Interactive Segment Drives Inspired Entertainment Revenue Up 40% Year-on-Year in Q3
It might not be a household name, but our best sports betting apps and best real-money online casinos are quite familiar with Inspired Entertainment.
The B2B gaming provider has announced its Q3 2024 financials, revealing revenues of $78 million, a 40% increase on the same period last year. These numbers were driven by record-breaking Interactive revenue, which hit $10.2 million compared to $7.3 million the year prior.
The company also noted a net income of $34 million and adjusted EBITDA of $30.1 million, an increase of 13% from last year. Once again, it was boosted by the performance of the Interactive sector, which had 47% EBITDA growth.
Commenting on the results, Executive Chairman of Inspired Entertainment Lorne Weil said, “Our third quarter results demonstrate the resilience of our diversified business model and our ability to successfully execute across our business segments Interactive continues to be a standout performer with revenue growing 40% year-over-year and EBITDA increasing 47%, driven by strong growth across key markets including the UK, North America, and mainland Europe.”
North American Market Key to Interactive Growth
Inspired Entertainment focused heavily on the North American market during 2024, including signing a partnership with bet365 to provide casino games in the PA online casino market earlier in the year. bet365 casino bonus codes are just one of many PA online casino bonuses that residents of the Keystone State can take advantage of.
The company also joined Scientific Games’ content hub, which is widely available across the US.
That North American trend continued into Q3, with the release highlighting the company’s key successes in the period: its partnerships with FanDuel, BetMGM, and Loto-Québec.
Weil said, “We're particularly encouraged by the substantial progress we’ve made in our Hybrid Dealer rollout strategy, successfully launching our MGM Bonus City game with BetMGM in Michigan and achieving a significant milestone with the commitment to our revolutionary Hybrid Dealer Roulette game in Canada by Loto-Québec. Moreover, our strategic partnership with FanDuel to integrate our Hybrid Dealer suite and develop content that is proprietary to FanDuel represents another major step forward in our North American expansion strategy.”
Hybrid Dealer is an exciting addition to those apps, which also offer some of the best online slots. Of course, it's always best to take advantage of what those companies have to offer by taking advantage of a BetMGM online casino bonus code or FanDuel casino promo code.
Release Outlines Hope to Improve Virtual Sports Revenues
Other areas posted revenue growth in Q3 2024, including Gaming, which saw revenue rise from $22.4 million to $23.3 million. Leisure revenue also ticked up from $31.7 million to $33.3 million.
Virtual Sports was the only sector that performed poorly, where revenues dropped year-on-year from $13.4 million to $11.2 million. However, the company addressed any concerns about this business sector in the financial release, highlighting its licensing agreement with the NHL to use NHL logos, jerseys, and names in virtual sports products. We don't have any virtual sports picks yet, but we do have you covered with our NHL picks for on-ice action.
Addressing concerns around virtual sports, Weil added, “While Virtual Sports faced continued headwinds from a key customer, we’re seeing encouraging trends in the broader business with high single-digit revenue growth in the rest of the customer base driven by online performance. Despite the near-term challenges, we remain confident in the long-term growth trajectory of this high-margin business. The business continues to generate industry-leading margins of nearly 79% as we invest in strategic growth initiatives, particularly in Brazil, where we’re dedicating resources to capitalize on this significant market opportunity.”
The company also confirmed extending its virtual sports partnership with OPAP, a gaming company providing services in Greece. The deal included upgrading 4,000 video lottery terminals.
