Intralot Recaps FY 2023, Eyes US Lottery Expansion In The Midwest

In fiscal year 2023, Intralot saw more than half of its revenue come from lottery.

During its FY23 financial report and investor call, the Greece-based company announced total revenue had dropped by 7.3% to 364 million euros ($390.7 million).

Intralot’s lottery business, both through retail and online lottery apps, accounted for 53.4% of its yearly revenue.

In 2023, 45.1% of the company’s business came from North America.

Gross gaming revenue, EBITDA up for Intralot last year

Gross gaming revenue (GGR) for Intralot was actually up 1.4% year over year, despite the total revenue decline. GGR came in at 348.6 million euros ($374.2 million).

The company announced a 5.4% EBITDA (earnings before interest, taxes, depreciation, and amortization) increase in 2023 to 129.5 million euros, which equates to just over $139 million.

Of the total revenue, more than half came from the Americas. Intralot produced $225.7 million in revenue (210.3 million euros) in the Americas in 2023, which was down 10.6% from a year earlier.

North American business generated $176.8 million in revenue (164.2 million euros), a very narrow increase from 2022.

Lottery games continued to be the biggest revenue driver for Intralot in 2023. Of the $390.7 million in revenue, lottery made up 53.4% of that total. That equates to $208.6 million.

Sports betting was the second-largest contributor with 20.5%. That was followed by IT products and services at 14.3%, and video lottery terminals at 11.8%.

Lottery partnerships expanding in US, worldwide

Intralot has had some other recent developments of note, as well.

On Jan. 19, the company announced an extension of a contract between one of its subsidiaries and La Marocaine Des Jeux et des Sports, a state lottery in Morocco that offers sports betting and other games of chance. The extension is for two years.

On March 1, Intralot highlighted a new agreement with Magnum Corporation, a leading gaming company in Malaysia.

In regards to US news, Nikolakopoulos, on Tuesday, discussed the company being in the works to add more central lottery systems throughout the country:

“So just to give you an update, where we stand now, at this moment we have a significant number of projects that have already started the process. In the US, North Dakota is (in the process of adding a) central lottery system, as well as (the one in) Ohio. Minnesota and Wisconsin and New Mexico have been also in the process of requests for information and data that was (within 2024). They are going to issue a request for proposals (soon).”

Intralot is active in 39 regulated gaming jurisdictions worldwide. That includes technology and facility management services for 12 different state lotteries in the US. It already has a presence in New Mexico and Ohio, but North Dakota, Minnesota, and Wisconsin would be new additions to its US portfolio.

In Ohio, Intralot has full operation of retail instant win games for the Ohio Lottery through a production facility in Mason.

Intralot partnering with FanDuel for DC sportsbook

Recently, Intralot agreed to a subcontract with FanDuel to allow the nation’s top online sports betting operator to be able to launch in Washington, DC.

Intralot is paying for the $5 million launch fee in order for FanDuel to go live in the state.

On top of having an online presence, this partnership will see GambetDC betting kiosks get phased out and replaced with FanDuel kiosks over time.

Though the Greek company has its fingerprint on sports betting in some jurisdictions, including the United States, it remains focused on lottery even in this new deal with FanDuel.

Nikolaos Nikolakopoulos, CEO of Intralot’s US subsidiary, commented on the deal during Wednesday’s FY23 report:

“As we have said also in previous times, the main focus is the lottery system, the digital pattern, the monitoring system. We do have some sports betting contracts throughout, especially in the US. However, the market is so competitive, that we have decided that (sports betting) is not the priority. Being in the scenes, however, after discussions with FanDuel, which is the number one operator here in the US, we decided that it would be a win-win situation both for Intralot and for FanDuel.”

The Office of Lottery and Gaming oversees both sports wagering and the lottery in Washington, DC.

 

Photo by PlayiLottery

About the Author

Drew Ellis

Drew Ellis

Lead Writer
A member of Catena Media since 2020, Drew Ellis is the Lead Writer at PlayiLottery, where he handles coverage of the online and retail lottery industry in the US. He previously spearheaded news content at PlayMichigan, where he covered one of the most prominent online lottery industries in the US — among the many other aspects of Michigan's sprawling iGaming market. You can email him at [email protected].
Back To Top