Welcome to our dedicated page for Inspired Entmt news (Ticker: INSE), a resource for investors and traders seeking the latest updates and insights on Inspired Entmt stock.
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, 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.
Inspired Entertainment announced the expiration of all previously outstanding warrants as of December 23, 2021. A total of 14,351,588 warrants were exercised, resulting in the issuance of 3,679,015 shares and generating proceeds of $30.5 million. Lorne Weil, Executive Chairman, stated that this reflects investor confidence and positions the company for strategic growth. Inspired operates in approximately 35 jurisdictions, supporting over 50,000 gaming machines and 32,000 retail venues globally.
Inspired Entertainment, a prominent B2B gaming provider, has signed a framework agreement with Rush Street Interactive (RSI) to supply its Interactive games across multiple North American states, including New Jersey, Michigan, and West Virginia. Under this agreement, Inspired's popular titles, such as Santa King Megaways and Big Spin Bonus, will be integrated into RSI's gaming platform. This partnership allows Inspired to expand its reach in the North American market, enhancing its presence with a trusted operator in the online gaming sector.
Inspired Entertainment has announced a strategic partnership transformation with Cristaltec to enhance their collaboration in Italy's gaming sector. Under this agreement, Cristaltec will acquire Inspired's video lottery terminal (VLT) estate and manage VLT contracts, while Inspired will focus on providing platform support and game content. The partnership aims to leverage Cristaltec's expertise in the AWP market and improve service offerings, ultimately driving revenue growth and operational efficiencies for both companies in the evolving Italian gaming landscape.
Inspired Entertainment has signed a multi-market contract with Novibet, launching its Virtual Sports content in Europe, starting in Greece. Players can access these offerings through Novibet's dedicated section on novibet.gr. The content includes popular sports like soccer, basketball, and horse racing, with an exclusive Greek Matchday Soccer League featuring 16 teams. Inspired's Virtual Sports solutions are already popular across 35 countries. This partnership aims to enhance Novibet's online gaming experience and expand Inspired's market reach.
Inspired Entertainment reported strong third quarter results for 2021, showcasing a 29% year-over-year revenue growth to $77.6 million. The company achieved a quarterly record net income of $25 million, up from $0.5 million in the previous year. Adjusted EBITDA rose 20.4% to $30.1 million, reflecting robust performance across Interactive and Virtual Sports segments. The Interactive segment saw a 73.4% revenue increase, while the Leisure segment doubled its revenue. Operating cash flow was an impressive $19.8 million, enhancing liquidity to $37.1 million.
Inspired Entertainment will announce its financial results for the third quarter ending September 30, 2021, on November 11, 2021, before markets open. Management will conduct a conference call at 9:00 a.m. ET to discuss these results. Interested parties can join the call by dialing 1-844-746-0725 in the U.S. or 1-412-317-5264 internationally, or they can access the live webcast through the company's website. Phone replays will be available until November 18, 2021.
Inspired Entertainment has entered a contract with Mozzart to launch its Virtual Sports content, including soccer, basketball, and football. The Virtual Plug & Play™ solution will allow players in Serbia to access these games through a direct wallet integration. Mozzart will utilize Inspired as its primary Virtual Sports provider across all brands and territories. The multi-award-winning virtual sports are accessible via over 40,000 retail channels and 100+ websites globally.