Inspired Entertainment reports strong Q2 2024 results

Garance Limouzy August 12, 2024

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Inspired Entertainment reports strong Q2 2024 results

Inspired Entertainment, Inc. has reported impressive financial results for the second quarter of 2024, partly driven by its Interactive segment. The New York-based gaming technology provider announced that it generated $75.6 million in revenue for the quarter, with a 40 percent increase compared to the same period last year. The company also reported a net income of $2.0 million and an adjusted EBITDA of $25.5 million, a 69 percent year-over-year growth.

Interactive segment

Lorne Weil (pictured above), the Executive Chairman of Inspired, attributed the company’s success to the strength of its Interactive segment, which saw record-breaking performance during the quarter: “Our Interactive segment had a record-breaking performance, achieving quarterly all-time highs in both revenue and Adjusted EBITDA, up 40% and 69%, respectively, compared to the same period last year. These results were achieved with only a modest contribution from our Hybrid Dealer product, which was live with just one product—the MGM Bonus City game show wheel—with a single customer and in a single market during the quarter.”
Weil explained that the focus on expanding this offering remains a top priority, with recent launches, including a partnership with BetMGM in Michigan.

Partnerships

Beyond its Interactive segment, Inspired Entertainment has been actively expanding its market presence and strengthening its partnerships.
The company succeeded in extending a six-year contract with William Hill, one of the UK’s leading betting companies. This agreement will see Inspired supplying 5,000 new Vantage? gaming terminals across William Hill’s network of betting shops. The deployment of these terminals is expected to begin later this year and complete by mid-2025.

Inspired also made strides in North America, securing an agreement with Alberta Gaming, Liquor, and Cannabis (AGLC) to deploy 150 new Valor? terminals in Canada.
In the USA, the company has also launched iGaming content in Michigan, Pennsylvania, and Connecticut, partnering with operators such as Fanatics or FanDuel.

Hybrid dealer product

Looking ahead, Inspired is optimistic about the potential of its Hybrid Dealer product, which has now launched in a second state with BetMGM. Weil explained: “ We anticipate onboarding our second customer with a bespoke version of the game show wheel in the third quarter. Following that launch, we plan to roll out roulette for both customers. This is a particularly exciting development as roulette represents, by a significant margin, the largest category in the live dealer sector and one of the largest in the online gaming industry overall. The potential for growth in this area is substantial, and we’re incredibly excited to continue expanding our Hybrid Dealer presence.”