- Intralot provides gaming technology to lottery and sports betting operators around the world.
- The firm was recently awarded a sports betting contract with the New Hampshire Lottery.
- Intralot’s third-quarter dip in revenue is the third consistent quarter in which the company has underperformed when compared to 2018.
LAS VEGAS – For the third quarter in a row, Introlat has reported a decline in quarterly revenue when compared to 2018. The company’s year-on-year revenue fell 6.9% to $614.74 million for the month ending September 30, 2019.
The international supplier of lottery games and sports betting technology’s Q3 Report, shows the dip in revenue can be largely attributed to the company’s performance in counties such as Argentina, Bulgaria, and Turkey.
A revised payout strategy in Bulgaria affected the company’s ability to generate revenue in that market. Intralot also lost the contract to operate Iddaa, which is a sports betting monopoly in Turkey. However, the company does have a ‘three-pronged strategy’ to get the firm back on track.
“In 3Q2019 we continued progress on our strategy to mitigate the impact of contract losses by means of three-prong strategy of cost-reductions, winning new business, and the disposal of non-core assets,” said Sokratis P. Kokkalis, chairman and CEO of Intralot.
“We are particularly satisfied about the award of a new US Sports Betting contract for the Lottery of New Hampshire which is an important step for our growth strategy in the US, and the successful sale of our stake in the Italian Sports Betting operator Gamenet,” said Kokkalis.
Intralot sold Gamenet for a total of $86.3 million to Apollo Global Management. That transaction is pending and will be completed upon regulatory approval.
The firm’s sports betting contract with New Hampshire is expected to come into fruition in early 2020. The deal was an extension to Intralot’s current agreement with the New Hampshire Lottery. Intralot will be able to offer legal sports wagering at over 1,300 licensed lottery retailers in the state.
The company also has a (legal sports betting) contract signed with the Montana Lottery and with the Washington D.C. Lottery. Both U.S. territories are expected to launch sports gambling operations by early 2020.
Intralot’s Q3 figures do show a 2.7% increase in revenue generated by technology contracts. However, this positive figure is out shadowed by the company’s revenue shortages in its licensed operations and game management sectors.
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News tags: Apollo Global Management | Gamenet | Intralot | Montana | New Hampshire | Sokratis P. Kokkalis | Washington D.C.
– In his career, Hasan has worked both local and state government positions—including the Attorney General’s Office in Florida. On top of being familiar with the legislative process, he has also been researching and writing on the legality of sports betting across the US. Outside of work you’ll most likely find him producing or playing music, playing sports, or working on creative writing projects. You’ll also catch him at Doak Campbell Stadium cheering on the Noles.
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