B2B Betting Content Provider IGT Reports 3% Revenue Increase for 2022
International Game Technology (IGT), a B2B betting services and online gaming content provider to betting sites, has reported an increase of 3% to its revenue for 2022. The figures were released as part of the company’s Q4 and full year accounts.
IGT, one of the largest B2B providers of content and services to betting sites, has had a very successful year of growth and expansion. The company’s revenue increase is a like-for-like comparison with 2021. IGT also reported that its operating income came to $922m (£767m). In addition to this, IGT managed to bring down its debt by the staggering amount of $771m (£641m). As such, the company’s EBITDA for 2022 is now recorded at $1.6bn (£1.33bn). Looking at the numbers for Q4 2022, IGT’s revenue reached $1.1bn (£915m), and global gaming revenue showed an increase of 21%. The EBITDA for Q4 2022 came to $419m (£348.5m).
Speaking about the company’s financial position and 2022 overview, IGT CEO Vince Sadusky said:
“We achieved all our financial goals last year while strengthening product leadership positions across our Global Lottery, Global Gaming and PlayDigital activities. Important strategic work executed over the last few years has transformed IGT into a company with higher growth prospects, a better profit profile, and a solid path to delivering on our long-term goals. It has also enabled record capital returns to shareholders in 2022. We enter 2023 from a position of strength with good momentum across business segments.”
The company’s CFO Max Chiara also discussed the numbers, pointing out that 2022 comprised of a number of “significant financial accomplishments”. Chiara pointed out that the company managed to reduce its interest expense and improved its effective tax rate. As a result, IGT’s earnings power improved substantially as shown by its adjusted EPS. According to the CFO, a combination of strong cash flow and further strategic investments with view of ensuring future growth resulted in the company’s favourable financial position. This was further improved by cash influx as a result of selling non-core businesses, which allowed the company to bring down its debt to a record low levels. The CFO stated that the company now enjoys an “enhanced credit profile and significant liquidity” which should help achieve its multi-year plan.
It is not surprising that IGT has had an increase in revenue and is recording a very successful 2022. The company is a well-established name in the betting and gaming industry and provides high-quality, state-of-the-art content, products, and services to betting sites and bookmakers in the UK and across the world. For example, one of the most popular UK betting sites, Coral, uses IGT’s portfolio of slot games in order to provide bettors with some of the most popular and well-known titles in the industry.
IGT prides itself on its commitment and passion to driving innovation in online gaming. Some of the products the company has come up with in recent years include TRUE 4D games which provide a disruptive multi-sensory slots gaming experience. IGT’s portfolio of innovative and experimental gaming products also includes PowerSight, which allows players to control the gameplay through moving their heads and eyes.
In addition to providing services to betting sites and online casinos, IGT is a big name in the physical retail betting world. The company provides bespoke gaming cabinets, electronic table games, and Class II gaming (bingo and non-banked card games), which are often unrivalled when it comes to their selection of betting and gaming content, technologically advanced features, and intuitive, user-friendly interface. The electronic table games come in several different variants for roulette, baccarat, blackjack, or multi-gaming experience.
A significant part of IGT’s revenue comes from providing B2B solutions to betting sites. These include management, support, marketing, content development, floor layout and management, CMS optimisation, setup, maintenance, system care, and technological training. In short, anything a betting site or a retail betting location needs in order to start operating can be sourced from IGT. Betting providers could take advantage of the whole package, or use “on demand” services and tools that best fit their business needs. All this is underpinned through IGT’s commitment to customer service and responsible gambling.
IGT has already started 2023 in a strong fashion after securing a large contract with Betfred in Nevada, which allowed the bookmaker to enter the state’s betting market for the first time. As discussed by IFT’s CFO, the company is in a great position to start investing in growth and expansion, and there is no doubt that 2023 will bring a number of exciting deals and partnerships. We will report any relevant IGT news on our blog.