Inspired Entertainment, Inc., on Monday said its business grew in 2020, thanks to multiple factors.
The New York City-based company said aggregate revenue from all of its online businesses increased from $1.7m in January of last year to $4.3m in December.
“Inspired's growth in casino and virtual sports online outpaced the general market, even while the general market for online games grew significantly during 2020,” the company said in a statement.
The company attributed much of its growth to its existing customer base in Europe, which it said reflected the growing migration of end users to online platforms, an increase in the volume and popularity of the company's new proprietary content, and the launch of Virtual Plug & Play ("VPP"), Inspired's online and mobile all-in-one virtual offering.
Inspired said it launched with more than 50 new online customers in the UK, New Jersey, Canada, Greece, Mexico, Germany, Belgium, Turkey, Italy and Sweden, and further expanded its base of interactive aggregators.
Between January 2020 and December 2020, Inspired said its peak level of casino game play increased from 8,000 plays per minute to more than 22,000 plays per minute. The company said it expects these growth trends, both in the general market and its business, to continue in 2021.
“Given the scalable nature of Inspired's online business, it is expected that any growth in this business will lead to increasing operating margins over time,” the company asserted.
Inspired entered the North American marketplace late in 2018 and said it experienced accelerated growth during 2020. The company says it now works with more than half of operators in New Jersey, recently won a license to supply its online games in Michigan, and will expand into West Virginia later this year.
Last month, Inspired entered a new, long-term agreement with Entain plc. for the provision of virtual sports across Entain's brands.
“We are very pleased to see our online business continue its impressive revenue growth trajectory,” said Lorne Weil, executive chairman of Inspired. “Online gaming is a multi-billion-dollar, high-growth segment and we believe we have barely scratched the surface with our casino and virtual sports products.”