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INTRALOT announces strong EBITDA growth +29.2% y-o-y and positive Earnings after Tax at €3.1m in 1Q23
INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the three–month period ended March 31st, 2023, prepared in accordance with IFRS.
OVERVIEW
- Group Revenue at €89.5m (–8.4% y–o–y).
- EBITDA at €33.7m (+29.2% y–o–y) in 1Q23, with EBITDA margin reaching 37.7% from 26.7% in 1Q22.
- LTM EBITDA at €130.5m, up by 6.2% vs. FY22.
- Substantial growth in our US operations (Revenues +13.1%, EBITDA +31.6% y–o–y).
- EBT in 1Q23 shaped at €10.9m vs. €–2.3m in 1Q22.
- NIATMI (Net Income After Tax and Minority Interest) at €3.1m, vs. €–5.7m a year ago.
- Operating Cash Flow at €37.2m in 1Q23 (+115.3% y–o–y).
- Group Net CAPEX in 1Q23 was €7.2m.
- Group Cash at the end of 1Q23 at €109.2m, €6.8m higher vs. Dec–22.
- Net Debt at €471.6m at the end of 1Q23, lower by €18.9m vs. Dec–22 and €29.0m vs. 1Q22.
- Net Debt/ LTM EBITDA at 3.6x in 1Q23 vs. 4.0x in FY22.
Group Headline Figures
INTRALOT Chairman & CEO Sokratis P. Kokkalis noted:
We are extremely proud of first quarter robust organic Ebitda growth of 29% and a return to Net Earnings, along with healthy cash flows and significant reduction of Group Net Leverage Ratio down to 3.6x, providing additional momentum to INTRALOT’s successful turnaround story as a result of our consistent efforts in the past few years. With healthy financials and new technical capabilities offered through next generation solutions for Lottery digital transformation, in both the retail and online worlds, we look forward to timely addressing upcoming maturities, further improving our capital structure, and implementing an ambitious plan for strong and sustainable growth in the US and key markets around the world, creating value for all stakeholders.
OVERVIEW OF RESULTS
REVENUE
Although the reported consolidated revenue posted a decrease compared to 1Q22, leading to a total revenue for the three–month period ended March 31st, 2023, of €89.5m (–8.4%), excluding the impact from the discontinuation of Malta license, underlying revenue from continuing operations increased by 17.5%.
- From a contribution perspective, Lottery Games remain our largest contributor to Group turnover with a share of 60.4%, followed by Sports Betting with a share of 17.5%, VLTs monitoring with a share of 12.5%, Technology contracts with a share of 9.5%, and Racing with a share of 0.1%.
- Reported consolidated revenue for the three–month period is lower by €8.2m year over year. The main factors that drove top line performance per Business Activity are:
- €–20.4m (–64.5%) from our Licensed Operations (B2C) activity line with the variance driven by:
- Lower revenue in Malta (€–21.5m) due to the license expiration early July 2022 and
- Higher revenue in Argentina (€+1.1m or +10.9% y–o–y), driven by local market growth. In local currency, current year results posted a +104.5% y–o–y increase.
- €+6.3m (+11.4%) from our Technology and Support Services (B2B/ B2G) activity line, with the variance driven by:
- US operations’ increased revenue (€+4.6m or +13.1% y–o–y), mostly driven by the growth in Numerical and Instant games, further affected by the EUR depreciation (–4.3% versus a year ago – in average terms) and
- Higher revenue from rest jurisdictions (€+1.7m or +8.6%).
- €+5.9m (+54.2%) from our Management (B2B/ B2G) contracts activity line with the variance driven by:
- Strong momentum of our Turkish3 operations (€+5.8m), driven by Bilyoner’s improved performance, favored by the growth of the online market. In 1Q23, the local Sports Betting market expanded close to 2.2 times y–o–y. Performance in Euro terms was partially mitigated by the headwinds in Turkish lira (+28.1% Euro appreciation versus a year ago),
- Higher revenue from our US Sports Betting contracts in Montana and Washington, D.C. (€+0.1m) and
- Steady performance in Morocco.
- €–20.4m (–64.5%) from our Licensed Operations (B2C) activity line with the variance driven by:
GROSS GAMING REVENUE & Payout
- Gross Gaming Revenue (GGR) concluded at €83.4m in 1Q23, posting an increase of 4.5% (or €+3.6m) year over year. The improved performance across most key regions managed to absorb the loss of sales from Malta and the higher payout ratio in Argentina (–67.7% y–o–y on wagers from licensed operations4). 1Q23 Payout Ratio5 was higher by 3.5pps vs. 1Q22 (62.4% vs. 58.9%).
OPERATING EXPENSES & EBITDA
- Total Operating Expenses marginally increased by €0.9m (or +3.9%) in 1Q23 (€22.7m vs. €21.8m) driven by the improved top–line performance in USA and Turkey
- Other Operating Income from continuing operations ended at €7.8m presenting an increase of 37.0% y–o–y (or €+2.1m).
- EBITDA amounted to €33.7m in 1Q23, posting a double–digit growth of 29.2% (or €+7.6m) compared to 1Q22. The main drivers underpinning this performance are attributed to the strong growth in our US operations and the boosted performance in Turkey.
- On a yearly basis, EBITDA margin on sales climbed to 37.7%, from 26.7% in 1Q22 (+11.0pps).
- LTM EBITDA stands at €130.5m, up by 6.2% vs. FY22.
EBT / NIATMI
- EBT in 1Q23 amounted to €10.9m compared to €–2.3m in 1Q22, largely driven by the significant EBITDA contribution, the improved results from participations and investments, the gains on net monetary position and the benefit from the lower D&A.
- NIATMI in 1Q23 concluded at €3.1m compared to €–5.7m in 1Q22.
CASH FLOW
- Operating Cash–flow in 1Q23 amounted to €37.2m, increased by €19.9m, compared to 1Q22. The positive impact arising from the higher recorded EBITDA y–o–y and the favorable working capital movement was partially offset by the negative variance in tax payments.
- Net CAPEX in 1Q23 was €7.2m, higher by €2.9m compared to 1Q22, with US projects consuming most of the CAPEX needs.
- Net Debt, as of March 31st, 2023, stood at €471.6m, decreased by €18.9m compared to December 31st, 2022. Robust cash flow generation supported the continued deleveraging, with Net Debt / EBITDA dropping to 3.6x in 1Q23, from 4.0x in Dec–22. Positive gross debt movements include the capital payments towards the Term Loan in US, the lower interest accrued in comparison with Dec–22 and the positive FX impact on our USD denominated debt.
OUTLOOK/RISKS
The Company Management identifies significant opportunities in the growth of the Lottery and Sports Betting online markets and the expansion of regulated i–lottery markets, as well as from the recovery from the implications of the recent pandemic. Combined with the evolution of INTRALOT’s new technological solutions for Lottery digital transformation, the Company is in position to capture more technology projects with an increased profit margin compared to previous years.
World economies continue to navigate through macroeconomic uncertainties, with interest rates at high levels and relatively slow economic growth.
Increased interest rates have a direct impact on the financing servicing costs of the Intralot Group, while the outlook indicates that central banks may start to ease their monetary policy by the end of 2023.
nflation is declining more slowly than expected, having strong impact on most of the industries and regions. However, the gaming industry seems to be more resilient than other sectors of the economy, presenting above average growth in most regions.
The Management of the Company closely monitors geopolitical and economic developments and is ready to take all the necessary measures for protecting its operations.
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Sportradar Group AG (NASDAQ: SRAD) has been granted a gaming-related vendor license from the United Arab Emirates’s General Commercial Gaming Regulatory Authority (GCGRA), an independent entity of the UAE Federal Government with exclusive jurisdiction to regulate, license, and supervise all commercial gaming activities.
The license, operational with immediate effect, affords Sportradar the opportunity to provide its products and services to licensed operators.
Sportradar looks forward to bringing its 20+ year expertise and proprietary sports technology to operators and clients in the region.
The post SPORTRADAR AWARDED UNITED ARAB EMIRATES LICENSE appeared first on European Gaming Industry News.
Why Today’s Affiliate Ecosystem Demands an Upgrade
The global iGaming landscape, and especially the crypto-casino sector, is undergoing explosive growth. Data from Yield Sec shows that the total gross profit of crypto casinos in 2024 reached approximately $81.4 billion — a three- to fourfold increase compared to two years before.
In parallel, the affiliate marketing market is also seeing significant expansion. According to SOFTSWISS, revenue generated via crypto affiliate services doubled in the first half of 2024 versus the same period in 2023. The upward trend continues in 2025: transaction activity is growing, and the number of engaged users in the crypto iGaming space keeps rising month after month.
Yet, most traditional crypto casino affiliate programs still rely on outdated models — CPA and RevShare — that come with notable drawbacks: limited flexibility, insufficient analytical transparency, delayed reward distribution, and negative carryover issues.
All these factors highlight the need for a new kind of affiliate ecosystem — transparent, mutually beneficial, and focused on long-term value. It is in this context that the Qzino affiliate program launches, redefining the role of affiliates in the crypto-iGaming industry.
Next-Generation Crypto iGaming Experience with Qzino
Qzino is a crypto-iGaming platform set to launch in fall 2025 (Explore the Qzino launch). The platform will feature over 10,000 games — from global hits to in-house titles — along with sports and esports betting powered by AI analytics, its own token,Qzino profit sharing model, provably fair crypto casino mechanisms, and tokenized affiliate rewards.
The Qzino profit sharing model is a core innovation — distributing 50% of the revenue daily among token holders. They receive daily passive income, ensuring long-term motivation to stay connected to the platform and benefit from its growth.
Behind the project stands a team of over 100 professionals with proven experience in building platforms ranked among the top-10 global crypto casinos. The platform operates under an official Anjouan Gambling License and utilizes provably fair crypto casino technology.
Qzino Crypto Affiliate Program — Launch Roadmap with Rewards
The Qzino affiliate program is structured in multiple phases, ensuring sub-affiliate earnings, community expansion, and transparent analytics at every stage:
- Stage 1: Mini App — current phase. An initial opportunity to invite users through free-to-play mechanics with real value, no deposit, and no complex registration. All referred users are permanently linked to the affiliate and automatically transferred to the full Web3 platform after launch — continuing to generate revenue.
- Stage 2: Platform launch & farming season — Fall 2025. The full platform goes live with gamified farming where users earn points for every bet. Affiliates receive dual rewards — a share of the platform’s profit and points for an upcoming airdrop, later converted into tokens.
- Stage 3: TGE, Airdrop & Scaling — at this stage, tokenized affiliate rewards and daily profit sharing are launched. Affiliates benefit from the growth of lifetime revenue share, additional sub-affiliate earnings, and the advantages of participating in the highest-paying affiliate program in gambling, with up to 50% revenue share.
How Qzino Offers Daily Profit Sharing and Lifetime Revenue Share for Affiliates
The Qzino affiliate program offers affiliates not just commissions, but a multi-tiered earning system across all stages:
- Revenue from each user — affiliates earn up to 50% revenue of the income generated by their referrals;
- Airdrop points — every user activity brings affiliates points later converted into tokens;
- Qzino tokens — provide access to the Qzino profit sharing model with daily profit sharing and asset growth potential;
- Sub-affiliate networks — affiliates can build their own network by inviting other partners and earning from their activity — creating long-term passive income in crypto affiliate partnerships.
Qzino crypto casino provides personal support at all collaboration stages, regular contests, challenges, exclusive drops and bonuses for active partners. The program is a crypto affiliate worldwide — open globally with no geographic restrictions.
All of this is managed in a dedicated affiliate dashboard, providing real-time commission tracking, so affiliates can monitor their earnings and activity. The affiliate dashboard ensures data transparency, accessibility, and automatic updates.
Exclusive Early Affiliate Rewards with Qzino Crypto Casino
Currently, the Qzino platform and affiliate program are in the Pre-Launch phase via MiniApp on Telegram — a unique moment for early affiliates.
The potential audience has not yet been distributed among partners, and most users are still available for acquisition. This gives affiliates the opportunity to build their own referral base using the free MiniApp mechanics. Most importantly, all referred users are automatically transferred to the full Web3 platform after launch and remain permanently linked to the affiliate.
The Next Step for the Crypto iGaming Industry
The Qzino affiliate program offers up to 50% revenue share, tokenized affiliate rewards, a long-term profit-sharing model, and scalable income through sub-affiliate earnings. Unlike traditional systems, Qzino doesn’t rely on outdated models — it establishes a new industry standard where partnership means real involvement in the project’s growth and profits, from early MiniApp participation to becoming a true co-owner of the ecosystem.
Qzino: join as a partner — emerge as a co-owner.
Visit the official website, apply now, and join the Qzino Affiliate Program — be part of the next generation of transparent, profit-sharing partnerships.
Contacts
Website: https://qzino.com
Email: [email protected]
X (Twitter): https://x.com/qzino_official
Whale.io, an online casino and sportsbook platform, has announced the launch of Crock Dentist, a new addition to its Whale Originals game series. This release marks the first time the classic game, known for its engaging tooth-pulling mechanics, has been adapted as an original online casino title. Alongside the game, Whale.io is minting 1,000 Crock Dentist NFTs, available on its platform, providing holders with access to airdrop rewards tied to the game’s performance. These digital collectibles are designed to connect in-game assets with real-world value, aligning with the broader Real World Asset (RWA) integration trend in gaming and blockchain.
Crock Dentist: A New Whale Original
Crock Dentist reimagines the traditional game as a digital casino experience, combining familiar gameplay with randomized outcomes and modern graphics. As part of the Whale Originals portfolio, it is designed to deliver a seamless and entertaining experience for players. The game operates with a 97% Return to Player (RTP), meaning 3% of each wager contributes to a house edge, which is redistributed to the holders through an airdrop system.
Crock Dentist NFTs: Minting, Earning, Trading
Whale.io’s Crock Dentist NFTs introduce a novel way for players to engage with the platform’s ecosystem. The NFTs, limited to a supply of 1,000, can be minted directly on Whale.io’s website. Key features include:
- Minting: Users can acquire a Crock Dentist NFT to participate in the platform’s reward system.
- Earning: Each NFT entitles holders to 0.1% of airdrops funded by the game’s 3% house edge. Airdrops are distributed in $WHALE, the platform’s native token, at random intervals..
- Trading: NFT holders can retain their assets to receive ongoing airdrops or trade them on secondary markets, based on their preferences.
The first weekend was an exclusive mint for Battlepass owners. It has been said that the public mint will open up for the public on Tuesday. Each user can mint up to 5 Crock NFTs and the mint price will increase daily until all 1000 NFTs are sold out. The airdrop pool grows with every spin played in Crock Dentist, creating a direct link between game activity and NFT holder rewards. Based on previous Whale Originals releases, the game performance is expected to grow consistently which translates to bigger airdrops for the NFT holders.
Transparency and Accessibility
Whale.io emphasizes transparency by maintaining publicly accessible wallet on its site:
- Royalty Wallet: Finding all the info related to aftermarket transactions, buybacks, collection royalty and airdrops from the blockchain.
This approach ensures users can verify all activities on the blockchain, fostering trust and accountability. Airdrops are automatically sent to NFT holders’ wallets, requiring no additional actions beyond minting and holding.
Integration with $WHALE Token
The $WHALE token serves as the native currency within Whale.io’s ecosystem. Currently, users can utilize $WHALE to play games, purchase battle passes, or stake for additional benefits. With the upcoming Token Generation Event (TGE), the platform plans to introduce further utilities, enhancing the token’s role across its offerings. The launch of Crock Dentist and its NFT collection arrives as Whale.io prepares for its $WHALE TGE, a milestone that will expand the platform’s ecosystem. By minting Crock Dentist NFTs, users can join the community early and participate in the evolving reward structure. The limited supply of 1,000 NFTs underscores the exclusivity of this opportunity.
About Whale.io
Whale.io is an online casino and sportsbook platform known for its proprietary Whale Originals games and community-driven reward systems. Crock Dentist is now live on Whale.io, with NFT minting open to all users. Committed to transparency and innovation, Whale.io serves a global user base with a focus on integrating gaming and blockchain technology.
Discovering the future of Whale.io Casino and Whale Token by checking them out here:
Website: https://whale.io/nft
Socials: https://linktr.ee/whalesocials_tg
Contact
Whale
Whale.io
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