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Player Complaints Policy Guidelines Version 1.1 18th June 2025
1 Policy Overview
This Complaints Policy outlines the framework for managing player complaints and disputes, ensuring a transparent, fair, and efficient process in alignment with the requirements under Article 5.3 of the National Ordinance on Games of Chance (Landsverordening op de kansspelen, “LOK”).
Adherence to this Complaints Policy is considered a requirement under the LOK, and failure to comply will be addressed by the Curacao Gaming Authority (CGA) in accordance with its supervision, monitoring and enforcement procedures.
The Complaints Policy guarantees players access to a straightforward and effective complaint and dispute resolution process, including free alternative dispute resolution (ADR) services that prioritize quality and independence.
In accordance with Article 5.3 of the LOK, further rules, policies and guidelines regarding complaints and ADR processes may be established and implemented from time to time. These will be published and made available on the CGA website.
• The operator’s player complaints policy must be clearly included or referenced in the operator’s Terms and Conditions. It must include details of all Stages of Complaint Resolution (Clause 3.2)
- The operator may, at its own discretion, publish the policy as a “standalone” document with link(s) from the website homepage and/or registration page.
- The operator may, at its own discretion and subject to compliance with applicable private law, require the player to explicitly confirm acceptance of the Complaints policy in any way including a tick box, popup or email.
- The operator may, at its own discretion, include acceptance of the Complaints policy as part of its registration process.
This Complaints Policy is based on regulatory requirements under the LOK. It does not affect or override the applicable rules of private law, including, but not limited to, the provisions of Book 6 of the Civil Code of Curaçao concerning general terms and conditions. Operators remain responsible for ensuring compliance with all relevant civil law obligations independently of this policy. They are expected to seek appropriate legal advice to ensure that their complaints procedures and terms and conditions conform to private law requirements.
2 Definitions
2.1 Player Interaction
Any written communication initiated by a player and directed to the operator’s customer service team. This includes general enquiries, feedback, or requests for information, assistance, or clarification.
2.2 Complaint
A Complaint is a written expression of dissatisfaction by a player relating to the operator’s services, decisions, terms, or conduct, which indicates the player is unhappy and expects a response or resolution. For the purpose of Reporting requirements (Clause 6) a complaint is when a Complaint Submission Form (Clause 3.2 paragraph 3) has been submitted by the player to the operator and/or a complaint has been escalated to ADR.
2.3 Dispute
A complaint that has not been resolved to the player’s satisfaction through the internal complaints process and has been escalated, either within the organisation or to an independent third party (e.g. an ADR provider or court of law).
3 Complaint Submission Process
3.1 Complaint Window
1. This Complaints Policy applies to all players of operators licensed under the LOK from the date of licence issuance, and to all operators licensed under the NOOGH regime from the moment they were issued a green or orange dynamic seal.
2. Players may lodge a complaint free of charge at any time up to six months of the settlement of the bet or the incident about which they are making a complaint.
3. In the case of P2P (such as poker) or ante post fixed odds betting the six month clock begins after the bet settlement or conclusion of a specific event rather than the placement of the wager.
4. In the case of complaints about in-running sports betting, customers must be advised that while they may submit a complaint within six months, prompt action may be necessary if the investigation may depend on data specific to the complaint which — due to the nature of inrunning betting — may no longer be available after a short period, insofar as the operator cannot reasonably be expected to preserve such data any longer…
3.2 Stages/Escalation of Complaint Resolution
1. Complaints can only be made by the registered player. Article 1.3 section c of the LOK mandates that a player is not allowed to sell, donate, rent out, lease, pawn, or pledge, under any title, any of their claims against the holder of a gaming license from the CGA.
2. In the first instance the operator must offer customer support via email and/or live chat.
3. An official Complaint Submission Form must be available to the player.
a. This form must be either a downloadable form that can be completed and emailed or otherwise uploaded by the player, and/or a form that is fully completed and submitted online.
b. The form must include at a minimum the following sections
i. Complainant’s name, address, and place of residence.
ii. Complainant’s account number (if applicable) iii. Date of the complaint and date of the disputed event.
iv. Description of the conduct being disputed (using a selection of predetermined category topics if/as applicable).
c. The form must be available in English and in the language of the website/domain that the player is using.
d. The operator may request supporting documentation the player requires to include as part of the complaint. Any additional information or documentation requested by the operator must be a reasonable in the context of complaint resolution.
4. The operator must offer an ADR option for the players, subject to the requirements of Clause
5.
5. Except if mutually agreed under specific terms of ADR (Clause 5), the operator must not restrict the rights of the player him/herself to take legal action.
3.3 Role of the CGA
1. It is the responsibly of the operator to make the role of the CGA clear to the player in the Terms and Conditions.
2. The CGA will not resolve or make decisions on any player complaints regarding gamblingrelated transactions on the operator’s website(s).
3. Unless deemed to be inadequately handled, the decisions made by the operator and/or ADR provider will not be subject to reviewing and/or overturning by the CGA
4. Notwithstanding 2. and 3. above the operator must not restrict the player’s ability to contact the CGA directly with regard to matters including but not limited to malpractice, breach of license conditions or whistleblowing.
5. While the CGA does not mediate in individual disputes it will use the information to support its supervisory and enforcement actions.
4 Complaint Resolution Process
4.1 Timeline: Responsible Gaming Complaints
Complaints related to responsible gaming should be prioritized due to potential impacts on player well-being. Complaints should be categorized as related to responsible gaming in any case when it regards targeting of Vulnerable Players, the availability and/or timely implementation of self-exclusion and/or cooling-off and the mandated consequences therein as outlined in the Responsible Gaming policy.
Operators must use best in efforts to resolve these cases within five business days.
Within two days of receiving a complaint, the operator will:
• Confirm receipt of the complaint in writing.
• Provide an explanation of how the complaint will be processed.
• Provide notice of the average timeline for resolution of such complaints.
If more time is needed by the operator to make a reasonable and informed decision, players must be informed of the delay, which cannot exceed two weeks. If a delay is due to a lack of or a slow response from the player, the resolution period may be extended by no more than a further two weeks.
4.2 Timeline: All Other Complaint Types
The operator will assess and respond to complaints within four weeks. If necessary, due to complexity or lack of information, this period may be extended once by an additional four weeks, with prior written notice to the player.
Within one week of receiving a complaint, the operator will:
• Confirm receipt of the complaint in writing.
• Provide an explanation of how the complaint will be processed.
• Provide notice of the average timeline for resolution of such complaints.
4.3 Response and Resolution
A player will always receive a final determination of their complaint in writing.
The response will be either:
1. A reasoned final assessment of the outcome/resolution of the complaint with supporting evidence if necessary or applicable.
2. Detailed reasons for not handling the complaint. If additional information is reasonably required to address the complaint fully, the operator must have requested this information within the initial four week time period. Should the complainant not provide the necessary information within that time period, the operator may reject the complaint.
3. If the player is unsatisfied with the resolution and makes a further complaint to that effect, the player is informed that they may escalate the matter to an independent ADR entity.
4.4 Artificial Intelligence (AI)
The use of AI is permissible under this Complaints Policy Guideline subject to the following terms:
1. Once a player complaint has been identified as pertaining to Responsible Gaming
(Clause 4.1), communications with the player should be conducted by a human, not AI.
2. Complaints that can be reasonably considered as complex should be dealt with by a human, not AI.
3. The AI records must be monitored to ensure that they are reasonable in their solutions/recommendations and consistent across players with like-for-like complaints.
5 Alternative Dispute Resolution
In order to be compliant with their license conditions as mandated by LOK, each licensed operator must offer independent ADR services to their players in accordance with the ADR Policy.
1. Full details of the ADR process must be included in the operator’s Terms and Conditions.
2. Operators must have uploaded to the CGA Portal an agreement with at least one CGA Certified ADR entity, within one month of the publication of the Certified ADR Providers on the official website.
3. If a complaint cannot be resolved internally, players are entitled to escalate the matter to an independent ADR provider, free of charge. For avoidance of doubt, the operator will bear all costs of the ADR process.
4. Once ADR process is completed it cannot be recommenced by either the player or the operator with another different ADR entity.
5. In the event that the player drops out of the ADR process (but it has already begun) – it should be noted the player should not have the right to resurface the dispute in the future.
6. Provision of ADR services by the operator is mandatory. If the operator sets ADR parameters in order to prevent abuse (such as whether ADR must be undertaken before a player can initiate legal proceedings, the binding nature of the ADR outcome on the player, or whether there is a minimum claim value required for escalation to ADR), the CGA advises the operator to carefully consider these conditions and seek independent legal advice regarding any applicable civil legislation.
Furthermore, the CGA will take all relevant circumstances into account when assessing whether the operator’s measures to prevent abuse are justified. For example, the CGA may understand that in cases involving very low-value claims there may be a legitimate concern about potential misuse.
At the same time, each case must be assessed on its own merits. For instance, if a claim concerns the admission of a self-excluded person, the CGA expects the matter to be taken seriously, regardless of the monetary value involved.
6 Record-Keeping and Reporting
The operator will:
1. Submit reports to the CGA on January 15th and June 15th based on complaints submitted to the operator since the previous reporting period by players using the Complaints Submission Form. The first reports become due in January 2026.
2. The report will summarise the following:
a. Total number of complaints made.
b. Total number of settled complaints (upheld and rejected).
c. Number of pending or unresolved complaints.
d. Number of complaints by category.
e. Number referred to ADR.
f. Number and detail of complaints for which a player has taken legal action.
3. Ensure transparency and compliance with ADR decisions and regulatory updates.
4. ADR service providers will have their own reporting requirements in accordance with the Alternative Dispute Resolution policy issued by the CGA.
5. Records of unresolved complaints and/or complaints that have been escalated to ADR or legal proceedings will be kept for the lesser of five years or the relevant time stipulated by data protection, statute of limitations or other relevant laws or guidelines.
6. The CGA reserves the right to request, at any time, access to records of complaints received as well as any disputes that are pending resolution.
7 Terms and Conditions
The Complaints procedure statement will be visible and accessible on the operator’s website as a standalone link or document.
The Complaints procedure will also be clearly outlined in the Terms and Conditions.
Information provided will include at a minimum:
1. Links to customer service and information on how to contact the operator.
2. Detail of information required for a player to make a complaint and links to either/both either the online form or the downloadable PDF/Word document.
3. Timelines for responses and resolution.
4. Player rights to complain including explicit rights to ADR services and regulatory escalation.
5. An explanation of the potential consequences of the relevant ADR entity’s decision, and the manner in which this will affect the player’s right to further legal and judicial recourse.
6. Details of the ADR process and player rights.
7. Contact information for the ADR provider(s)
8. Clear information that the CGA does not mediate in individual disputes, but if the player feels the operator is in breach of regulations that the player may contact the CGA.
8 Reasons for Complaint
The player has the right to make a complaint regarding any part of their relationship with the operator, or any incident related to their participation in a game of chance. This includes (but is not limited to):
1. Deposit issues
2. Withdrawal issues
3. Bonus terms and conditions
4. Account closures or restrictions
5. Alleged errors or unfairness in game outcomes
6. Responsible gaming issues
7. Treatment of player balances
8. KYC and Verification
9. Data Protection
10. Technical or Software issues
11. AML concerns
12. Issues with minors
13. Fraudulent games
14. Fraudulent practices
15. License or regulation
16. Unfair terms and conditions
9 Transition Deadline
The Complaints Policy must be uploaded to the CGA Portal no later than 31st July 2025.
The post Player Complaints Policy Guidelines Version 1.1 18th June 2025 appeared first on European Gaming Industry News.
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INTRALOT delivers steady EBITDA performance at €60.2m and strong Operating Cash Flow generation of €72.2m in 1H25
INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the six-month period ended June 30 th, 2025, prepared in accordance with IFRS.
| (in € million) | 1H25 | 1H24 %
Change |
2Q25 | 2Q24 % Change |
LTM | ||
| Revenues1 | 168.0 | 165.3 | 1.7% | 79.6 | 83.6 | -4.8% | 358.3 |
| OPEX | (47.6) | (55.1) | -13.6% | (19.7) | (28.2) | -30.1% | (110.0) |
| EBITDA | 60.2 | 59.5 | 1.2% | 30.0 | 29.4 | 2.2% | 125.4 |
| AEBITDA2 | 60.2 | 59.5 | 1.2% | 30.0 | 29.4 | 2.2% | 131.5 |
| AEBITDA Margin (% on Revenue) | 35.8% | 36.0% | -0.1pps | 37.8% | 35.2% | +2.6pps | 36.7% |
| Reorganization expenses | (0.4) | (1.3) | -65.3% | (0.4) | (0.3) | 53.8% | (1.6) |
| D&A | (34.8) | (35.2) | -1.1% | (16.5) | (17.7) | -7.1% | (70.5) |
| EBT | 9.8 | 6.1 | 61.4% | 6.2 | 0.7 | 810.0% | 21.8 |
| EBT Margin (%) | 5.8% | 3.7% | +2.2pps | 7.8% | 0.8% | +7.0pps | 6.1% |
| NIATMI | (0.1) | 4.6 – | 0.5 | 0.7 | -34.0% | 0.2 | |
| Total Assets | 517.2 | 583.2 – | – | – | – | – | |
| Gross Debt | 400.3 | 447.6 – | – | – | – | – | |
| Net Debt | 333.6 | 362.2 – | – | – | – | – | |
| Net Debt (Adjusted)3 | 303.0 | 338.2 – | – | – | – | – | |
| Operating Cash Flow | 72.2 | 45.0 | 60.6% | 23.3 | 17.9 | 30.5% | 114.4 |
| Net CAPEX | (14.2) | (11.7) | 21.7% | (8.6) | (4.8) | 78.0% | (40.0) |
INTRALOT’s Chairman Sokratis P. Kokkalis noted:
1 Revenues are defined as Net Sales after winners’ payouts (GGR). For comparability purposes, 2024 figures have been
adjusted accordingly.
2 Adjusted EBITDA (AEBITDA) is defined as EBITDA excluding the impact from the settlement agreement with the District of Washington DC and all related costs that took place in December 2024.
3 Net Debt (Adjusted) is defined as Net Debt excluding the impact from Restricted cash related to financing activities and Debt repayments.
REVENUES
Reported consolidated revenues posted an increase of 1.7% compared to 1H24, leading to total revenues for the six-month period ended June 30th, 2025, of €168.0m.
- From a contribution perspective, the Lottery Games remain our largest contributor to Group’s revenue with a share of 53.0%, followed by Sports Betting with a share of 22.0%, VLTs monitoring with a share of 12.8% and Technology contracts with a share of 12.2%.
- Reported consolidated revenues for the six-month period is higher by €2.7m year over The main factors that drove top line performance are:
- Higher revenues by €2.9m (+2.4%) from our Technology and Support Services (B2B/B2G) contracts, primarily driven by improved performance in the US. Although service revenue in the US was impacted by lower-scale jackpots compared to prior periods, this was offset by increased equipment sales relatively to 1H24. Additionally, solid results in Argentina and a positive sales trend in Croatia further contributed to the growth.
- Lower revenues by €2.2m (or -5.9%) from our Management (B2B/ B2G) contracts, mainly driven by Turkish Despite the continued growth of the local online Sports Betting market, revenue performance was impacted by adverse accounting effects related to hyperinflation in the Turkish economy, which contrasted with a positive effect in the same period last year. In addition, higher investment in player acquisition and retention activities also weighed on revenues during the period.
- Higher revenues by €2.0m (or +32.0%) from our Licensed Operations (B2C) in Argentina, following the recovery in the economic activity that led to the continued strengthening of the local market. In local currency terms, the results for the current period posted a 91.4% y-o-y increase.
- On a quarterly basis, revenues decreased by 4.8% compared to 2Q24, leading to total revenue for the three-month period that started on April 1st, 2025, and ended on June 30th, 2025, of
€79.6m.
- Total Operating Expenses decreased by €7.5m (or -13.6%) in 1H25 (€47.6m €55.1m in 1H24) mainly due to lower costs in Turkey. On a quarterly basis, Operating Expenses posted a decrease of €8.5m (or -30.1%) in 2Q25 (€19.7m vs. €28.2m in 2Q24).
- Other Operating Income ended at €15.3m, posting an increase of 4% y-o-y (or €+1.4m). On a quarterly basis, Other Operating Income increased by 6.9% or €+0.5m.
- EBITDA amounted to €60.2m in 1H25, reflecting an increase of 1.2% (or €+0.7m) compared to 1H24. The Group’s performance was supported by the sustained organic growth across key markets, despite the negative effect from the local currency fluctuations against the Euro.
- On a yearly basis, EBITDA margin on revenues marginally decreased to 35.8%, from 36.0% in
- On a quarterly basis, EBITDA posted an increase of €0.7m (or +2.2%), while EBITDA margin on revenues increased by 2.6pps.
- LTM AEBITDA stands at €131.5m, higher by 6% vs. FY24.
EBT / NIATMI
- EBT in 1H25 amounted to €9.8m compared to €6.1m in 1H24, with the variance stemming from lower interest expenses, higher EBITDA and lower reorganization costs, partially offset by the loss due to the hyperinflation indexation. On a quarterly basis, EBT settles at €6.2m, higher by
€5.5m vs. 2Q24.
- NIATMI in 1H25 concluded at €-0.1m €4.6m in 1H24.
- Operating Cash-flow in 1H25 substantially improved to €72.2m compared to €45.0m in The positive effect was mainly driven by the favorable working capital movement and the lower taxes paid.
- CAPEX in 1H25 was €14.2m, increased vs. €11.7m in 1H24, mostly due to higher capital expenditures in US.
- Adjusted Net Debt, as of June 30th, 2025, stood at €303.0m, reflecting a reduction of €52.7m, while Adjusted Net Leverage Ratio4 improved to 3x from 2.7x at year-end 2024, underscoring the company’s enhanced credit profile. The solid financial performance in the first half is evidenced by the generation of €43.5m in Free Cash Flow5. During this period, principal repayments on funded debt totaled €19.8m, while net interest payments amounted to €14.6m. Furthermore, other debt movements amounted to €24.1m driven by favorable foreign exchange effects on U.S. dollar-denominated debt.
4 Adjusted Net Leverage Ratio is defined as Adjusted Net Debt to Adjusted EBITDA.
5 Free Cash Flow is defined as “Net Cash from Operating activities” adjusted for “Net Dividends”, “Capex”, “Repayment of leasing obligations”, “Exchange differences” and “Return of Capital to minority shareholders of subsidiary”.
With a relentless focus on technological innovation and strategic partnerships, INTRALOT is well positioned to seize growth opportunities and lead the gaming industry’s evolution. Our global presence in key markets, combined with streamlined operations, enables us to quickly adapt to evolving conditions and unlock new growth avenues. By leveraging cutting-edge gaming technologies, we aim to boost player engagement and deliver long-term value to our partners and shareholders, driving the future of gaming worldwide.
Following the acquisition of Bally’s International Interactive’s online division, expected to close in the fourth quarter of 2025, INTRALOT is expected to enter a new era of strategic transformation. This milestone will position the company as a global leader in the lottery and online gaming sectors, combining Bally’s advanced digital and data-driven capabilities with INTRALOT’s proven technological infrastructure and international lottery expertise. Listed on the Athens Stock Exchange, the newly formed entity will benefit from significantly greater financial scale and operational synergies, enabling it to accelerate innovation, enrich player experiences, and deliver long-term value to stakeholders.
The global macroeconomic environment has entered a period of modest stabilization, though it continues to be marked by elevated volatility driven by shifting trade policies, geopolitical tensions, and tariff uncertainties. For INTRALOT, a company with a broad international footprint in the gaming and lottery sector, these macroeconomic shifts present a range of potential risks. While the industry has historically demonstrated above-average resilience to economic cycles, the resurgence of protectionism could impact operating costs. INTRALOT remains proactive in monitoring these developments, continuously adapting its strategy to navigate this complex environment while safeguarding its global competitiveness and long-term growth potential.
- On April 1, 2025, INTRALOT following its announcement on March 28, 2024, regarding the issuance of a Bond Loan of up to €100 million, with organizers Piraeus Bank and National Bank of Greece, and initial bondholders Piraeus Bank, National Bank of Greece, Optima Bank, and Attica Bank (and the merged entity with the latter, Pancreta Bank), with Piraeus Bank acting as the representative of the bondholders, announced that on March 31, 2025, it signed an agreement to extend the maturity of the loan from June 30, 2025, to January 30, It is noted that, following the payments already made as provided in the terms of the Bond Loan agreement, the outstanding principal amounts currently to €90 million.
- On April 7, 2025, INTRALOT announced that its subsidiary INTRALOT New Zealand Ltd., has signed with the Department of Internal Affairs (DIA) of New Zealand a six-year contract extension from 2026 to 2032, with a one-year further extension option, for the provision of Electronic Monitoring System (EMS) solution for Class 4 (non-casino) electronic gaming machines. In parallel, DIA has exercised its right to utilize the one-year extension option in the current EMS Service Agreement with INTRALOT New Zealand for continued supply of the EMS, extending the agreement from 10 May 2025 to 10 May 2026.
- On April 16, 2025, INTRALOT announced that its S. subsidiary INTRALOT, Inc. has extended its gaming systems contract with the New Hampshire Lottery Commission for an additional seven years, ensuring continued cutting-edge technology and high-quality services support through September 2033.
- On June 26, 2025, INTRALOT announced that its U.S. subsidiary INTRALOT, Inc., and the Idaho Lottery have agreed to a 10-year contract extension, which will officially take effect in September
- On July 1, 2025, INTRALOT and Bally’s Corporation announced that their respective Boards of Directors approved their entry into a definitive transaction agreement (“Transaction Agreement”) pursuant to which INTRALOT will acquire Bally’s International Interactive business (the “International Interactive Business”) in a cash-and-shares transaction that values the International Interactive Business at an enterprise value of €2.7 billion (the “Transaction”).
- On July 21, 2025, INTRALOT, further to its announcements dated 1 July 2025 regarding the acquisition of Bally’s International Interactive business and dated 3 and 15 July 2025 regarding the granting of permission for the conclusion of the above related party transaction, announced to the investing public that on 18 July 2025 it has signed the definitive transaction agreement with Bally’s Corporation for the above acquisition.
- On August 6, 2025, INTRALOT posted on ATHEX as so as on its website the Reasoned Opinion
of its BoD regarding the mandatory Tender Offer of the company “PE SUB HOLDINGS, LLC”.
- On August 28, 2025, INTRALOT announced that INTRALOT, Inc., has been awarded a new contract to provide the Montana Lottery with a next-generation lottery operating system and related services including continued support for its Sports Bet Montana wagering The new contract award marks the third contract between INTRALOT and the Montana Lottery, extending a nearly 20-year partnership. The new agreement spans seven years with three one- year extension options.
INTRALOT Parent Company results
- Revenues for the period increased by 4%, from €15.3m in 1H24 to €18.0m, with the increase driven primarily by higher recharges to Group subsidiaries.
- EBITDA shaped at €-0.4m from €-2.0m in 1H24, with the positive variance coming mainly from the increased revenues.
- Earnings after Taxes (EAT) at €-8.0m from €-6.8m in 1H24 triggered by lower income from investing activities and higher interest expenses, in part counterbalanced by higher revenues.
| (in € million) | 1H25 | 1H24 | % Change | LTM |
| Revenues | 18.0 | 15.3 | 17.4% | 47.2 |
| Gross Profit | 4.6 | 2.1 | 120.1% | 16.7 |
| Other Operating Income | 0.3 | 0.2 | 52.4% | 0.5 |
| OPEX | (10.0) | (9.5) | 5.8% | (20.3) |
| EBITDA | (0.4) | (2.0) | -82.3% | 6.6 |
| EAT | (8.0) | (6.8) | 17.8% | (12.4) |
| CAPEX (paid) | (2.2) | (5.2) | -58.2% | (5.4) |
Sokratis Kokkalis, Chairman, Nikolaos Nikolakopoulos, Group CEO, Chrysostomos Sfatos, Group Deputy CEO, Andreas Chrysos, Group CFO, Georgios Xanthos, Group Tax & Accounting Director, Antonis Skiadas, Group Finance, Controlling & Budgeting Director and Michail Tsagalakis, Capital Markets Director, will address INTRALOT’s analysts and institutional investors to present the Company’s First Half 2025 results, as well as to discuss the latest developments at the Company.
The financial results will be released on the ATHEX website (www.athexgroup.gr) and will be posted on the company’s website (www.intralot.com) on Friday, August 29th, 2025 (before the opening of the ATHEX trading session).
AGENDA: Brief Presentation – Question and Answer Session CONFERENCE CALL DETAILS
| Date: Friday, August 29th, 2025 Time: Greek time 17:00 – UK time 15:00 – CET 16:00 – USA time 10:00 (East Coast Line) |
|||
| Conference Phone GR | + 30 211 180 2000 | ||
| Conference Phone GR | + 30 213 009 6000 | ||
| Conference Phone GB | + 44 (0) 203 059 5872 | ||
| Conference Phone GB | + 44 (0) 800 368 1063 | ||
| Conference Phone US | + 1 516 447 5632 | ||
| We recommend that you call any of the above numbers 5 to 10 minutes before the conference call is scheduled to start. | |||
LIVE WEBCAST DETAILS
The conference call will be available via webcast in real time over the Internet and you may join by linking at the internet site:
DIGITAL PLAYBACK
There will be a digital playback on August 29th, 2025, at 19:00 (GR Time).
This Service will be available until the end of the business day September 9th, 2025.
Please dial the following numbers and the PIN CODE: 059 # from a touch-tone telephone: Digital Playback UK: + 44 (0) 203 059 5874
Digital Playback US: + 1 631 257 0626
Digital Playback GR: + 30 210 946 0929
In case you need further information, please contact Intralot, Mr. Antonis Mandilas, at the telephone number:
+30 213 0397000 or Chorus Call Hellas S.A., our Teleconferencing Services Provider, Tel. +30 210 9427300.
Group Statement of Comprehensive Income
| (in € million) | 1H25 | 1H24 | %
Change |
2Q25 | 2Q24 | %
Change |
LTM |
| Revenues | 168.0 | 165.3 | 1.7% | 79.6 | 83.6 | -4.8% | 358.3 |
| Gross Profit | 57.7 | 65.6 | -12.0% | 25.6 | 32.7 | -21.7% | 133.5 |
| Other Operating Income | 15.3 | 13.9 | 10.4% | 7.7 | 7.2 | 6.9% | 31.4 |
| OPEX | (47.6) | (55.1) | -13.6% | (19.7) | (28.2) | -30.1% | (110.0) |
| EBITDA | 60.2 | 59.5 | 1.2% | 30.0 | 29.4 | 2.2% | 125.4 |
| AEBITDA | 60.2 | 59.5 | 1.2% | 30.0 | 29.4 | 2.2% | 131.5 |
| AEBITDA Margin % | 35.8% | 36.0% | -0.1pps | 37.8% | 35.2% | +2.6pps | 36.7% |
| Reorganization expenses | (0.4) | (1.3) | -65.3% | (0.4) | (0.3) | 53.8% | (1.6) |
| D&A | (34.8) | (35.2) | -1.1% | (16.5) | (17.7) | -7.1% | (70.5) |
| EBIT | 25.0 | 23.0 | 8.5% | 13.1 | 11.4 | 15.4% | 53.3 |
| Interest and related expenses (net) | (14.4) | (22.0) | -34.6% | (6.6) | (12.9) | -49.3% | (33.5) |
| Exchange differences | 0.0 | 0.5 | -90.1% | (0.4) | 0.4 | – | 0.1 |
| Other | (0.9) | 4.5 | – | 0.1 | 1.8 | -96.5% | 1.8 |
| EBT | 9.8 | 6.1 | 61.4% | 6.2 | 0.7 | 810.0% | 21.8 |
| NIATMI | (0.1) | 4.6 | – | 0.5 | 0.7 | -34.0% | 0.2 |
Group Statement of Financial Position
| (in € million) | 1H25 | FY24 |
| Tangible Assets (incl. investment properties) | 71.6 | 86.8 |
| Intangible Assets | 159.3 | 179.5 |
| Other Non-Current Assets | 59.0 | 62.0 |
| Inventories | 20.8 | 26.4 |
| Trade and Other Short-term Receivables | 139.8 | 155.3 |
| Cash and Cash Equivalents | 66.7 | 64.3 |
| Total Assets | 517.2 | 574.3 |
| Share Capital | 181.2 | 181.2 |
| Share Premium | 122.4 | 122.4 |
| Other Equity Elements | (278.3) | (274.1) |
| Non-Controlling Interests | 22.3 | 25.9 |
| Total Shareholders’ Equity | 47.6 | 55.4 |
| Long-term Debt | 280.6 | 310.5 |
| Provisions/ Other Long-term Liabilities | 20.4 | 22.3 |
| Short-term Debt | 119.6 | 133.6 |
| Other Short-term Liabilities | 49.0 | 52.5 |
| Total Liabilities | 469.6 | 518.9 |
| Total Equity and Liabilities | 517.2 | 574.3 |
| (in € million) | 1H25 | 1H24 |
| EBT | 9.8 | 6.1 |
| Plus/less adjustments | 49.7 | 54.4 |
| Decrease/(increase) of inventories | 3.0 | (5.6) |
| Decrease/(increase) of receivable accounts | 11.4 | 1.9 |
| (Decrease)/increase of payable accounts | (1.1) | (8.9) |
| Income tax paid | (0.5) | (3.0) |
| Net Cash from Operating Activities | 72.2 | 45.0 |
| CAPEX | (14.2) | (11.7) |
| (Purchases) / Sales of subsidiaries & other investments | – | (3.1) |
| Interest received | 1.1 | 2.1 |
| Dividends received | – | 0.2 |
| Net Cash from Investing Activities | (13.1) | (12.5) |
| Restricted cash related to financing activities | (6.4) | (24.0) |
| Return of Capital to minority shareholders of subsidiary | (0.2) | (0.3) |
| Cash inflows from loans | – | 235.4 |
| Repayment of loans | (19.8) | (235.3) |
| Bond issuance costs | – | (6.2) |
| Repayment of leasing obligations | (3.7) | (3.3) |
| Interest and similar charges paid | (15.7) | (17.8) |
| Dividends paid | (3.9) | (5.9) |
| Reorganization costs paid | (0.2) | (0.6) |
| Net Cash from Financing Activities | (50.0) | (58.0) |
| Net increase / (decrease) in cash for the period | 9.1 | (25.6) |
| Exchange differences | (6.7) | (1.0) |
| Cash at the beginning of the period | 64.3 | 111.9 |
| Cash at the end of the period from total operations | 66.7 | 85.4 |
| Cash at the end of the period from total operations including restricted cash for financing activities and debt repayments | 97.3 | 109.4 |
The post INTRALOT delivers steady EBITDA performance at €60.2m and strong Operating Cash Flow generation of €72.2m in 1H25 appeared first on European Gaming Industry News.
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National Sports Day: Why it’s time to see esports as a key pillar of India’s new-age sporting identity
On August 21, Parliament passed the Promotion and Regulation of Online Gaming Bill, 2025, a landmark reform that bans all online money games, whether based on chance, skill, or a combination of both, while promoting esports and safe digital recreation. For the first time, esports has been officially separated from gambling, betting, and fantasy money games and recognised as a legitimate competitive sport. The Ministry of Youth Affairs and Sports will set guidelines and standards for tournaments, support training academies and research centres, and integrate esports into broader sporting policies.
The timing could not be better. India recently celebrated its first esports World Champion when Ved Bamb, known as Beelzeboy, defeated Spain’s Leo Marin in the grand final of the Pokémon GO World Championships. Officially recognised as a multi-sport event by the Indian government in 2022, esports is now firmly established as a sporting discipline in major international multi-sport competitions. It made its medal debut at the Asian Games in Hangzhou, where India competed in four titles, and the country also secured a historic bronze medal in DOTA 2 at the 2022 Commonwealth Esports Championships.
Esports will return as a medal event at the Asian Games next year and will also feature at the upcoming 3rd Asian Youth Games in October. Adding to the momentum, the Esports World Cup Foundation recently announced the Esports Nations Cup (ENC), where top players will compete not only for professional glory with their clubs but also to represent their countries in both team-based and solo formats.
At home, esports has reached the grassroots level. This year’s Khelo India Youth Games in Bihar included esports as a demonstration sport. Bihar has been a pioneer with state-level championships across schools and colleges, while Maharashtra, Tamil Nadu, and Nagaland have also backed esports through their sports ministries. Nationally, the WAVES Esports Championships launched with support from the Ministry of Information and Broadcasting, further embedded esports into India’s sporting culture.
With all these developments, esports now has formal government recognition and stands on par with traditional sports. Like cricket or football, it demands skill, strategy, and discipline, with structured competitions, coaching, and performance analysis.
Similar to mainstream sports, esports tournaments in India have grown in scale and professionalism. NODWIN Gaming, South Asia’s leading gaming and esports company, has been at the forefront of this growth. Its flagship IP, the Battlegrounds Mobile India Masters Series (BGMS), India’s most-watched esports tournament, recently returned for its fourth season with a INR 1.5 crore prize pool and will feature female athletes for the first time, setting a new benchmark for inclusivity. These tournaments provide a high-pressure, structured environment for players, reaffirming esports’ status as a legitimate competitive pursuit.
Akshat Rathee, Co-founder and Managing Director, NODWIN Gaming, says, “For us, the recently passed Online Gaming Bill 2025 unlocks opportunities like state and district-level championships, scholarships, and career paths similar to traditional sports. NODWIN Gaming is ready with a Zero-to-Hero roadmap – starting from grassroots tournaments to global stages like EVO, GEF, Esports Nations Cup, EWC, and the Counter-Strike Major. India already has one of the world’s youngest gaming audiences and a fast-growing talent pipeline. This clarity gives the ecosystem the boost it needs to reach global scale and recognition.”
Just like traditional athletes, esports players follow rigorous training routines. Professional gamers practise for hours daily in bootcamps under coaches, analysts, and structured regimens, combining physical and mental preparation. S8UL, a global powerhouse in esports and gaming content, exemplifies this approach. Their athletes competed at the Esports World Cup (EWC) in Riyadh this year, where the overall prize pool exceeded INR 600 crore. S8UL also maintains a dedicated bootcamp in Navi Mumbai for both content creators and competitive athletes, reflecting the same discipline and preparation seen in established sports.
“For years, being clubbed with real money gaming meant regulatory risks and made investors overly cautious about esports. The government’s decision firmly establishes that the video games we play competitively are the only ones recognised in India as a sport. It opens the door for greater societal and parental acceptance, encouraging new talent to enter esports as well as gaming content creation. At S8UL, we look forward to working closely with the government and contributing to this process at every step,” comments Animesh Agarwal, Co-founder and CEO of S8UL Esports.
Success in esports depends on multiple factors, with proper infrastructure being critical. While India is predominantly a mobile esports nation due to affordable smartphones and data, PC and console titles will feature at the 2026 Asian Games and potentially the Olympic Esports Games in 2027. High-performance equipment is essential at the competitive level, and companies like CyberPowerPC India are playing a key role in raising awareness and improving accessibility. They have provided PCs worth lakhs at events to support aspiring PC gamers, helping bridge the infrastructure gap and prepare players for international competitions.
Vishal Parekh, Chief Operating Officer of CyberPowerPC India, added, “If cricket, football, or tennis needs courts and grounds to practice and excel, esports also requires high-quality infrastructure and training equipment. With the Bill creating a safe, regulated space for esports to thrive, we at CyberPowerPC India are committed to making world-class technology accessible to Indian players. Whether it is grassroots tournaments, college esports, or professional leagues, we believe the right infrastructure will define India’s journey to becoming globally competitive.”
As India celebrates National Sports Day, esports has emerged as a legitimate sport capable of producing the nation’s next sporting heroes, reflecting the dedication, discipline, and competitive spirit of the nation’s youth.
The post National Sports Day: Why it’s time to see esports as a key pillar of India’s new-age sporting identity appeared first on European Gaming Industry News.
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