Inspired Entertainment, Inc. reports developments as a B2B provider of gaming content, technology, hardware and services for licensed online and land-based lottery, betting and gaming operators. Its recurring news themes include quarterly results, Interactive revenue trends, Virtual Sports distribution, retail gaming terminals, and the portfolio mix across Gaming, Virtual Sports, Interactive and Leisure.
Company updates also cover long-term operator agreements, launches of iGaming content in regulated markets, supplier registrations, SaaS distribution relationships and capital actions such as debt repayment and common-stock repurchases. News has also documented the completed sale of the UK holiday parks business and certain associated leisure assets as part of Inspired's portfolio optimization.
Inspired Entertainment showcased innovative gaming solutions at ICE 2023 in London from February 7-9. Key highlights included the debut of the Vantage™ server-based cabinet and new game offerings like Home Run Shootout Legends™ and NFLA Legends Football™, as well as the first Women's Virtual Soccer™ product. With over 50,000 gaming devices installed globally, Inspired emphasizes its strong market presence across regulated gaming and lottery sectors. Their diverse gaming portfolio features various platforms and exciting bonus mechanics, aiming to attract players with engaging experiences.
Inspired Entertainment, Inc. (NASDAQ: INSE) has secured a new long-term contract with Paddy Power to provide fully integrated managed services for approximately 1,400 betting terminals across its UK estate. The contract will see Inspired supply Vantage™ server-based gaming cabinets in 2023, enhancing Paddy Power's product offering. Brooks Pierce, President of Inspired, highlighted the potential for revenue growth and reduced operational costs through this collaboration. The partnership reflects a shift towards a managed services model in the gaming industry.
Inspired Entertainment has secured a five-year contract with Betfred Group to provide exclusive managed services for over 5,500 betting terminals. This partnership marks a significant milestone as it secures Inspired's largest UK betting shop customer until 2028. Betfred has also committed to purchasing 5,000 Vantage™ cabinets throughout 2023, enhancing player experience with integrated technology and content. The collaboration highlights the long-standing relationship between the two companies, aiming to deliver superior gaming solutions to Betfred's customers.
Inspired Entertainment reported third-quarter 2022 results showing total revenue of $74.9 million, down 3% from $77.6 million in 2021, but up 13% on a functional currency basis. Net income fell to $10.2 million or $0.39 per basic share. Notable growth was seen in Virtual Sports revenue, which grew 39% year-over-year to $14.6 million, with adjusted EBITDA contributing 50% from online operations. The company faces cost pressures in its Leisure segment but signed significant contracts with Betfred and others post-quarter.
Inspired Entertainment, Inc. (NASDAQ: INSE) will release its unaudited financial results for Q3 2022 on November 9, 2022, before market opening. A conference call is scheduled for the same day at 8:30 a.m. ET to discuss the results and business trends. Investors can join via telephone at 1-888-550-5864 (US) or 1-646-960-0275 (International), or listen to the live webcast on the company's website. The replay will also be available online. Inspired operates in 35 jurisdictions globally, providing a broad range of gaming, betting, and interactive products.
Inspired Entertainment showcased its innovative virtual sports content and top-performing iGaming titles at the Global Gaming Expo (G2E) 2022 in Las Vegas from October 10-13. Notable highlights included the launch of the Home Run Shootout Legends™ and NFLA Legends Football™ games, featuring iconic athletes. The company aims to enhance the sports wagering market with officially licensed products and continues to see success in North American markets like Pennsylvania and New Jersey. Inspired's commitment to customer-driven innovation is central to its strategy, aiming to drive growth for operators in regulated markets.
Inspired Entertainment, Inc. (NASDAQ: INSE) addressed recent market speculation regarding a potential transaction with PlayAGS, Inc. The company stated it does not comment on market rumors or speculation as a matter of policy. Inspired Entertainment offers an extensive portfolio of gaming content and technology, operating in approximately 35 jurisdictions and supplying around 50,000 gaming machines. The company provides diverse gaming products, including virtual sports and interactive games, creating growth opportunities for operators.
Inspired reported a 72% increase in revenue, reaching $71.3 million for Q2 2022, up from $41.5 million the previous year. Virtual Sports revenue hit a record $14.0 million, a 71% increase year-over-year. Net income surged to $7.5 million from a loss of $43.8 million, with an Adjusted EBITDA rise of 227% to $26.1 million. A strategic partnership with William Hill was secured. Inspired completed a share repurchase of 734,349 shares for $7.1 million. Despite currency impacts, the company's performance reflects resilience against macroeconomic challenges.
Inspired Entertainment announced its second-quarter unaudited financial results will be released on August 9, 2022, after market close. A conference call will follow on August 10, 2022, at 9:30 a.m. ET to discuss results and business trends. Interested participants can join the call by dialing 1-888-550-5864 for US callers or 1-646-960-0275 for international callers. A live webcast will be accessible through the Company’s website, with a replay available afterwards. Inspired provides content and technology for regulated gaming and operates in approximately 35 jurisdictions globally.
Moody's Investors Services upgraded Inspired Entertainment, Inc. (NASDAQ: INSE) from a B3 to a B2 rating with a positive outlook. This change reflects expectations of growth driven by quality content and increased online penetration over the next 12-18 months. Inspired has reported a revenue rebound since easing COVID restrictions, particularly in the UK. The upgrade also includes a boost to the company's senior secured global notes rating and a change in its probability of default rating, both to B2 with a positive outlook.