Greek gains for Inspired

14 August 2018

New Inspired Entertainment CEO Brooks Pierce (pictured) cited a strong performance in Greece as one of the key reasons behind financial growth in the third quarter.

Revenue at the New York-based firm increased 7.9% year-on-year to $36.9m (£28.9m/€32.4m), while it was able to cut net loss from $8.3m to $4m. Adjusted EBITDA was also up 60.8% to $15.5m

The results come after the virtual sports, mobile gaming and server-based gaming systems provider made major changes to its senior management team mid-way the first half, with Luke Alvarez stepping aside as chief executive and president in May.

Pierce was named president and chief operating officer and joined the new ‘Office of the Executive Chairman’. Lorne Weil, executive chairman; Daniel Silvers executive vice-president and chief strategy officer; and Stewart Baker, executive vice-president and chief financial officer, make up the office.

Speaking about the Q3 results, Weil said Inspired’s business is “building as envisioned”, adding that its products “continue to deliver and gain traction” while “margins are benefiting from scale”.

On the subject of Greece, Weil added: “We believe our strong performance in Greece is sparking interest in our innovative games and technology from operators around the world, further diversifying our geographic exposure.”

Weil also revealed Inspired will this week be launching virtual sports with the Pennsylvania Lottery.

Meanwhile, it was also a strong period for white label casino platform Aspire Global.

Revenue hiked 43% year-on-year to €24.7m, while EBITDA climbed by 53% to €5.7m with a margin of 22.9% - both record amounts for Aspire, thanks to a busy World Cup period.

This impressive performance pushed revenue for the first half at Aspire to €43.1m, up 29% on the same point last year, while EBTIDA hit €8.5m.

Like Inspired, Aspire had a busy first half of the year, during which it launched a new sportsbook in Portugal through a partnership with Cofina Media. The firm also linked up with Aller Media Denmark to roll out a new online casino in the Danish market.

Chief executive Tsachi Maimon cited such partnerships as key to its growth in the period. Aspire, which recently applied for a new licence in Sweden, is now seeking similar deals as it looks to further expand the business.

Maimon said: “The strong performance is mainly driven by two factors; successful partnerships and a stronger offering. Firstly, we have improved our ability to focus our resources on the partners and brands with the highest potential and strongest performance.

“As for the offering, we continuously improve our solution, both in terms of quality and width of the solution, most recently through the upgrade to a more advanced platform system and the very promising launch of sportsbook as well as higher efficiency in our data-driven tools.

“As a result, several B2B-brands are outperforming, along with higher activity for B2C.”