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INTRALOT announces strong EBITDA growth +29.2% y-o-y and positive Earnings after Tax at €3.1m in 1Q23
INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the three–month period ended March 31st, 2023, prepared in accordance with IFRS.
OVERVIEW
- Group Revenue at €89.5m (–8.4% y–o–y).
- EBITDA at €33.7m (+29.2% y–o–y) in 1Q23, with EBITDA margin reaching 37.7% from 26.7% in 1Q22.
- LTM EBITDA at €130.5m, up by 6.2% vs. FY22.
- Substantial growth in our US operations (Revenues +13.1%, EBITDA +31.6% y–o–y).
- EBT in 1Q23 shaped at €10.9m vs. €–2.3m in 1Q22.
- NIATMI (Net Income After Tax and Minority Interest) at €3.1m, vs. €–5.7m a year ago.
- Operating Cash Flow at €37.2m in 1Q23 (+115.3% y–o–y).
- Group Net CAPEX in 1Q23 was €7.2m.
- Group Cash at the end of 1Q23 at €109.2m, €6.8m higher vs. Dec–22.
- Net Debt at €471.6m at the end of 1Q23, lower by €18.9m vs. Dec–22 and €29.0m vs. 1Q22.
- Net Debt/ LTM EBITDA at 3.6x in 1Q23 vs. 4.0x in FY22.
Group Headline Figures
INTRALOT Chairman & CEO Sokratis P. Kokkalis noted:
We are extremely proud of first quarter robust organic Ebitda growth of 29% and a return to Net Earnings, along with healthy cash flows and significant reduction of Group Net Leverage Ratio down to 3.6x, providing additional momentum to INTRALOT’s successful turnaround story as a result of our consistent efforts in the past few years. With healthy financials and new technical capabilities offered through next generation solutions for Lottery digital transformation, in both the retail and online worlds, we look forward to timely addressing upcoming maturities, further improving our capital structure, and implementing an ambitious plan for strong and sustainable growth in the US and key markets around the world, creating value for all stakeholders.
OVERVIEW OF RESULTS
REVENUE
Although the reported consolidated revenue posted a decrease compared to 1Q22, leading to a total revenue for the three–month period ended March 31st, 2023, of €89.5m (–8.4%), excluding the impact from the discontinuation of Malta license, underlying revenue from continuing operations increased by 17.5%.
- From a contribution perspective, Lottery Games remain our largest contributor to Group turnover with a share of 60.4%, followed by Sports Betting with a share of 17.5%, VLTs monitoring with a share of 12.5%, Technology contracts with a share of 9.5%, and Racing with a share of 0.1%.
- Reported consolidated revenue for the three–month period is lower by €8.2m year over year. The main factors that drove top line performance per Business Activity are:
- €–20.4m (–64.5%) from our Licensed Operations (B2C) activity line with the variance driven by:
- Lower revenue in Malta (€–21.5m) due to the license expiration early July 2022 and
- Higher revenue in Argentina (€+1.1m or +10.9% y–o–y), driven by local market growth. In local currency, current year results posted a +104.5% y–o–y increase.
- €+6.3m (+11.4%) from our Technology and Support Services (B2B/ B2G) activity line, with the variance driven by:
- US operations’ increased revenue (€+4.6m or +13.1% y–o–y), mostly driven by the growth in Numerical and Instant games, further affected by the EUR depreciation (–4.3% versus a year ago – in average terms) and
- Higher revenue from rest jurisdictions (€+1.7m or +8.6%).
- €+5.9m (+54.2%) from our Management (B2B/ B2G) contracts activity line with the variance driven by:
- Strong momentum of our Turkish3 operations (€+5.8m), driven by Bilyoner’s improved performance, favored by the growth of the online market. In 1Q23, the local Sports Betting market expanded close to 2.2 times y–o–y. Performance in Euro terms was partially mitigated by the headwinds in Turkish lira (+28.1% Euro appreciation versus a year ago),
- Higher revenue from our US Sports Betting contracts in Montana and Washington, D.C. (€+0.1m) and
- Steady performance in Morocco.
- €–20.4m (–64.5%) from our Licensed Operations (B2C) activity line with the variance driven by:
GROSS GAMING REVENUE & Payout
- Gross Gaming Revenue (GGR) concluded at €83.4m in 1Q23, posting an increase of 4.5% (or €+3.6m) year over year. The improved performance across most key regions managed to absorb the loss of sales from Malta and the higher payout ratio in Argentina (–67.7% y–o–y on wagers from licensed operations4). 1Q23 Payout Ratio5 was higher by 3.5pps vs. 1Q22 (62.4% vs. 58.9%).
OPERATING EXPENSES & EBITDA
- Total Operating Expenses marginally increased by €0.9m (or +3.9%) in 1Q23 (€22.7m vs. €21.8m) driven by the improved top–line performance in USA and Turkey
- Other Operating Income from continuing operations ended at €7.8m presenting an increase of 37.0% y–o–y (or €+2.1m).
- EBITDA amounted to €33.7m in 1Q23, posting a double–digit growth of 29.2% (or €+7.6m) compared to 1Q22. The main drivers underpinning this performance are attributed to the strong growth in our US operations and the boosted performance in Turkey.
- On a yearly basis, EBITDA margin on sales climbed to 37.7%, from 26.7% in 1Q22 (+11.0pps).
- LTM EBITDA stands at €130.5m, up by 6.2% vs. FY22.
EBT / NIATMI
- EBT in 1Q23 amounted to €10.9m compared to €–2.3m in 1Q22, largely driven by the significant EBITDA contribution, the improved results from participations and investments, the gains on net monetary position and the benefit from the lower D&A.
- NIATMI in 1Q23 concluded at €3.1m compared to €–5.7m in 1Q22.
CASH FLOW
- Operating Cash–flow in 1Q23 amounted to €37.2m, increased by €19.9m, compared to 1Q22. The positive impact arising from the higher recorded EBITDA y–o–y and the favorable working capital movement was partially offset by the negative variance in tax payments.
- Net CAPEX in 1Q23 was €7.2m, higher by €2.9m compared to 1Q22, with US projects consuming most of the CAPEX needs.
- Net Debt, as of March 31st, 2023, stood at €471.6m, decreased by €18.9m compared to December 31st, 2022. Robust cash flow generation supported the continued deleveraging, with Net Debt / EBITDA dropping to 3.6x in 1Q23, from 4.0x in Dec–22. Positive gross debt movements include the capital payments towards the Term Loan in US, the lower interest accrued in comparison with Dec–22 and the positive FX impact on our USD denominated debt.
OUTLOOK/RISKS
The Company Management identifies significant opportunities in the growth of the Lottery and Sports Betting online markets and the expansion of regulated i–lottery markets, as well as from the recovery from the implications of the recent pandemic. Combined with the evolution of INTRALOT’s new technological solutions for Lottery digital transformation, the Company is in position to capture more technology projects with an increased profit margin compared to previous years.
World economies continue to navigate through macroeconomic uncertainties, with interest rates at high levels and relatively slow economic growth.
Increased interest rates have a direct impact on the financing servicing costs of the Intralot Group, while the outlook indicates that central banks may start to ease their monetary policy by the end of 2023.
nflation is declining more slowly than expected, having strong impact on most of the industries and regions. However, the gaming industry seems to be more resilient than other sectors of the economy, presenting above average growth in most regions.
The Management of the Company closely monitors geopolitical and economic developments and is ready to take all the necessary measures for protecting its operations.
eSports
2025 PUBG MOBILE Global Championship Details, Format, and Map Changes Revealed at Esports World Cup

James Yang, Senior Director of Global Esports at Level Infinite, has shared a number of exciting reveals for the future of PUBG MOBILE Esports. Among this news is the official plan for the second half of the 2025 competitive season, including further information on the format and changes coming to the prestigious PUBG MOBILE Global Championship (PMGC) at the end of the year. These changes are set to amplify the excitement at the final major competition in this year’s circuit, allowing more opportunities for teams to make it to number one.
As the final tournament of the annual PUBG MOBILE Esports circuit, the 2025 PMGC is the most anticipated event of the year, with professional teams vying for their chance to etch their name in esports history as the ultimate Champions of the PUBG MOBILE year. For this reason, the best teams across the world are invited to take their shot at victory. This year sees the introduction of the Gauntlet Stage to the tournament — an initial stage where the 16 best teams from each region are selected for an initial chance to go straight to the Grand Finals, with six slots up for grabs.
In order to qualify for the Gauntlet Stage, teams must be placed within the top two or three spots in the regional 2025 PUBG MOBILE Super League (PMSL) Fall Rankings, but this is not the only opportunity to enter the tournament. The bottom 10 ranked teams from the Gauntlet will enter the Group Stage, alongside 22 teams from across the globe. These 22 teams are made up of the top-scoring teams from every region, with the combined 32 teams facing off in two groups for a further four qualifying slots per group.
The final two slots are made up of the overall winner of the host-region invite slot and the winner of the Last Chance stage, where the teams ranked 5th-12th from the Group Stage will get one more shot at qualifying for the Grand Finals.
Many other changes were announced as PUBG MOBILE Esports seeks to close the gap between professional play and the wider player experience. Kicking this off, Rondo is replacing Sanhok in the official map rotation from the 2025 PMSL Fall Season, and with it comes a myriad of impactful changes. To begin, the Recall System makes a return to the competitive formula, allowing eliminated players to rejoin the battle should their teammates safely secure their tag. Sentry Guards and drops will also be introduced in keeping with the original Rondo experience and the Blue Zone speed will remain the same. However, the iconic map stores will not be available, meaning players will have to scavenge for gear just as they do in other maps.
With the action-heavy updates revealed, PUBG MOBILE Esports has also highlighted some of the best moments across the various tournaments to date. This involves a look at the skill of standout performances, key historical moments, and also recognising amazing examples of how gaming can connect people across the globe.
Beginning with the former, following two years of persistence, Indonesia’s GluSquad Esports made their mark on the game, qualifying for the PMSL SEA for the first time, earning widespread support for their fresh energy in the summer season. Waves were also made in Africa, as Memoitho made history becoming the first woman in PUBG MOBILE Esports to reach the Top 3 in the 2025 PUBG MOBILE Africa Cup (PMAC) Kenya Solo Competition. Then to Nepal, where Horaa Esports celebrated their qualification in the 2025 PMWC, marking their debut entry into a major global tournament.
Alongside these great stories are many heartwarming highlights from over the years, such as Team Nile’s own 11011Enemy, who defied the odds while managing mobility issues from sickle cell disease, securing MVP in a crucial match, and going on to represent Nigeria in Saudi Arabia. In a similar vein, a community of gamers with disabilities from Turkey were brought together by PUBG MOBILE, growing into a 50 person group of supportive players across the country. PUBG MOBILE is also celebrating the love and support shown by pro players’ families. Earlier this year, the father of Regnum Carya Esports’ Sylas celebrated his son’s success at the 2025 PUBG MOBILE Global Open (PMGO). Then at the 2025 PMWC, the father of POWR Esports’ Alhaje cheered on his son from the crowd as the weekend unfolded. With this, both of these proud fathers proved their place as their sons’ number one fans. Last but not least, fans will remember how football star Richarlison met his partner through their mutual love for PUBG MOBILE Esports.
With a plethora of significant updates to the tournament formula, the reintroduction of impactful features, and many more stories to be made, PUBG MOBILE Esports fans have plenty to look forward to for the rest of the year and beyond.
The post 2025 PUBG MOBILE Global Championship Details, Format, and Map Changes Revealed at Esports World Cup appeared first on European Gaming Industry News.
GGPoker
WSOP Circuit Returns to Latin America – Qualify Exclusively at GGPoker

GGPoker, the World’s Biggest Poker Room, is excited to announce the launch of online satellite tournaments for the upcoming WSOP Circuit Panama 2025 live poker event.
This exciting event will put Latin American poker back in the spotlight and is set to bring together the continent’s top players from November 6 to 16 at the prestigious Hilton Panama Hotel and the exclusive StarBay Casino.
Featuring 12 official World Series of Poker gold ring events, a full schedule of side tournaments, VIP activities, international media coverage, and a stunning seaside location, WSOP Circuit Panama promises to be one of the year’s most spectacular stops for both professional and recreational players.
Gregory Chochon, Chief Operating Officer of the World Series of Poker, added:
“We are proud to see the WSOP Circuit continue to grow internationally. Latin America is a passionate and fast-growing poker region, and events like WSOP Circuit Panama bolster our mission to bring the WSOP gold ring experience to players around the globe.”
GGPoker players can qualify via a 12-week online satellite series, with 20 guaranteed packages worth $2,500 USD each. Each package includes a $1,700 Main Event entry and $800 for travel expenses. Satellites start at just $5, giving players across Latin America the chance to live the full WSOP experience in Panama.
Online Satellite Schedule on GGPoker (ET time):
Day |
Time (ET) |
Tournament Name |
Mon–Sat |
3-4-5-6-7 PM |
WSOP-C Panama – $5 Daily Satellite |
Sunday |
12-1-2-3-4 PM |
WSOP-C Panama – $5 Daily Satellite |
Mon-Sun |
8 PM |
WSOP-C Panama – $33 Package Qualifier |
Sunday |
4 PM |
WSOP-C Panama – $22 Last Chance Satellite |
Sunday |
7 PM |
WSOP-C Panama – $215 Weekly Final |
WSOP-C Panama Satellite Stats (over 12 weeks):
-
$5 Satellites: 1,296 tournaments
-
$33 Qualifiers: 312 tournaments
-
$22 Last Chance: 12 tournaments
-
$215 Weekly Finals: 12 tournaments
Guaranteed Packages ($2,500 each):
-
Weeks 1–4: 1 package per week
-
Weeks 5–12: 2 packages per week
-
Total: 20 guaranteed packages
-
Total Prize Value: $50,000 USD
In addition to winning a coveted WSOP Circuit gold ring, each ring event winner in Panama will also receive a $5,000 WSOP Circuit Championship package, which includes:
-
$2,750 entry to the Mystery Bounty WSOP Circuit Championship
-
6-night stay at Atlantis (Coral or Royal Towers)
-
Complimentary buffet access during the stay
“WSOP Circuit Panama is a unique opportunity for players across Latin America to enjoy a world-class poker experience in an extraordinary setting,” said Juan Carreño, GGPoker Representative.
The post WSOP Circuit Returns to Latin America – Qualify Exclusively at GGPoker appeared first on Gaming and Gambling Industry in the Americas.
Latest News
Evolution launches Ice Fishing, the fast-paced game show with up to 5,000x win potential

Evolution announced the launch of Ice Fishing, a fast-paced new addition to its live game show portfolio, first revealed at ICE 2025. Set against an arctic backdrop, Ice Fishing puts a fresh spin on the big money wheel format, with three unique bonus games, suspenseful gameplay, and multiplier wins of up to 5,000x.
At the centre of the game is a 53-segment wheel, where each spin can award an instant cash prize or trigger one of three themed bonus rounds: Lil’ Blues, Big Oranges, and Huge Reds. Each bonus offers its own gameplay style and multiplier potential — up to 100x, 200x and 500x respectively.
Enhancing the excitement are multiplier boosts that can land during the main game and carry through into the bonus rounds. This adds an extra layer of anticipation and a max win potential of up to 5,000x.
Todd Haushalter, Evolution’s Chief Product Officer, said: “We’ve wanted to create a speed game show for a long time, as we’re seeing a growing audience that craves faster, more instantly gratifying formats. It’s a trend not unlike the rising preference for TikTok-style shorts over long-form video. Ice Fishing is our take on that idea. It’s fast, fun, and packed with dramatic gameplay.”
Haushalter added: “The magic lies in the anticipation, waiting to see what kind of fish players will catch and how big the outcome might be. There are little surprises and bursts of excitement woven into the entertainment experience, and we think players will enjoy uncovering them. We’re genuinely excited about this format, as it opens the door to a new style of rapid game show with strong potential.”
The post Evolution launches Ice Fishing, the fast-paced game show with up to 5,000x win potential appeared first on European Gaming Industry News.
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