Business
Inspired Reports Second Quarter 2024 Results
Second Quarter Revenue of $75.6 million, driven primarily by Interactive results, up 40% year-over-year Second Quarter Net Income of $2.0 millionSecond
About this update from Inspired Entertainment, Inc.
[{"type":"text","content":"Second Quarter Revenue of $75.6 million, driven primarily by Interactive results, up 40% year-over-year Second Quarter Net Income of $2.0 millionSecond Quarter Adjusted EBITDA of $25.5 million, driven primarily by Interactive results, up 69% year-over-year Signed new six-year contract with William Hill, pursuant to which we will supply 5,000 new Vantage® terminals within their UK LBO estateAnnounced agreement with AGLC to purchase 150 new Valor™ TerminalsLaunched Hybrid Dealer™ with BetMGM in a second state, Michigan NEW YORK, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Inspired Entertainment, Inc. (“Inspired” or the “Company”) (NASDAQ: INSE), a leading B2B provider of gaming content, technology, hardware and services, today reported financial results for the three-month period ended June 30, 2024. “We delivered solid second quarter 2024 results led by strength in our interactive business and a stable performance in gaming,” said Lorne Weil, Executive Chairman of Inspired. \"Our Interactive segment had a record-breaking performance, achieving quarterly all-time highs in both revenue and Adjusted EBITDA, up 40% and 69%, respectively, compared to the same period last year. These results were achieved with only a modest contribution from our Hybrid Dealer product, which was live with just one product—the MGM Bonus City game show wheel—with a single customer and in a single market during the quarter.” “Looking ahead, the expansion of our Hybrid Dealer offering remains a top priority. We’re pleased to announce that in July, we successfully launched the Hybrid Dealer game show wheel with BetMGM in Michigan, marking an important milestone in our growth strategy. We anticipate onboarding our second customer with a bespoke version of the game show wheel in the third quarter. Following that launch, we plan to roll out roulette for both customers. This is a particularly exciting development as roulette represents, by a significant margin, the largest category in the live dealer sector and one of the largest in the online gaming industry overall. The potential for growth in this area is substantial, and we’re incredibly excited to continue expanding our Hybrid Dealer presence.” Weil added, “Within our digital business, we continue to experience a mix shift, with an increased contribution from Interactive relative to Virtual Sports. We anticipate the ...