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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.
Conferences in Europe
Portside Game Assembly announces talks and roundtables for June 27th’s premiere of the conference for indie game leaders
Gamecity Hamburg is setting sail with the premiere edition of Portside Game Assembly – a dedicated B2B conference for international indie game leaders – taking place aboard a ship cruising Hamburg’s famous harbour on June 27. With a carefully curated program of keynotes, impulse talks, and roundtables, the conference offers a rare opportunity for studio directors and decision makers to connect in a focused and collaborative setting. Designed to spark fresh perspectives and actionable insights, the event brings together voices from acclaimed indie studios worldwide like Benjamin Laulan (COO & Co-Founder Evil Empire), Philomena Schwab (Founder Stray Fawn Studio), Søren Lundgaard (CEO Ghost Ship Games), Mauricio García (Studio Director The Game Kitchen), Kevin Zuhn (Creative Director & Co-Founder Young Horses Inc.), and more speakers. Tickets for the full conference experience, including a Networking Brunch and the Games Industry Party, are available at portsideassembly.com.
As the premiere of the Portside Game Assembly on June 27 is approaching, the laser-focused program for indie game leaders takes shape.
Keynotes, impulse talks and roundtables: This is the program
By offering a confidential setting for studio directors, the Portside provides value through relevant conversations and strategic networking, which is also reflected in the diverse yet focused conference program. These are some of the program highlights:
- Keynote: Benjamin Laulan (COO & Co-Founder Evil Empire): The “Triple-i Initiative Deep Dive” keynote on how to create your own announcement space and talk directly to your audience when you can’t really relate to other existing showcases.
Impulse Blocks:Impulse Blocks consist of two to three impulse talks, all of which relate to an overarching topic, followed by an open discussion about the perspectives shown and an opportunity for participants to share their own experiences. The discussions will be moderated by Mariève Beauchemin (Programs Director & Co-Founder Indie Asylum) and Andreas Suika (Creative Director & Game Designer).
- Mining for Your Next Gem – How to Decide which Games to Develop
A defining and crucial decision for every indie game studio is: what of the (probably many) game ideas should be pursued? Where should studios allocate their resources – and what game will help a studio prevail? Three speakers will share their approaches to these questions in 10-minute impulse talks:
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- Philomena Schwab (Founder Stray Fawn Studio): Game Idea Validation
- Jonas Tyroller (Founder Grizzly Games): You Don’t Need a Hook
- René Habermann (Director bippinbits): Don’t Ship the Wrong Game
- Games Are Made by People – How to Foster a Good Company Culture
Founding and maintaining an independent game studio and managing a small to mid-size team comes with a lot of responsibility: from growing or having to downsize a team to maintaining a company culture where talent is nurtured, developed, and kept long-term.
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- Mauricio García (Studio Director The Game Kitchen): Keeping the Indie Mindset while Going Big
- Kevin Zuhn (Creative Director & Co-Founder Young Horses Inc.): Hold Your Horses: Why Slow is How We Grow
- From Dev to Dev – Why to Invest in Other Studios
More and more indie studios take the leap to market not only their own games but also put their resources and experiences on games from other developers. Two speakers will share their motivations and learnings from investing in games and studios that are not their own:
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- Søren Lundgaard (CEO Ghost Ship Publishing): Developer by Day, Publisher by Night
- Christian Nyhus Andreasen (COO Fair Games): How to Lose 50% and Still Prosper – Angel Investment Lifestyle
Roundtables:
Roundtables have a more interactive concept than impulse blocks and encourage participants to discuss all aspects of the overarching question from the very beginning
- Roundtable 1: Mobile Ports – When, Why & How? Moderated by Ali Farha (Senior Producer Star Stable Entertainment)
- Roundtable 2: Stronger Together – Business Cooperations Between Indies. Moderated by Manny Hachey (Creative Director Positive Impact Games)
- Roundtable 3: (Self-)Publishing – The Good, the Bad, the Ugly. Moderated by Sophie Atkin (Director & Founder Secret Sauce)
- Roundtable 4: Longtail FTW – How to Make the Most out of Your Game. Moderated by Leonie Wolf (Associate Art Director Maschinen-Mensch)
The Portside Game Assembly website offers a detailed view on speakers, program topics and participating studios: https://portsideassembly.com/program/
The premiere of the Portside Game Assembly is supported by these great sponsors and partners: Photon and Twin Harbour Interactive!
Selection of already confirmed participants:
More than 60 studios from over 15 countries have already registered for the Portside Game Assembly conference on board the MS Princess. Besides already announced participants like Evil Empire, Stray Fawn Studio, The Game Kitchen, Toukana Interactive, Ghostship Publishing, and others, further acclaimed studios join the conference:
- Digital Sun (Moonlighter, Cataclismo) / Spain
- Keen Games (Enshrouded) / Germany
- Young Horses Inc. (Bugsnax, Octodad) / USA
- Gamious (Lake, Turmoil) / Netherlands
- Color Gray Games (The Case of the Golden Idol) / Latvia
- Massive Damage (Star Renegades) / Canada
- Beam NG (BeamNG.drive) / Germany
Further participating studios can be found on the Portside Game Assembly.
The post Portside Game Assembly announces talks and roundtables for June 27th’s premiere of the conference for indie game leaders appeared first on European Gaming Industry News.
Brazil
LuckBet Launches New TV Commercial Starring Caio Castro on Sportv and Globoplay

The Brazilian sports betting brand doubles down on its national presence with a humorous new campaign spotlighting customer benefits, responsible gaming, and celebrity appeal.
One of Brazil’s rising names in the online betting industry, LuckBet, has launched a new nationwide advertising campaign featuring acclaimed actor and motorsport enthusiast Caio Castro. The commercial, which blends humor with strategic brand messaging, is now airing on Globoplay and will debut on Sportv.
The witty commercial stars Caio Castro in a creative split-role talk show, where he plays both the host and the guest. While only one version of him gets to talk (the host, of course), the dialogue cleverly introduces LuckBet’s key strengths—focusing on entertainment, trust, and unique player benefits.
“Caio Castro communicates our message with natural charisma and humor, while staying aligned with our brand’s core values: entertainment, simplicity, and responsibility,” said Ivan Dutra, CEO of LuckBet. “This new commercial is fast-paced, engaging, and truly represents who we are as a company.”
LuckBet: A Responsible and Player-First Betting Platform
As the only betting operator from Mato Grosso officially listed by Brazil’s Ministry of Finance, LuckBet offers a wide range of player-centric features. These include:
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Unlimited withdrawals
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24/7 humanized customer support
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Weekly cashback on losses
LuckBet’s informal, street-smart communication style—rich in slang and expressions familiar to younger audiences—helps it stand out in Brazil’s crowded iGaming market. This distinctive approach is designed to foster a more authentic connection with bettors across all touchpoints.
Celebrity-Driven Brand With Social Impact
Since its founding in 2021, LuckBet, headquartered in Cuiabá, Mato Grosso, has rapidly grown its reputation through high-profile partnerships and sponsorships, including support for Cuiabá EC football club. Alongside Caio Castro, the brand also works with rapper PKFreestyle and sports journalist Isa Pagliari to broaden its appeal.
Importantly, LuckBet is a strong advocate for Responsible Gaming, offering tools such as self-exclusion, reality checks, and integrations with international support organizations like Gambling Therapy and GambleAware. The company adheres strictly to Brazil’s 2025 gambling regulations, operating transparently under newly defined federal guidelines.
The post LuckBet Launches New TV Commercial Starring Caio Castro on Sportv and Globoplay appeared first on Gaming and Gambling Industry in the Americas.
Latest News
ZITRO DIGITAL TO SHOWCASE NEW IGAMING CONTENT AT SBC SUMMIT AMERICAS 2025

Zitro Digital is set to present its latest digital gaming innovations at the upcoming SBC Summit Americas in Fort Lauderdale, taking place from May 13-15. Visitors to booth #D270 will get a first look at the company’s new products, including the highly anticipated Legendary Sword series.
The Legendary Sword series launches with Avalon, a game adapted from the highly successful land-based title, bringing its proven gameplay to the digital world. In addition, Zitro Digital will showcase its growing portfolio, including Fu Pots Spring, the latest addition to the Fu Pots series, Twist Casino, and Empress, the newest game in the Bashiba Link series. Attendees will also have the chance to explore a variety of digital video bingo and video slot games, all adapted from Zitro’s successful land-based offerings.
“We’re excited to launch the Legendary Sword series at SBC Summit Americas,” said José Javier Martí, COO at Zitro Digital. “This expansion into the online market is a natural progression for Zitro Digital as we continue to provide exceptional gaming experiences across all platforms. We look forward to strengthening partnerships, exploring new opportunities, and sharing our progress within the iGaming industry at this event,” concluded José Javier Martí.
The post ZITRO DIGITAL TO SHOWCASE NEW IGAMING CONTENT AT SBC SUMMIT AMERICAS 2025 appeared first on Gaming and Gambling Industry in the Americas.
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