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IGT Records Revenue Growth, Net Profit Decreases

One of the leading companies in the industry, International Game Technology (IGT), published its financial report, which demonstrated a net profit decrease compared to 2023. However, the revenue was $4.31 billion (£3.37bn/€3.94bn), which represents a growth of 2.0%, following a recorded $4.23 billion in 2023.

Successful year and plans for 2024

net_profit_dips_despite_revenue_growth_at_igt_in_2023_ (1)Global Gaming and PlayDigital businesses were major reasons for the increase in revenue, while Global Lottery’s results dropped down. However, the lottery business performed better in Q4 than was the case during the whole year, following the success of other departments.

Vince Sadusky, the company’s CEO, commented: “We delivered a strong finish to the year in the fourth quarter, propelling full-year 2023 profits to record levels. A compelling array of products and solutions fuelled broad-based momentum in key performance indicators, driving margin improvement across our Global Lottery, Global Gaming, and PlayDigital segments.”

IGT conducted a restructure in February when Global Gaming and PlayDigital merged with another industry giant, Everi. The operations in total cost $6.20bn. IGT will own a majority of shares, 54%, while Everi will possess 46%. The merger is expected to be finished by the end of 2024 or at the beginning of 2025 when Everi will be renamed.

Sadusky said: “We believe the recent determination to split the business and create separate lottery and gaming pure-play companies, each with experienced management teams and simplified business models, better positions each company to service customers and create significant value for stakeholders.”

Revenue growth

In the past year, IGT’s revenue grew. Product sales revenue was incredibly high – $963 million, which is 11.2% higher than in 2022. However, service revenue decreased by 0.4%, so the company generated $3.35 billion.

Global Lottery was the main source of revenue in 2023, even though the decrease is noticed since it generated $2.53 billion in revenue in 2023. As the main reason for this drop, the company listed a sale of a commercial services business in Italy. If it remained part of the company, a growth of 6% would be recorded.

Global Gaming also achieved significant growth since its operations increased by 9.1% to $1.55 billion. PlayDigital’s revenue also increased by 9.1% to $228 million, which broke the record when it came to this division.

The operations cost $3.31 billion, and services were $1.63 billion. However, non-operating costs increased to $372 million, which is 11.7% higher than in 2023. This means that the profit before paying taxes was $629 million, which represents a 6.8% increase compared to the year before. The company paid $322 million for taxes and $151 million for non-controlling interests, so the net profit was $156 million, which is $156 million lower than in 2022 when the profit was $275 million, so a decrease of 43.3% is recorded. But despite that, adjusted EBITDA was $1.78 billion, which is an increase of 6.9%, and hit the record when it comes to this figure.

Max Chiara, the company’s CFO, said: “We achieved all of our financial goals in 2023. Robust cash generation funded incremental investments in the business and shareholder returns, while driving leverage to historically low levels, putting IGT in a strong financial position as we enter 2024. This gives us confidence in further expanding our investment in the business to fund future growth.”

Source: Fletcher, Robert. “Net profit dips despite revenue growth at IGT in 2023”. iGaming Business. March 12, 2024.

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EveryMatrix Nail Q1 Growth and Profit – Replace CFO

everymatrix_nail_q1_growth_and_profit_replace_cfoLongstanding white-label and online gambling solutions provider EveryMatrix has posted record growth for the first quarter of the current year. The Malta and Bucharest-based company with offices, labs, and partner facilities located around the globe posted its best growth in company history since launching in 2011.

All business segments showed significant growth and profitability including Casinos, Sports, and Platform provenance. The company launched its biggest platform migration to date after reinvesting positive cash flow and signing omnichannel deals with significant tier-1 European operators.

The first quarter of the year marked 6 periods in a row of quarterly growth with stunning Year-on-Year growth of 69% and a 21% Quarter-on-Quarter increase in revenues – €23.5 million.

Cost Controls and Growth equal Record Profits

Cost control helped the company achieve historic growth in profits with EBITDA up 119% on the year for the quarter. Its EBITDA/Net Revenue margin kicked up to 45%.

Gross Gaming Revenue (GGR) was up significantly thanks to strong performance from casino partners with results clocking in nearly 80% stronger than during the same quarter in 2022. EveryMatrix casino business unit generated €374m, while sports contributed to a more than 200% year-on-year increase in that sector.

The company expects continued growth to show throughout the year with large deals signed in 2022 coming to fruition on the balance sheet. BetatHome and The Hungarian Lottery numbers should begin to move the bar in Q3 and Q4 this year.

Group CEO of EveryMatrix, Ebbe Groes said: “Records keep on being broken and that is all down to our people. I’m very proud of all our business units and their teams who are relentlessly driving quarter-on-quarter growth for the business and for our partners across all areas.

This year is all about delivering and going above and beyond for our global customers. We have several large-scale projects underway including a successful platform migration and new look sportsbook for bet-at-home, with Germany to come shortly, and the launch of the Hungarian lottery’s new digital sports offering later this year.

I’m more excited than ever for the future growth of EveryMatrix, with new omnichannel agreements being signed, and new, innovative gamification features set to create even more value for our operator partners.”

Gonzalo De Osma Bucero Appointed CFO

Even with such a phenomenal performance, the company has replaced its former Chief Financial Officer, former William Hill US CFO Mark McMillan after about a year and a half in the position with industry veteran Gonzalo De Osma Bucero. The newly minted EveryMatrix moneyman comes on following a career of more than a decade and a half with Codere, one of Europe’s most successful and largest publicly traded online and land-based operators. The CFO handled business for Codere in Spain, Mexico, and Malta.

His accomplishments with Codere include overseeing 90 land-based casinos in Mexico, a horse race track, and the largest expo center in Latin America. His work there included procuring the company’s biggest loan in Mexico – getting the company through the Pandemic, and putting ink to a merger/SPAC agreement that put the online division on the NASDAQ stock exchange in the United States.

Gonzalo De Osma Bucero will divide his time between legal and compliance teams in Malta and Bucharest, Romania where the finance team is located in the company’s headquarters.

Returning to EveryMatrix’s accomplishments and milestones in the first quarter of 2023 we find the following pe the company’s press release:

  • Received MGA (Malta) and Greece license approval for new jackpot gamification product JackpotEngine
  • 35 new contracts signed in eight different jurisdictions including three turnkey clients
  • 14 new affiliate platform deals were signed compared to eight in Q1 2022
  • Launched bet-at-home .com on EveryMatrix platform and tech stack with new look front-end; on track to launch bet-at-home.de in Q2 2023
  • Signed significant omnichannel and managed services agreement with a tier-1 operator in Croatia

In addition, EveryMatrix delivered nine new payment integrations to its partners and landed its fifth license in a US gambling state in Connecticut adding to regulatory arrangements in Michigan, New Jersey, and West Virginia as well as Ontario, Canada. Also in the US, the company signed with betParx to provide content in the northeast.

Source: EveryMatrix delivers record growth, EveryMatrix News, MAY 4, 2023

The post EveryMatrix Nail Q1 Growth and Profit – Replace CFO appeared first on Casino News Daily.

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