A multinational legal sports betting company has reported favorable third-quarter results.
International Game Technology PLC generated $1.06 billion in revenue in Q3 2023, which were the same results the company reported for the same period last year. IGT — a lottery, slot machine, and technology provider — closed Q3 with an adjusted EBITDA of $433 million, an 8% increase year-over-year. It also saw its operating income increase 13% to $239 million during Q3 2023. As a result of the quarter, IGT has tightened its full-year revenue outlook for FY2023.
"We are pleased with the financial results we delivered in the third quarter, including top-line growth, margin expansion, and strong cash flow generation," said IGT CFO Max Chiara in a statement. "Our financial position is solid with net debt leverage at a historical low point and already comfortably within our long-term target range.”
IGT’s ability to generate consistent revenue in Q3 was led by the company’s global gaming business, which generated $409 million in revenue during the quarter — an 8% increase year-over-year. IGT saw its global lottery sector take a step back in Q3 2023 with $601 million in revenue compared to $626 million in Q3 2022. IGT’s PlayDigital business, which includes B2B sports betting, saw revenue reach $55 million in Q3 2023, up $1 million compared to Q2 2023.
"We are pleased with the financial results we delivered in the third quarter, including top-line growth, margin expansion, and strong cash flow generation."
- IGT CFO Max Chiara
IGT projects revenue to reach $1.1 billion in Q4 2023 with full-year revenue at $4.3 billion.
North American market
IGT is poised for a positive full-year outlook as it solidifies its presence in the North American gaming market. In Q3, IGT agreed to a seven-year lottery contract extension with the California Lottery. The extension will see IGT serve as the state’s primary technology provider through 2033. The London-based company has also secured a 10-year contract extension with the Kentucky Lottery Corporation to serve as its retail and iLottery systems partner through 2036.
IGT is providing trading advisory services at Palace Casino Resort in Mississippi and St. Croix Casino in Wisconsin — adding to its commitment to North America. The company has also debuted its PeakBarTop online sports betting offering at a retail casino in the Badger State.
IGT will continue to invest in North America with a total liquidity of $1.9 billion and $1.3 billion in additional borrowing capacity as of September 2023.
