities in other verticals, expand its global market footprint, and power its acquisition strategy complementary to its existing model. The CRM experts hold a five-year investment relationship with AshGrove Capital and this funding round gives a strong approval of the trajectory of the Dublin-based firm, which also has private equity relationships with tech-focused Grafton Capital and Bettor Capital.

Tommy Kearns, CEO and co-founder at Xtremepush, said of the latest funding: “AshGrove Capital has been a hugely supportive partner over the last five years and this latest financing commitment will help us realise our ambitious growth strategy and will accelerate our acquisition plans in the very near future.

“Xtremepush has gone from strength to strength as a CRM and gamification leader in a short space of time, and this backing makes it a truly exciting time to push on following such a major vote of confidence in our technology, leadership, and business direction.”

Jonathon Ferguson, Co-Founder and Partner of AshGrove Capital, added: “Xtremepush are one of very few innovators in the CRM space, consistently raising the bar and demonstrating value to its partners, who inevitably continue their relationship for the long haul”.

“This latest investment is testament to our belief in their ambitious growth strategy, strong leadership, and robust organisation – one that empowers regulated businesses to deliver compliant, tailored communications at scale. With this new commitment, we’re ready to facilitate the next step of the Xtremepush journey and help the firm scale to become a leader in CRM across various regulated sectors.“

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Galaxsys’ Maestro Tops Crash Game Charts with 500,000+ Players Worldwide

Published

20 hours ago

October 14, 2025

Adrienn Sarkany

galaxsys’-maestro-tops-crash-game-charts-with-500,000+-players-worldwide

Reading Time: < 1 minute

Galaxsys is proud to announce that Maestro, its flagship crash game, has reached new milestones in player engagement and popularity. With over 500,000 active players and more than 30 million rounds played each month, Maestro continues to deliver an unparalleled gaming experience.

About the Game

In Maestro, players place bets before the round starts and watch as the parrot begins to fly, while the odds steadily climb. Players win with the corresponding odds if they click the “Cashout” button before the crash—the sudden stop—occurs. Maestro features dynamic animations and fascinating bonuses, making every round visually engaging and emotionally thrilling for players.

Key Performance Highlights

500,000+ active players – Demonstrating the game’s strong global appeal and consistent player engagement.
30 million rounds played per month – Highlighting the game’s high activity levels and replay value.
$5+ average bet size – Reflecting players’ confidence and willingness to invest in the game.
75% player return rate – A testament to Maestro’s engaging mechanics and player satisfaction.
Available in 10+ regulated markets – Ensuring safe and compliant gaming experiences for a wide audience.
Offered by 1,500+ operators worldwide – Proving Maestro’s strong adoption and popularity within the operator community.

Teni Grigoryan, Chief Sales and Partner Management Officer at Galaxsys, commented on the game’s success and growth opportunities: “Maestro has been performing exceptionally well across multiple regions. We’re seeing strong engagement from players and consistently high activity levels, which reflects both the game’s mechanics and its universal appeal. Operators across different markets have reported excellent retention and repeat play, making Maestro a reliable and profitable addition to their portfolios.”

Operators can seamlessly integrate Maestro, along with other top-performing industry titles, through a single integration.

The post Galaxsys’ Maestro Tops Crash Game Charts with 500,000+ Players Worldwide appeared first on European Gaming Industry News.