November 12, 2021 Technology, Online, Land Based

Interactive fuels Inspired Entertainment’s 73% quarterly revenue increase

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Period saw deals signed with BetMGM and DraftKings.

Inspired Entertainment, the B2B provider of gaming content and solutions, has announced its financial results for the period ending September 30, 2021. Fueled by growth in the interactive and virtual sports segments, the provider saw strong year-on-year improvements.

Specifically, combined Q3 revenue for virtual sports and interactive came in at $77.6m, a 73.4% year-on-year increase.

"I am very pleased with our third quarter results, as they reflect that we have emerged from the pandemic a much stronger, leaner and more efficient Company with significant momentum and increased growth opportunities," said Lorne Weil, executive chairman of Inspired.

"Our evolution this year, compared to pre-pandemic periods, is being driven by consistent growth in the operating performance of our capital-efficient Interactive and Virtual Sports segments, demonstrating the substantial demand that exists for our products as well as an acceleration in general industry trends."

The company reached a record net income of $25m this quarter while adjusted EBITDA came in at $30.1m, $2m more than predictions suggested. 

Concurrently, Inspired generated $19.8m during the period.

Weil was positive regarding the company’s US offering, adding: "Our North American business remains a key driver of growth as we continue to expand our footprint, add to our portfolio of games and improve our speed to market. In addition to introducing our Virtuals online with BetMGM in New Jersey in the third quarter, we launched our Interactive games with DraftKings in Michigan and signed a multi-year exclusive contract with the Major League Baseball Players Alumni Association (MLBPAA) to bring the MLBPAA greats to life in a virtual homerun hitting competition."

He continued: “We have been actively pursuing online gaming supplier licenses in several additional jurisdictions and announced Loto-Quebec as our first iLottery customer, which we believe is an underpenetrated sector.  We continue to see significant opportunities in the North American gaming landscape, and we believe we are well-positioned based on our content-driven strategy and depth of relationships,"

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