Inspired posts $75.6m in revenue for Q2
During the period, the company launched in several US states through multiple partnerships.
Inspired has published its financial and business results for this year’s second quarter. During the period, the company reported $75.6m in revenue, reflecting a 1% increase when compared to results from one year ago.
Inspired ended the quarter with $25.5m in adjusted EBITDA, with an adjusted EBITDA margin of 34%.
The company also posted $2m in net income during Q2.
Inspired celebrated several growth opportunities in its second quarter report as well. During Q2, Inspired secured a six-year contract with William Hill. Inspired completed successful iGaming launches in Michigan and Pennsylvania through a partnership with Fanatics, as well as in Connecticut through its collaboration with FanDuel.
The company also signed an agreement with Alberta Gaming, Liquor and Cannabis (AGLC) in Canada. Per the terms of the deal, the company will deploy 150 new Valor terminals.
Company Executive Chairman Lorne Weil explained Inspired’s latest results in more detail, commenting, “We delivered solid second quarter 2024 results led by strength in our interactive business and a stable performance in gaming. Our Interactive segment had a record-breaking performance, achieving quarterly all-time highs in both revenue and Adjusted EBITDA, up 40% and 69%, respectively, compared to the same period last year.
“These results were achieved with only a modest contribution from our Hybrid Dealer product, which was live with just one product – the MGM Bonus City game show wheel – with a single customer and in a single market during the quarter.”
Weil went on to discuss what lies ahead for the company going forward.
He concluded by saying, “Looking ahead, the expansion of our Hybrid Dealer offering remains a top priority. We’re pleased to announce that in July, we successfully launched the Hybrid Dealer game show wheel with BetMGM in Michigan, marking an important milestone in our growth strategy. We anticipate onboarding our second customer with a bespoke version of the game show wheel in the third quarter. Following that launch, we plan to roll out roulette for both customers.
“This is a particularly exciting development as roulette represents, by a significant margin, the largest category in the live dealer sector and one of the largest in the online gaming industry overall. The potential for growth in this area is substantial and we’re incredibly excited to continue expanding our Hybrid Dealer presence.”
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