Lottery vendor and operator Intralot had a newsworthy week.
While discussing its Q1 2024 financial results, the company has also named Nikolaos Nikolakopoulos as its new chief executive.
He took over the position immediately and is now part of the 12-person board of directors.
Along with the new hire, Intralot reported mixed Q1 results. The company had net profit growth, but had declining revenue and EBITDA.
Intralot operates in 12 states in the US, including four states with online lotteries.
Nikolakopoulos moves up Intralot ladder
Nikolakopoulos has been a steady mover throughout the Intralot company.
As CEO, he replaces Intralot founder Sokratis Kokkalis.
Kokkalis has been in the role since Nov. 2020 and is moving on to chairman.
Nikolakopoulos was named CEO of Intralot US last February. Previously, he served as the company’s deputy CEO, chief commercial officer, and chief operations officer.
Intralot Q1 results down from a year ago
During the first three months of 2024, Intralot saw its revenue fall 4.8% compared to Q1 2023. The company did $92.8 million in revenue.
Even more concerning is Intralot’s EBITDA (earnings before interest, taxes, depreciation, and amortization) was down 10.7% this quarter. Last Q1, it had an EBITDA of $36.6 million. This quarter, it sits at $32.7 million.
However, Intralot had its net profit slightly rise. It featured $35.8 million in gains for the quarter, a 1% jump from the $35.3 million it earned a year ago.
Lottery accounts for more than half of revenue
Despite the overall dip, Intralot’s US business remained consistent year over year. That was due to the strong growth of iLottery within the country.
According to a report from Eilers & Krejcik Gaming, iLottery did $7.96 billion in US sales for 2023. That accounted for 7.3% of the total business.
Those numbers are expected to keep growing throughout 2024.
Overall for Intralot, lottery games were responsible for 56.5% of the total revenue in Q1. Video lottery terminals contributed 12.2%.
The US market produced $55.1 million of the quarter’s revenue. While that is nearly 60% of Intralot’s business for Q1, that total is down 13% from a year ago.
Photo by vectorfusionart via Shutterstock
Graphic from Intralot
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