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August 2, 2022 Land Based, Finance, Results

IGT posts $1.02bn in revenue for Q2 2022

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The report reflected strong numbers within the US market.

International Game Technology (IGT) has published its financial results for the second quarter, which ended June 30, 2022. 

During Q2, consolidated revenue reached $1.02bn, a decrease of 2% when compared to number from the corresponding quarter last year.

Global lottery revenue generated during the second quarter totaled $648m, while global gaming revenue rose by 21% to reach $330m. The company credits “strong US and Canada replacement unit demand” for the rise in gaming revenue.

US activity also resulted in strong results for IGT’s digital and betting revenue during the quarter. The company posted a revenue of $43m, consistent with figures reporter during last year’s second quarter.

Adjusted EBITDA reached $409m in Q2. IGT reported its highest adjusted EBITDA margin in its history, holding at 40%.

Along with strong financial results, the company made significant strides in expanding its US presence.

During the second quarter, IGT and SuperBook Sports extended their partnership to include a Tennessee launch of the SuperBook Sports mobile betting app, which is powered by IGT’s PlaySports platform. Tennessee is the fourth US state to feature technology from this ongoing collaboration, joining Colorado, Arizona and New Jersey.

The company also signed an agreement with Central Washington’s 12 Tribes Colville Casinos that will provide tribal casinos with sports betting.

IGT CEO Vince Sadusky commented: "Strong customer and player demand for IGT's products and solutions drove some of our strongest profit results ever in the second quarter and first half of the year.

"Our business profile is supported by significant recurring revenue streams backed by long-term contracts and resilient end markets, providing a solid foundation on which to grow. We are laser focused on executing our strategic objectives and creating compelling value for our stakeholders."

IGT CFO Max Chiara said the company is well on its way to reaching its financial goals for the year.

He commented: "Our first half results set us firmly on the path to achieving our 2022 financial targets. Rigor on costs and incremental revenue opportunities allow us to maintain our full-year operating income margin outlook despite unfavorable currency movements and macroeconomic challenges. At the same time, we are returning significant capital to shareholders via dividends and share repurchases."

IGT’s subsidiary, IGT Global Solutions Corporation, recently signed a deal with the Michigan Lottery. Under the terms of the agreement, IGT Global Solutions will deliver iLottery content to the Michigan Lottery through its remote gaming server (RGS).

The global software company has partnered with three other US state lotteries to offer its players access to IGT’s portfolio of eInstants, including Georgia, Kentucky and Rhode Island.

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