Intralot has announced a loss in its financial results for the nine-month period ended September 30, 2020, mainly due to the effects of the COVID-19 pandemic.
The Greek lottery vendor and operator reported a consolidated revenue decrease of 52.1% compared to the same period last year, posting a total revenue for the nine months of €266.1m, lower by €289.5m year-on-year (€555.6m in 2019).
Lottery was its largest earner, comprising 63.4% of its revenue, while Video Lottery Terminals (VLTs) represented 7.9% of the overall take.
Elsewhere, technology contracts came in at 15.2% group revenue, sports betting at 12.8%, and racing at 0.7%.
Gross Gaming Revenue (GGR) came in at €209.5m, a decrease of 34.1% (€108.5m) year-on-year.
Despite the expected fall in revenue, Intralot has experienced a busy Q3 trading period on the operational front. Back in October, the firm announced that its US subsidiary, Intralot Inc, along with its partner Camelot Illinois, had delivered Fast Play, a brand-new type of game, into the Illinois Lottery.
It also signed a contract extension through to 2029 to continue its six-year partnership with the Georgia Lottery Corporation, providing advanced services for the operation of its COAM (Coin Operated Amusement Machines) project.
Intralot also announced the launch of its LotosXi, a solution for digital lotteries, at Maltco Lotteries, enabling Malta’s National Lottery Operator with internet lottery gaming.
Chairman & CEO Sokratis P Kokkalis said: “In 3Q20, Intralot continued its effort to mitigate the effects of COVID-19 and the impact from adverse developments in certain jurisdictions, through the consistent implementation of its business plan and operational improvements.
“Strong commercial performance in the US, in combination with Opex reductions worldwide and postponement of Capex, have limited the expected COVID-19 impact of Full Year EBITDA in the area of €25-28m. The reopening of the Australian market and the smoother operations in sports betting activities create a more positive picture for 4Q20.
“Intralot has also made significant progress in its discussions with its creditors to address the September 2021 Notes maturity and the overall Capital Structure and will provide an update in that respect soon.”