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 (NASDAQ: INSE) reported significant growth in its online operations, with revenue rising from £1.2 million in January 2020 to £3.1 million in December 2020, a 150% increase. Much of this growth originated from its existing European customer base, enhanced game quality, and the launch of the Virtual Plug & Play™ platform. The company expanded its presence in North America, securing new supplier licenses in Michigan and West Virginia. In 2021, Inspired anticipates continued growth through jurisdictional expansion, new agreements, and further product development.
Inspired Entertainment has signed a new agreement with SNAITECH in Italy to enhance their Virtual Sports offerings. This partnership expands their collaboration, which has lasted for seven years, positioning Inspired as Italy's leading Virtual Sports supplier since 2013. The contract includes the launch of Virtual Sports on SNAITECH's betting app and additional products like Matchday Ultra™. SNAITECH reported a fivefold increase in Virtuals revenue on its online platform in 2020, reflecting the success of their previous launches.
Inspired Entertainment has secured a new long-term agreement with Entain to provide Virtual Sports products across Entain's online and retail platforms. This partnership, extending their collaboration for over a decade, aims to expand Inspired's offerings into new territories, specifically North America. Entain, a prominent player in sports betting and gaming, recognizes Inspired's technology and innovation in virtual sports, which are popular in more than 40,000 retail channels across 35 countries. This agreement is expected to enhance Inspired's market presence and drive revenue growth.
Inspired Entertainment reported significant growth for Q3 2020, achieving $60.1 million in total revenue, a 125.9% increase from Q3 2019. This includes $9.3 million from a UK VAT rebate. Adjusted EBITDA rose to $25.0 million, up 185.3% year-over-year. Online revenue surged 75% as retail performance returned to pre-COVID levels. The company maintains a strong liquidity position with $43.9 million in cash. However, the resurgence of COVID-19 could adversely impact Q4 results due to renewed restrictions across Europe.
Inspired Entertainment, Inc. (NASDAQ: INSE) will release its third-quarter financial results for the period ending September 30, 2020, on November 12, 2020, before the market opens. Management will host a conference call at 9:00 a.m. ET to discuss these results and business trends. Interested participants can join by dialing 1-844-746-0725 in the US or 1-412-317-5264 internationally. A replay will be available until November 19, 2020. More information can be found on their website.
Inspired Entertainment has launched its Virtual Basketball game in Greece, accessible across OPAP's network of approximately 3,700 venues. This addition follows the success of similar products like V-Play Soccer 3.0, contributing to an increasing portfolio of Virtual Sports. The game showcases both Euro League and Greek League Basketball, tapping into the sport's popularity in the region. Management anticipates strong adoption rates and revenue growth, citing previous success with their virtual offerings.
Inspired Entertainment, Inc. (NASDAQ: INSE) has announced that its Virtual Sports products are the first to receive authorization in Turkey for the Turkish National Lottery. This follows a contract signed with Sisal Sans, a joint venture with Sisal SPA. The V-Play Plug & Play™ solution will be available on misli.com for both desktop and mobile users. The Turkish Wealth Fund Management has certified Inspired's products, marking a significant opportunity for the company to expand in Turkey, leveraging its successful experiences in the UK, Italy, and Greece.
Inspired Entertainment has partnered with Ladbrokes to launch the Ladbrokes Greatest Ever Cox Plate, a virtual horse racing event celebrating the 100th running of Australia’s prestigious WFA Championship. The event features 14 legendary competitors, including notable champions like Winx and Secretariat, and will be broadcast on 7Two in Australia on October 23. Betting will be available through Ladbrokes with a maximum fixed win bet of $20. This innovative virtual race aims to enhance fan engagement and showcases Inspired's expertise in virtual sports, which have garnered significant viewer interest.
Inspired Entertainment, Inc. (NASDAQ: INSE) announced a contract with GVC (LSE: GVC) to integrate its Virtual Sports content across ten GVC online brands. This collaboration adds six Virtual channels, including V-Play NFLA Legends Football and V-Play Basketball, enhancing GVC's sportsbook offerings. The integration utilizes Inspired's cloud platform, aiming to boost revenues amidst challenges in the global sports calendar. GVC's portfolio includes leading online gaming brands like bwin, and the partnership signifies a strong relationship focused on delivering engaging online betting experiences.
Inspired Entertainment, Inc. (NASDAQ: INSE) has launched 'Lexus Melbourne Cup The Race of Dreams,' a virtual race featuring 24 past champions of Australia's iconic Lexus Melbourne Cup. Scheduled for broadcast on November 3, 2020, this event aims to engage racing fans through an ultra-realistic 3D CGI representation of the race. The event won't allow betting, as outcomes are predetermined for the show. Inspired has extensive experience in virtual sports, previously creating similar events like the Kentucky Derby and Grand National, reaching millions of viewers.