Inspired Entertainment Releases Strong Third Quarter Results
LISTEN TO THIS ARTICLE:Inspired Entertainment, a leading B2B gaming content and technology provider, has announced healthy Q3 2023 trading results with revenue of $97.5 million which translates to an increase of 31% in a year-on-year comparison. The operator stated these results were mainly due to the Interactive division of the company.
The Adjusted EBITDA for the third quarter last year was $16.4 million up 9% from $15.0 million for the same quarter in 2022. The high-performing Interactive segment achieved an Adjusted EBITDA increase of 55% in Q3 in 2023 when compared to the same period for the previous year. The statement also indicated that it believes the Q3 trading revenues are in line with the projected forecasts for Adjusted EBITDA and revenues in the fourth quarter.
Related: Inspired Entertainment Moves towards Nasdaq Compliance
Fundamentally, our business remains very strong, which was reflected in our repurchase of $1.5 million of our stock during the third quarter. We are optimistic about the compelling digital growth dynamics of the business as a wider audience engages with online betting and gaming while new jurisdictions continue to launch. Combined with a resilient land-based business, our diversification and expansion ability reinforce our omni-channel strategy combining our high-margin, capital-efficient digital businesses with our steady land-based businesses.
Continual Growth of Virtual Sports Segment
Leadership at Inspired Entertainment highlighted the rapid growth in the Virtual Sports segment of the business over the last three years. The market is enjoying significant growth and advances in technology, which is underscored by the agreements between Inspired and the National Basketball Association (NBA) and the National Football League (NFL).
Additionally, Inspired is looking to expand its Virtual Sports offering in the North American and Latin regions. Both these markets provide massive opportunities for the B2B gaming provider for growth over the next decade.
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