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INTRALOT Announces First Quarter 2021 Financial Results
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, 2021, prepared in accordance with IFRS.
Group Revenue at €102.0m in 1Q21 (+9.3% y-o-y).
EBITDA in 1Q21 at €24.4m (+55.4% y-o-y), while Adjusted EBITDA at €20.8m (+56.4% y-o-y).
NIATMI (Net Income After Tax and Minority Interest) from continuing operations at €-7.3m, improved by 57.8% compared to a year ago.
North America operations, under Intralot Inc., achieved significant y-o-y growth (Revenue +21.8%, EBITDA +81.8%).
Group OPEX in 1Q21 is better by 8.3% y-o-y, with Greek entities OPEX lower by 25.7% y-o-y, without taking into consideration the capital structure optimization expenses.
Operating Cash Flow at €21.6m in 1Q21 (+127.4% y-o-y).
Group Net CAPEX in 1Q21 was €2.9m, lower by 48.2% compared to a year ago.
Group Cash at the end of 1Q21 at €90.6m.
Net Debt at €643.7m at the end of 1Q21.
The COVID-19 pandemic impact for 1Q21 has been restrained in the vicinity of €1.5m at Group’s EBITDA level.
In May 2021, INTRALOT announced the sale of its 80% stake in “Intralot do Brasil”, to SAGA, the only other shareholder of Intralot do Brasil, holding 20% of the company, for a total cash consideration of €0.7m. INTRALOT will continue to provide its gaming technology to Intralot do Brasil following closing of the transaction.
Also in May 2021, INTRALOT announced that its subsidiary in The Netherlands INTRALOT BENELUX BV, in co-operation with the Nederlandse Loterij, completed the transition of the operator’s full gaming portfolio enabled by the innovative LotosX platform, and rolled out 4,300 Photon terminals along with its robust signage solution empowering further the retail channel of Nederlandse Loterij’s Lottery games and Sports Betting offering.
Group Headline Figures
| (in € million) | 1Q21 | 1Q20 | % | LTM | ||
| Change | ||||||
| Revenue (Turnover) | 102.0 | 93.3 | 9.3% | 373.5 | ||
| GGR | 80.5 | 74.3 | 8.3% | 299.1 | ||
| OPEX1 | -23.2 | -25.3 | -8.3% | -93.1 | ||
| EBITDA2 | 24.4 | 15.7 | 55.4% | 74.9 | ||
| EBITDA Margin (% on | 23.9% | 16.8% | +7.1pps | 20.1% | ||
| Revenue) | ||||||
| EBITDA Margin (% on GGR) | 30.3% | 21.1% | +9.2pps | 25.0% | ||
| Adjusted EBITDA3 | 20.8 | 13.3 | 56.4% | 63.3 | ||
| Capital Structure | -5.0 | -0.3 | – | -11.5 | ||
| Optimization expenses | ||||||
| D&A | -16.0 | -18.2 | -12.1% | -66.3 | ||
| EBT | -3.4 | -14.9 | 77.2% | -82.6 | ||
| EBT Margin (%) | -3.3% | -16.0% | +12.7pps | -22.1% | ||
| NIATMI from continuing | -7.3 | -17.3 | 57.8% | -94.1 | ||
| operations | ||||||
| Total Assets | 612.1 | 755.3 | – | – | ||
| Gross Debt | 734.3 | 753.1 | – | – | ||
| Net Debt | 643.7 | 611.1 | – | – | ||
| Operating Cash Flow from | 21.6 | 9.5 | 127.4% | 49.8 | ||
| total operations | ||||||
| Net CAPEX | -2.9 | -5.6 | -48.2% | -33.3 | ||
INTRALOT Chairman & CEO Sokratis P. Kokkalis noted:
“First quarter results show strong Revenue and EBITDA growth, driven by robust operational performance and successful implementation of cost containment measures, while maintaining a strong cash position. At the same time, we continue to sharpen our focus on strategic markets with higher margins, launch new operations, such as Croatia, and roll out our new product portfolio, overall pointing to a very healthy operational performance for 2021.”
- OPEX presented exclude the capital structure optimization expenses.
- The Group defines “EBITDA” as “Operating Profit/(Loss) before tax” adjusted for the figures “Profit/(loss) from equity method consolidations”, “Profit/(loss) to net monetary position”, “Exchange Differences”, “Interest and related income”, “Interest and similar expenses”, “Income/(expenses) from participations and investments”, “Write-off and impairment loss of assets”, “Gain/(loss) from assets disposal”, “Reorganization costs” and “Assets’ depreciation and amortization”.
- Calculated as Proportionate EBITDA of fully consolidated entities including EBITDA from equity investment in Taiwan.
OVERVIEW OF RESULTS
REVENUE
Reported consolidated revenue posted an increase compared to 1Q20, leading to total revenue for the three-month period ended March 31st, 2021, of €102.0m (+9.3%).
- Lottery Games was the largest contributor to our top line, comprising 63.0% of our revenue, followed by Sports Betting contributing 19.1% to Group turnover. VLTs represented 8.7% and Technology contracts accounted as well for 8.7% of Group turnover, while Racing constituted the 0.5% of total revenue of 1Q21.
- Reported consolidated revenue for the three-month period is higher by €8.7m year over year. The main factors that drove top line performance per Business Activity are:
- €+1.3m (+3.9%) from our Licensed Operations (B2C) activity line, with the increase attributed mainly to higher revenue in:
- Malta (€+2.8m), with the variance attributable mainly to the COVID-19 impact at the end of the first quarter of 2020.
The increase in our Licensed Operations activity line was partially mitigated by the lower performance in:
- other Licensed Operations (referring to Brazil and Argentina), which dropped by €-1.5m, impacted mainly by the FX currency translation.
- €+5.3m (+65.4%) from our Management (B2B/ B2G) contracts activity line with the variance driven by:
- the surplus from our Turkish operations (€+3.1m), driven by Bilyoner’s improved top line performance, favored by the strong growth of the online market. In 1Q21, the local Sports Betting market expanded close to 2.0 times y-o-y, with the online segment representing close to 92% of the market at the end of 1Q21. Performance in Euro terms was partially mitigated by the headwinds in Turkish lira (32.3% Euro appreciation versus a year ago – in YTD average terms),
- the launch of US Sports Betting in Montana and Washington, D.C. in late 2020 (€+1.3m), and
- Morocco’s (€+0.9m or +31.2% y-o-y) improved performance, due to the COVID-19 impact in late 1Q20.
- €+2.1m (+4.0%) from our Technology and Support Services (B2B/ B2G) activity line, with the increase attributed mainly to:
- our US operations’ increased revenue (€+5.5m), mainly driven by the strong growth in our Lottery operations, while further boosted by a significant jackpot in January 2021, despite the effect from the adverse USD movement (9.1% Euro appreciation versus a year ago — in YTD average terms) and the lower merchandise sales in the current period.
The increase in our Technology and Support Services activity line was partially mitigated by the lower performance in:
- The Netherlands (€-1.2m), impacted by the revised commercial terms which affected half of the first quarter of 2020 vs. full quarter effect in 2021,
- Australia (€-1.1m), driven mainly by one-off merchandise sales in 1Q20, as well as the phasing-out of COVID-19 impact, while partially offset by the favorable currency movement, and
- sales from other jurisdictions (€-1.1m), impacted mainly by lower merchandise sales in the current period and the COVID-19 impact.
- Constant currency basis: In 1Q21, revenue — net of the negative FX impact of €13.2m — reached €115.2m (+23.5% y-o-y).
GROSS GAMING REVENUE & Payout
- Gross Gaming Revenue (GGR) from continuing operations concluded at €80.5m in 1Q21, posting an increase of 8.3% (or €+6.2m) year over year, attributable to:
- the increase in the non-payout related GGR (€+7.7m vs. 1Q20), driven mainly by the increased top line contribution of our US operations, as well as the improved performance of Bilyoner in the current period.
The GGR increase was partially counterbalanced by:
– the drop in our payout related GGR (-10.9% y-o-y or €-1.5m), driven mainly by the higher average payout ratio across all licensed operations in 1Q21 and especially in Malta, combined with the adverse FX impact from our licensed operations in Latin America (+2.8% y-o-y on wagers from licensed operations4). 1Q21 Average Payout Ratio5 increased by 5.5pps vs. LY (64.0% vs. 58.5%), affected mainly by the higher weighted contribution from our operations in Malta.
- Constant currency basis: In 1Q21, GGR — net of the negative FX impact of €10.1m — reached €90.6m (+21.9% y-o-y).
OPERATING EXPENSES6 & EBITDA7
- Total Operating Expenses decreased by €2.1m (or 8.3%) in 1Q21 (€23.2m vs. €25.3m in 1Q20). The variance is largely driven by the lower operating expenses across many key regions, such as the US and Morocco, and especially in the HQ, following cost savings and COVID-19 mitigation actions. The decrease was further supported by lower D&A in the current period, while it was only partially offset by the higher advertising costs in Bilyoner.
- Other Operating Income from continuing operations concluded at €5.5m, presenting an increase of 52.8% y-o-y (or €+1.9m), driven by higher equipment lease income in the USA.
- EBITDA, from continuing operations, amounted to €24.4m in 1Q21, posting an increase of 4% (or €+8.7m) compared to the 1Q20 results from continuing operations. 1Q21 Organic performance8 was boosted by the significant growth of our US operations in both Lottery and the new Sports Betting stream, Bilyoner’s improved performance and the operating expenses containments across many jurisdictions. The EBITDA increase was partially counterbalanced by Malta’s higher average payout ratio in 1Q21, a one-off revenue recognition in Australia in 1Q20, the revised commercial terms in Netherlands, as well as the adverse FX impact8 of currencies movement across many key markets (mainly US and Turkey).
- Licensed Operations Revenue also include a small portion of non-Payout related revenue, i.e., value-added services, which totaled €0.8m and €0.4m for 1Q21 and 1Q20, respectively.
- Payout ratio calculation excludes the IFRS 15 impact for payments to customers.
- Operating Expenses analysis excludes expenditures related to capital structure optimization.
- EBITDA analysis excludes Depreciation & Amortization, and expenditures related to capital structure optimization.
- CPI adjusted for Turkey and Argentina (proxy).
- On a yearly basis, EBITDA margin on sales improved to 23.9%, compared to 16.8% in 1Q20 (+7.1pps), as a result of revenue growth (mainly in the US and Turkey), combined with operating expenses containments across many key regions (mainly in HQ, US and Morocco).
- LTM EBITDA rose to €74.9m, up by 13.1% vs. FY20.
- Constant currency basis: In 1Q21, EBITDA, net of the negative FX impact of €3.9m, reached €28.3m (+80.3% y-o-y).
EBT / NIATMI
- EBT in 1Q21 totaled €-3.4m, compared to €-14.9m in 1Q20, with the key drivers of the improvement being:
- the impact of the increased EBITDA (€+8.7m vs. 1Q20), as described above,
- the better FX results (€+4.2m vs. 1Q20), as a result of the USD and other currencies movement against Euro, as well as the positive effect from the reclassification of FX reserves to Income Statement applying IFRS 10, and
- the decreased D&A (€+2.2m), due to increased impairments in the previous periods.
With the increase at EBT level being partially offset by:
– the higher capital structure optimization expenses in 1Q21 (€-4.7m).
- Constant currency basis: In 1Q21 EBΤ, adjusted for the FX impact, reached €+1.0m, from €-14.1m in 1Q20.
- NIATMI from continuing operations in 1Q21 concluded at €-7.3m compared to €-17.3m in NIATMI from total operations in 1Q21 amounted to €-8.2m (improved by €9.4m vs. a year ago), including the performance of the discontinued operations in Bulgaria and Peru.
- Constant currency basis: NIATMI (total operations) in 1Q21, on a constant currency basis, reached €-10.3m from €-17.4m in 1Q20.
CASH-FLOW
- Operating Cash-flow in 1Q21 amounted to €21.6m, increased by €12.1m, compared to 1Q20. Excluding the operating cash-flow contribution of our discontinued operations (mainly Bulgaria) and the capital structure optimization expenses paid, the cash-flow from operating activities is higher by €15.9m vs. a year ago and is largely driven by the positive variance in Income Taxes paid (€+12.2m), attributed to Income Tax returns during the current period vs. payments in 1Q20, and the higher recorded EBITDA y-o-y from continuing operations (€+8.7m), while partially offset by the adverse working capital movement of €-5.5m (€-7.3m in 1Q21, vs. €-1.8m in 1Q20).
- Adjusted Free Cash Flow9 in 1Q21 increased by €24.4m to €4.1m, compared to €-20.3m a year The main contributors to this variance were the positive swing in the Income Taxes Paid (€+12.2m), following an income tax return in 1Q21, the higher recorded EBITDA (€+8.7m y-o-y), and the lower Net Dividends paid (€+2.5m), driven mainly by Inteltek’s dividend paid in 1Q20 as part of settlement procedures after its contract discontinuation. Excluding Parent company tax audit payments and returns, as well as Inteltek’s contract discontinuation impact in the previous period, 1Q21 Adjusted Free Cash Flow stands at €-1.1m, or €+8.3m above 1Q20 levels.
- Calculated as EBITDA – Maintenance CAPEX – Cash Taxes – Net Cash Finance Charges (excluding refinancing charges – Net Dividends Paid; all finance metrics exclude the impact of discontinued operations.
- Net CAPEX in 1Q21 was €2.9m, compared to €5.6m in 1Q20, significantly decreased following the completion of prior years’ investments and projects. Headline CAPEX items in 1Q21 include €0.9m towards R&D and project pipeline delivery, and €0.9m in the US. All other net additions amount to €1.1m for 1Q21. Maintenance CAPEX accounted for €0.8m, or 28.0% of the overall capital expenditure in 1Q21, from €1.6m or 28.1% in 1Q20.
- Net Debt, as of March 31st, 2021, stood at €643.7m, decreased by €7.4m compared to December 31st, 2020. The Net Debt movement was impacted primarily by the Net Investments (€-13.3m, referring mainly to Intralot de Peru sale impact), the bonds IFRS treatment positive effect (€-9.3m), as well as an income tax return in the first quarter of 2021 related to the Parent Company tax audit payments of the previous periods (€-5.2m). The Net Debt decrease was only partially offset by the Restricted Bank Deposits for the period (€+3.2m), the payments towards Capital Structure Optimization (€+3.1m), and the investments towards the growth of our business, mainly for our projects in the US and Croatia (€+1.9m). Normal course of business in the Net Debt movement reflects March coupon payments and the adverse Working Capital, that fully offset the positive Operating Cash Flows.
CORONAVIRUS PANDEMIC IMPACT UPDATE
The economic fallout from COVID-19 continued to affect business activities in the beginning of 2021, and restrictions in most of the regions across the world were still enforced to cope with the spread of the pandemic. However, as vaccinations are progressing, governments have loosened COVID-19 measures after months of lockdowns, and gradually re-opened economic activities.
Gaming market in most of the regions where we operate has started to improve, while US Lottery market shows high degree of resilience. Based on the current performance of our operations in the first months of 2021 and the actions undertaken by most of our subsidiaries, no significant EBITDA impact is expected post 1Q21 from the pandemic. In any case, the scale and magnitude of COVID-19 impact for 2021 is continuously assessed and all containment measures assumed in 2020 remain intact and have been enhanced in order to absorb the potential impact in the financial results of 2021. The extent to which the COVID-19 pandemic may impact the financial performance in 2021 will depend on future development of the pandemic and the efficiency of the actions taken by the governments. This uncertainty will require us to continually adapt our strategy and initiatives and continuously assess the situation.
The health and safety of our team remains our top priority. With this in mind, we have immediately complied with all measures imposed by local governments and used technology in order to immediately enable a substantive majority of our personnel to work and collaborate remotely, without affecting the performance and quality standards of the Group.
9
RECENT/ SIGNIFICANT COMPANY DEVELOPMENTS
- On January 14th, 2021, the Company announced that OPAP exercised its two-year extension option of the contract with INTRALOT for the continuation of the collaboration of the two companies in the field of numerical lotteries and services from August 2021 to July 2023.
- On February 8th, 2021, INTRALOT announced that it has reached a binding agreement with Nexus Group in Peru to sell its entire stake of 20% in Intralot de Peru SA, an associate of INTRALOT Group, which was consolidated through the Equity method, for a cash consideration of USD 21.0m. In addition, the Company signed a three-year extension of its current contract with Intralot de Peru SA through 2024, to continue to provide its gaming technology and support services. The transaction was completed on February 24th, 2021, with the net cash consideration, after taxes and transaction expenses, amounting to USD 16.2m.
- On March 23rd, 2021, INTRALOT announced the amendment of the contract of INTRALOT Maroc, a subsidiary of the INTRALOT Group acting as games operator in Morocco, with La Marocaine Des Jeux et des Sports (MDJS), a state lottery offering sports betting and other games of chance in Morocco, which was signed in June 2019. According to this amendment, counterparties agree to reduce the duration of the contract, which was initially effective for an 8-year term, ending 31/12/2022.
- On May 14th, 2021, INTRALOT announced that it has reached a binding agreement with “SAGA CONSULTORIA E REPRESENTAÇÕES COMERCIAIS E EMPRESARIAIS” (“SAGA”) in Brazil to sell its entire stake in “Intralot do Brasil Comércio de Equipamentos e Programas de Computador LTDA” (“Intralot do Brasil”), representing 80% of the company’s voting capital. SAGA is the only other shareholder of Intralot do Brasil holding 20% of the company. INTRALOT will continue to provide its gaming technology to Intralot do Brasil following closing of the transaction. The total cash consideration for the stake sale amounts to €0.7m.
- On May 26th, 2021, INTRALOT announced that its subsidiary in The Netherlands INTRALOT BENELUX BV, in co-operation with the Nederlandse Loterij, completed the transition of the operator’s full gaming portfolio enabled by the innovative LotosX platform. Additionally,
INTRALOT has rolled out 4,300 Photon terminals along with its robust signage solution empowering further the retail channel of Nederlandse Loterij’s Lottery games and Sports Betting offering.
10
APPENDIX
Performance per Business Segment10
YTD Performance
Performance per Geography
Revenue Breakdown
| (in € million) | 1Q21 | 1Q20 | % | ||
| Change | |||||
| Europe | 34.4 | 39.0 | -11.8% | ||
| Americas | 55.0 | 49.7 | 10.7% | ||
| Other | 16.8 | 14.0 | 20.0% | ||
| Eliminations | -4.2 | -9.4 | – | ||
| Total Consolidated Sales | 102.0 | 93.3 | 9.3% |
Gross Profit Breakdown
| (in € million) | 1Q21 | 1Q20 | % | ||
| Change | |||||
| Europe | -1.8 | 2.5 | – | ||
| Americas | 14.4 | 9.1 | 58.2% | ||
| Other | 14.2 | 9.8 | 44.9% | ||
| Eliminations | -0.7 | -2.3 | – | ||
| Total Consolidated Gross Profit | 26.1 | 19.1 | 36.6% |
- Part of the US revenue that concerns SB management, has been included under the category “Game Management”. The rest of the US revenue is included under the “Technology” business segment.
11
| Gross Margin Breakdown | ||||||
| % | ||||||
| 1Q21 | 1Q20 | |||||
| Change | ||||||
| Europe | -5.2% | 6.4% | -11.6pps | |||
| Americas | 26.2% | 18.3% | +7.9pps | |||
| Other | 84.5% | 70.0% | +14.5pps | |||
| Total Consolidated Gross Margin | 25.6% | 20.5% | +5.1pps | |||
INTRALOT Parent Company results
- Revenue for the period decreased by 55.3%, to €4.6m, with the decrease attributable mainly to one-off equipment sales in 1Q20, as well as lower rendering of services towards the Group’s subsidiaries in the current period.
- EBITDA shaped at €-4.5m from €-2.4m in 1Q20, variance affected mainly by the revenue decrease, while partially offset by the containments in the Company’s operating expenses.
- Earnings after Taxes (EAT) at €-0.1m from €-10.2m in 1Q20.
| (in € million) | 1Q21 | 1Q20 | % | LTM | ||||
| Change | ||||||||
| Revenue | 4.6 | 10.3 | -55.3% | 42.0 | ||||
| Gross Profit | -3.1 | 0.1 | – | 12.3 | ||||
| Other Operating Income | – | – | – | 0.2 | ||||
| OPEX11 | -5.1 | -6.9 | -26.1% | -25.7 | ||||
| EBITDA11 | -4.5 | -2.4 | -87.5% | 0.7 | ||||
| EAT | -0.1 | -10.2 | 99.0% | -30.5 | ||||
| CAPEX (paid) | -0.5 | -1.9 | -73.7% | -6.4 |
- Operating Expenses and EBITDA presented exclude the expenditures related to capital structure optimization.
12
SUMMARY OF FINANCIAL STATEMENTS
Group Statement of Comprehensive Income
| (in € million) | 1Q21 | 1Q20 | % | LTM | |||||||||
| Change | |||||||||||||
| Revenue | 102.0 | 93.3 | 9.3% | 373.5 | |||||||||
| Gross Profit | 26.1 | 19.1 | 36.6% | 82.3 | |||||||||
| Other Operating Income | 5.5 | 3.6 | 52.8% | 19.5 | |||||||||
| OPEX | -23.2 | -25.3 | -8.3% | -93.1 | |||||||||
| EBITDA | 24.4 | 15.7 | 55.4% | 74.9 | |||||||||
| Margin | 23.9% | 16.8% | +7.1pps | 20.1% | |||||||||
| Capital Structure Optimization | -5.0 | -0.3 | – | -11.5 | |||||||||
| expenses | |||||||||||||
| D&A | -16.0 | -18.2 | -12.1% | -66.3 | |||||||||
| EBIT | 3.4 | -2.9 | – | -2.8 | |||||||||
| Interest expense (net) | -11.8 | -12.0 | 1.7% | -48.2 | |||||||||
| Exchange differences | 3.7 | -0.5 | – | -5.4 | |||||||||
| Other | 1.3 | 0.5 | 160.0% | -26.2 | |||||||||
| EBT | -3.4 | -14.9 | 77.2% | -82.6 | |||||||||
| NIATMI | -8.2 | -17.6 | 53.4% | -96.8 | |||||||||
| NIATMI continuing | -7.3 | -17.3 | 57.8% | -94.1 | |||||||||
| NIATMI discontinued | -0.9 | -0.3 | -200.0% | -2.7 | |||||||||
| Group Statement of Financial Position | |||||||||||||
| (in € million) | 1Q21 | FY20 | |||||||||||
| Tangible Assets | 138.9 | 134.3 | |||||||||||
| Intangible Assets | 200.7 | 202.0 | |||||||||||
| Other Non-Current Assets | 19.4 | 19.2 | |||||||||||
| Inventories | 24.2 | 25.7 | |||||||||||
| Trade and Other Short-term Receivables | 138.3 | 151.5 | |||||||||||
| Cash and Cash Equivalents | 90.6 | 100.0 | |||||||||||
| Assets Held for Sale | – | 16.2 | |||||||||||
| Total Assets | 612.1 | 648.9 | |||||||||||
| Share Capital | 47.1 | 47.1 | |||||||||||
| Other Equity Elements | -270.6 | -269.3 | |||||||||||
| Reserves from profit / (loss) recognized directly in other | – | -0.6 | |||||||||||
| comprehensive income and are related to assets held for sale | |||||||||||||
| Non-Controlling Interests | 1.5 | 3.7 | |||||||||||
| Total Shareholders’ Equity | -222.0 | -219.1 | |||||||||||
| Long-term Debt | 480.5 | 476.2 | |||||||||||
| Provisions/ Other Long-term Liabilities | 20.8 | 21.5 | |||||||||||
| Short-term Debt | 253.8 | 274.9 | |||||||||||
| Other Short-term Liabilities | 79.0 | 95.4 | |||||||||||
| Total Liabilities | 834.1 | 868.0 | |||||||||||
| Total Equity and Liabilities | 612.1 | 648.9 | |||||||||||
13
Group Statement of Cash Flows
| (in € million) | 1Q21 | 1Q20 | |
| EBT from continuing operations | -3.4 | -14.9 | |
| EBT from discontinued operations | 0.5 | – | |
| Plus/less Adjustments | 23.3 | 31.1 | |
| Decrease/(increase) of Inventories | -1.3 | 1.0 | |
| Decrease/(increase) of Receivable Accounts | 13.5 | -0.2 | |
| (Decrease)/increase of Payable Accounts | -17.6 | -2.0 | |
| Income Tax Paid | 6.6 | -5.5 | |
| Net Cash from Operating Activities | 21.6 | 9.5 | |
| Net CAPEX | -2.9 | -5.6 | |
| (Purchases) / Sales of subsidiaries & other investments | 13.3 | -0.5 | |
| Restricted bank deposits | -3.2 | -0.7 | |
| Interest received | 0.3 | 0.6 | |
| Dividends received | – | 1.0 | |
| Net Cash from Investing Activities | 7.5 | -5.2 | |
| Cash inflows from loans | – | 27.5 | |
| Repayment of loans | -11.2 | -27.2 | |
| Repayment of Leasing Obligations | -1.4 | -1.8 | |
| Interest and similar charges paid | -21.4 | -22.1 | |
| Dividends paid | -5.1 | -7.9 | |
| Net Cash from Financing Activities | -39.1 | -31.5 | |
| Net increase / (decrease) in cash for the period | -10.0 | -27.2 | |
| Exchange differences | 0.6 | -1.9 | |
| Cash at the beginning of the period | 100.0 | 171.1 | |
| Cash at the end of the period from total operations | 90.6 | 142.0 | |
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How do you balance creating evergreen content (like guides) with timely, event-driven betting tips, especially considering the dynamic Spanish sports calendar?
Balancing evergreen and timely content is indeed a basis of our strategy. We do it through good planning and efficient team management.
On one hand, we have stable content like operator reviews and how-to guides on betting strategies — this is the foundation of the project. Such content educates users, provides lasting value, and forms the backbone of our search engine presence.
On the other hand, we produce daily betting tips from our sports experts. These bring dynamic elements to our content and keep users engaged on a daily basis. Our experts have truckloads of experience, some of them are sports analysts with deep statistical knowledge of specific leagues. So for us it’s also an opportunity to showcase our analytical capabilities.
Both types of content are equally important: one provides lasting value, the other keeps the user connected and engaged day by day.
Many affiliates diversify traffic sources. Beyond organic search, what other marketing channels are you exploring for BetBrothers.es?
Organic traffic, born from deep and useful content we provide, is definitely very valuable both for us and our partners. It’s the validation of value we deliver to users searching for information. However, we are actively expanding our reach.
Social media is already a key element of our multi-channel strategy. It’s a great way to build presence, engage in meaningful conversations with the users, and develop a community around our products.
We believe video content will become more and more important in the future too. It allows for richer, more engaging storytelling, and helps us build deeper connections with our audience. Our philosophy is simple: meet users where they are, and connect with them beyond Google.
From your perspective, how has player behavior in the Spanish sports betting market evolved over the past few years, and how is BetBrothers.es adapting its content to meet these changing needs?
Today’s users are much more demanding, that’s for sure. They have more information, they compare everything available to them, and they look for real product value — both in the bookmakers and in the websites they visit. At BetBrothers.es, we thrive in this environment.
We don’t just repeat what everyone else says or does. Instead, we focus on creating useful content, replying to the questions readers may have, explaining complex features in a clear and easy way, test the products and give an opinion based on real experience.
Also, we put a big emphasis on responsible gambling by offering practical advice. We do that, as we believe this is an essential part of the value we should provide to the betting community.
Looking ahead, what are the key strategic priorities for BetBrothers.es in the next 12-18 months to continue its growth and strengthen its position in the Spanish market?
For the next 12-18 months, our goal is to find the perfect balance between three non-negotiable pillars: useful and high-quality content, a user experience adapted to today’s standards — especially on mobile — and a strong focus on safe and responsible gambling.
Our ultimate aim is for every BetBrothers visitor to instantly feel that they are at the most trusted sports betting hub in Spain. A place where they’ll find clear, honest and helpful information to make informed and enjoyable betting decisions.
The post Ines Ledo, BetBrothers: “Our Content Philosophy Is Built on Quality, Value, and Responsibility” appeared first on European Gaming Industry News.
About 59% of people aged 6 to 69 in Germany play video games. Overall, the number of players in the country has risen significantly in the last several years. Across all age groups, some 37.5 million Germans – more than ever before – play video games on consoles, PCs and smartphones. This represents an increase of around 9% in the number of players since 2020. These are the new figures released by game – the German Games Industry Association, based on data collected by YouGov.
The development among players over 60 is especially dynamic, with this group having grown from 6.4 to 7.7 million in just 12 months. The growth in the proportion of older gamers is partly due to the fact that many gamers have been playing games for decades. On the other hand, more and more older people are discovering the joy of video games. Thus the trend of recent years continues, with the average age of German players also surpassing 39 for the first time – rising from 38.2 in 2023 to 39.5 in 2024. In total, 8 in 10 players in Germany (79%) are over 18 years old. With regard to the gender of players in Germany, the distribution has remained balanced in the last several years, at around 48% women and 52% men.
“Games fascinate millions of people in Germany – young and old, women and men. The majority of Germans have been playing games for a long time and the number is increasing. The steadily rising average age of gamers is also exciting: we are fast approaching the age of 40. This makes clear what still surprises many people: whether they are 17 or 70, games inspire people of all ages and the proportion of older players is growing particularly strongly,” said Felix Falk, Managing Director of game – The German Games Industry Association.
After attaining unprecedented heights in recent years, the German games market saw a dip in its growth trajectory in 2024. Last year, sales revenue from games, gaming hardware and online gaming services in Germany totalled 9.4 billion euros – a 6% drop from the year before. This downturn was especially pronounced in purchases of games for PCs, consoles and smartphones (−17%, to 921 million euros), as well as in hardware purchases (−10%, to 2.9 billion euros). Running counter to the overall market trend, revenue from online gaming services saw a double-digit increase, rising 12% from the level of 2023, to 965 million euros.
The post About 59% of Germans Aged 6-69 Play Video Games appeared first on European Gaming Industry News.
TaDa Gaming celebrates GiftCode’s successful first year since launch. Applicable to both slots and TaDa’s unique fishing-shooting games, GiftCode offers immediate rewards which can be effortlessly tailored and adapted to any operator requirement or marketing campaign.
Hitting its first anniversary, a minimum of 1,000,000 GiftCodes are now issued monthly through 300+ streamers with 100% take up. This strong creator eco-system enables codes to be delivered across media and platforms with tournaments, introductory rewards and churned player campaigns leading the way for operator success through powerful marketing alongside player rewards.
An uplift of Daily Active Users by a minimum of 18% and a 15% increase in engagement and player acquisition levels has confirmed that GiftCode is the simple and highly effective gamification tool the industry was lacking.
The 2024 initial test run in Brazil saw 100 streamers receive 500,000 GiftCode links. An instant redemption rate of 95+% and new player sign up increasing by more than 30,000 per month confirmed TaDa’s research and development and gave operators confidence to incorporate GiftCode to their offering.
Now, with the addition of personalised codes for player segmentation, regionally specific influencer packs and multi-brand and aggregator deployment, few other gamification tools can offer such consistently high impact and measurable results, meaning this is a very happy anniversary for TaDa.
Sean Liu, Director of Product Management at TaDa Gaming, said: “GiftCode’s inherent simplicity is the key to its success. It does what it is supposed to do and does it fantastically well for both operators and players. Our new enhancements make GiftCode even more engaging, securing its future as our go-to gamification tool.”
The post TaDa Gaming Celebrates GiftCode’s Successful First Year Since Launch appeared first on European Gaming Industry News.
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