IGT Publishes Fiscal Results for First Quarter of 2022 – Casino Reports

IGT Publishes Fiscal Results for First Quarter of 2022 - Casino Reports

This week, global gaming technology and content provider, International Game Technology, published its financial results for the first quarter of this year. The company is a prominent name in the Canadian gaming industry, as it supplies its services to several state-run lotteries, and it recorded some impressive results for the quarter that ended on March 31, 2022.

IGT is an international gaming leader, which delivers an engaging and responsible gaming experience to players from all around the world. Its content varies from lottery and gaming machines all the way to sports betting for retail and online clients. Currently, the company operates in more than 100 regulated markets from all around the globe, including key Canadian provinces.

Review of Q1 2022

For the first quarter of the new year, IGT generated a revenue of US$1.1 billion, which is 4% more than the same quarter in 2021. Global lottery revenue reached US$680 million, which is less than the previous year’s US$749 million, which included US$95 million in prior-year benefits from Italy’s gaming amenities closures, as well as higher multi-state jackpot activity.

The company reports a global gaming revenue boost of 42% to US$325 million, which was influenced by substantially higher product sales revenue and higher active installed base units. In the meantime, digital & betting revenue hit US$47 million, which is a 24% increase. Meaning that double-digit growth resumes across activities, as the yearly increase was boosted by market expansion, growth, and timing of jackpots.

In addition to that, the supplier has also informed of some important highlights and achievements from the first quarter of 2022. Recently, the global provider inked an arrangement with the Atlantic Lottery Corporation to supply it with 1,375 CrystalDual® 27 video lottery terminals. It also announced a broad patent cross-licensing agreement with the Aristocrat Leisure Limited.

IGT has also managed to launch its top-class PlayCasino games in West Virginia, as well as expand its brand exposure in five U.S. states, and in Ontario. The latter has recently launched its own private market for gaming operators. In Q1, the company has also won “Casino Supplier of the Year” at Global Gaming Awards London and “Multi-Channel Supplier of the Year” at International Gaming Awards.

Manitoba Agreement

Back in February, IGT revealed that its subsidiary IGT Canada Solution ULC has agreed to an arrangement with the Manitoba Liquor and Lotteries Corporation. Thanks to the collaboration, the supplier launched an upgraded version of its INTELLIGEN™ video lottery central system to the Crown agency. The two sides announced that the extension is in play for the next five years.

The technology is already used in the province as it connects over 6,600 video lottery terminals through the local framework of VLTs. This upgraded version includes improved network diagnostics as well several iLINK Ultras, which is the company’s most recent retailer site controller with an individual point-of-sale device and logic box. Therefore, providing increased flexibility to retailers.

Source: “International Game Technology PLC Reports First Quarter 2022 Results”, Cision, May 10, 2022

Author: Ian Douglas