Intralot 2022 dragged by Malta expiration as Nikos takes charge of US INC

Intralot SPA has cited a return to a ‘better operational efficiency’ as the Athens-listed gambling technology group delivers improved EBITDA results despite registering a decline  in headline revenues.    

Publishing full-year 2022 results, Intralot registered group revenues of €392m, reflecting a 5.1% decrease compared to FY2021 results of €414m.

The decline in headline revenues was primarily attributed to the license expiration of its  Malta lottery (B2C) contract, which resulted in a -€50m outcome.

However, the company experienced growth in the key regions of  Argentina, Croatia, and Australia, as growth of its Technology B2B unit helped offset the negative impact of the Malta license expiration.

Despite the decrease in revenue, Intralot saw an 11.3% year-over-year increase in FY2022 EBITDA to €123m (FY2021: €111m). 

The improved EBITDA reflects the company’s robust performance and ongoing efforts to optimize its capital structure and boost efficiency through its management reorganization, helping Intralot report Earnings Before Tax (EBT) of €29.8m and Net Income After Tax of €11.9m.

The company’s operating cash flow for FY2022 stood at €96m, while the Group Net CAPEX was €26.5 million. At the end of FY2022, group cash results amounted to €102m, and its net debt reached €490m, lower by €6.7m compared to FY21.

Year trading saw Intralot win several key contracts and appointments, reflecting its commitment to expanding its global gaming technology presence.

The company’s US subsidiary, INTRALOT, Inc., signed a five-year contract with the Ohio Lottery to implement its INTRALOT Orion Sportsbook solution. This project went live in January 2023, launching in approximately 1,000 retail locations.

In February 2023, the board announced the appointment of Nikolaos Nikolakopoulos as the CEO of its U.S. subsidiary INTRALOT Inc.

In March 2023, the company announced the appointment of Konstantinos Farris as the Group Chief Technology Officer and Richard Bateson as the Chief Commercial Officer of INTRALOT, Inc.

US developments saw INTRALOT INC sign a three-year contract with the British Columbia Lottery Corporation (BCLC) to provide its next-generation sports betting platform, ‘Orion’ along with relevant managed services. The contract includes an option for three annual extensions.

Despite the mixed financial results, Chairman Sokratis P. Kokkalis, expressed optimism for the company’s future growth opportunities. “In the light of our significantly improved position, we look forward to tapping new growth opportunities in the US and the rest of the world as one of the top gaming technology providers worldwide and working towards refinancing the 2024 Notes.

“FY22 financial results demonstrate the company’s resilience in the face of challenges and its dedication to expanding its global gaming technology footprint. With new contracts, appointments, and a focus on growth, Intralot is well-positioned to capitalize on emerging opportunities in the gaming industry.”