Inspired Entertainment has reported revenue of $71.3m for the second quarter of 2022, a 72% increase from the second quarter of 2021.
The group noted that the increase reflects a continuation of the trends witnessed in the last quarter, including growth in the company’s aggregate online business, which includes the Virtual Sports and Interactive segments, and ongoing strength in the Gaming and Leisure segments.
Leisure revenue represented the highest total within overall revenue, climbing 130% year-on-year to $26m, with Gaming revenue increasing 57% year-on-year to $25.5m. Virtual Sports revenue grew 71% year-on-year to $14m, with Interactive revenue remaining flat year-on-year at $5.8m.
Net income for the period was $7.5m, from a net loss of $43.8m in the prior-year period. And adjusted EBITDA increased 227% year-on-year to $26.1m, with the adjusted EBITDA margin improving from 19% in Q2 2021 to 37% in Q2 2022.
“This quarter's underlying performance is a testament to the resiliency of our diversified business model as well as what we perceive to be the continued strength in consumer spending across our segments – notwithstanding ongoing macro trends,” said Inspired Entertainment Executive Chairman Lorne Weil.
“Virtual Sports was, once again, the standout in the quarter, producing its fourth record-setting revenue and adjusted EBITDA quarter in a row, with online Virtual Sports doubling year-over-year versus strong comparatives, speaking to our strong product development and increased market penetration.
“Interactive revenue increased year-over-year on a functional currency basis as we increased our footprint through numerous integrations. In our land-based business, we’re delighted to see that customer gross win per unit in betting shops and holiday parks was ahead of pre-Covid levels as consumers continue to frequent betting shops and pubs and are staying local for holidays.”
Earlier this month in the wider sports betting world, DraftKings reported Q2 2022 revenue of $466m, a 57% increase from Q2 2021, while in July Kambi Group reported a 19% decline in Q2 revenue to €34.7m ($35.2m).