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.
On June 8, 2022, Inspired Entertainment (NASDAQ: INSE) announced the launch of its first iLottery game, Pharaon Réaction™, developed specifically for Loto-Québec. This game is now available on Loto-Québec's online platform, enhancing Inspired's portfolio of iGaming content. Brooks Pierce, President and COO at Inspired, expressed excitement about entering the iLottery market, emphasizing its growth potential. Loto-Québec's Director of Lottery Products, Anne-Marie Voyer, praised Inspired's innovation in integrating retail brands into digital lottery offerings.
Inspired Entertainment has obtained an Interactive Gaming Manufacturer License in Pennsylvania as part of its North American expansion. This license enables the company to offer its interactive games to online operators in the state. The launch of its gaming content is anticipated for summer 2022, featuring multiple game titles. Brooks Pierce, President and COO, expressed enthusiasm for entering one of North America's largest iGaming markets, highlighting existing relationships with licensed operators to facilitate a swift market entry.
Inspired Entertainment reported a strong first quarter for 2022, with revenues soaring 166% to $60.6 million compared to $22.8 million in the previous year. Key segments such as Gaming and Leisure fully recovered while Virtual Sports achieved a record $11.6 million in revenue, marking an 84% increase year-over-year. The company also posted a net income of $1.5 million, rebounding from a net loss of $16.7 million last year. Additionally, a $25 million share repurchase program was approved by the board to enhance shareholder value.
Inspired Entertainment, Inc. (NASDAQ: INSE) will release its unaudited financial results for Q1 2022 on May 10, 2022, post-market. A conference call and webcast are scheduled for May 11, 2022, at 8:00 a.m. ET to discuss the results and business trends. The call can be accessed via telephone at 1-844-746-0725 (US) or through the Company’s website under the Investors section. A replay will be available until May 18, 2022. Inspired operates in approximately 35 jurisdictions with an extensive gaming and entertainment portfolio.
Inspired Entertainment has secured an additional 700 Valor™ video lottery terminals (VLTs) from the Western Canada Lottery Corporation, expanding its footprint in Saskatchewan. Following successful deployment of 100 units in 2021, this contract reflects positive performance and market demand. The new terminals will feature updated cabinets and game themes tailored for Saskatchewan, with delivery expected by year-end 2022. Continued innovation in gaming offerings aims to strengthen Inspired's position in the North American market.
Inspired Entertainment reported a revenue of $67.0 million for Q4 2021, marking a 71% increase compared to Q4 2020 when excluding VAT-related revenue. The company experienced a net loss of $1.2 million, down from a net income of $3.1 million in the previous year. Adjusted EBITDA reached $22.0 million, a 586% increase year-over-year when excluding VAT-related income. Notably, the acquisition of Sportech Lotteries expanded Inspired's presence in North America. Despite challenges, the company maintains a liquidity position of $74.8 million.
Inspired Entertainment will release its unaudited financial results for Q4 and the fiscal year 2021 on March 11, 2022, prior to market opening. The management will conduct a conference call at 9:00 a.m. ET to discuss these results along with overall business trends. Interested participants can join the call via teleconference or through a live audio webcast available on the company’s website. The company operates worldwide, offering gaming and leisure products to various gaming operators.
Inspired Entertainment, Inc. (NASDAQ: INSE) announced the launch of its online gaming content in Connecticut, partnering with DraftKings. This expansion marks the third U.S. state for Inspired's gaming portfolio, which includes popular themes like Big Spin Bonus™ and Bullion Bars™. Connecticut, which legalized online gambling in October 2021, reported $19 million in casino revenue for January 2022. Brooks Pierce, COO, expressed optimism about growth in Connecticut, aiming to replicate success seen in New Jersey and Michigan.
On February 8, 2022, Inspired Entertainment announced the launch of its online gaming content in Michigan through GAN Limited, enhancing its market access. GAN, a leading internet gaming software provider, will distribute Inspired's games across its extensive operator network in various U.S. states. Brooks Pierce, COO of Inspired, highlighted the strong demand for their content and the collaboration with GAN as a significant step in expanding their U.S. footprint. GAN’s CEO, Dermot Smurfit, praised Inspired's game performance, indicating plans to further integrate their content into the GAN library.
On January 4, 2022, Inspired announced its acquisition of Sportech Lotteries for US$12.5 million, funded by cash, expanding its reach in the lottery sector. This acquisition diversifies Inspired's business model and strengthens its position in the iLottery market. Inspired also extended its contract with Loteria Electronica Internacional Dominica S.A. (LEIDSA) for 10 years, enhancing growth opportunities in North America and globally. The acquisition represents a multiple of 4.0x Sportech Lotteries' Adjusted EBITDA as of June 30, 2021.