All-time high EBITDA of $100.5 million

Inspired posts record full year revenue of $323 million in 2023, driven by Interactive growth

Reading time 1:45 min

Inspired Entertainment reported record revenue of $323 million for the full year 2023, based on robust growth driven by its Interactive vertical. The figure is 15% higher compared to the previous year's performance.

The gaming content, technology, hardware, and services provider posted a full-year net income of $7.6 million, equating to $0.27 per share. Its adjusted EBITDA reached an all-time high of $100.5 million.

In the fourth quarter alone, Inspired recorded revenue of $81.2 million, driven by a 49% surge in its Interactive segment. This segment's growth played a pivotal role in bolstering its overall performance for the quarter and the full year.

Lorne Weil, Executive Chairman of Inspired, said: "We closed out 2023 with solid results, in line with our expectations." He attributed the strong year-end performance to strategic efforts focused on scaling higher-margin digital verticals alongside steady growth in land-based operations.

Weil highlighted the exceptional performance of the Interactive segment, which saw revenue and adjusted EBITDA surge about 41% and 39% year-over-year, respectively, driven by new customer launches and expansion of the existing customer base.

Moreover, Inspired's Virtual Sports business, despite maintaining consistency with the third quarter, is poised for future growth with the introduction of NBA and NFL-themed products. The vertical generated $12.9 million in revenue during the fourth quarter. 

The company's land-based operations also contributed significantly to revenue growth, with the successful rollout of the Vantage terminals. "Our land-based business, which includes our Gaming and Leisure segments recorded strong year-over-year revenue growth of 6% and 8%, respectively," noted the Executive Chairman.

Weil emphasized the confidence in ongoing growth across land-based gaming portfolios, particularly in the pubs business, anticipating further Vantage placements in the latter half of 2024.

Looking ahead, Inspired sees promising opportunities amidst the evolving global online betting and gaming ecosystem. "Our market-leading Virtual Sports products, distinctly innovative iGaming offerings like Hybrid Dealer, and unmatched content portfolio position us at the head of this digital transformation," said Weil. "We are excited about the opportunities ahead as we seek to capitalize on the expanding online betting and gaming markets globally.”

The positive results also come on the heels of a series of business highlights, including Inspired's launch of its Hybrid Dealer iGaming product, which it debuted with BetMGM in New Jersey; and a partnership signed with Kambi for its Virtual Sports vertical.

As for other deals, the company has also expanded its partnership with FanDuel in North America to deliver iGaming content across Ontario, Pennsylvania, Michigan and New Jersey. And looking forward, Inspired expects to launch an NBA-themed Virtual Sports game in the second quarter of 2024.

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