Inspired posts painful Q3 report, showcasing $2.7m fall in revenue

Meanwhile, its adjusted EBITDA fell by 8% compared to last year, totalling $27.8m for Q3 2022.

In more bad news for Inspired, its gaming revenue fell by 12% annually after it reported $24.1m for the quarter.

However, despite the struggles that Inspired suffered during the last quarter, Lorne Weil, Executive Chairman of Inspired, remained bullish, saying: "This quarter's underlying operating performance was strong, with third-quarter adjusted EBITDA exceeding last year's record performance on a functional currency basis. 

“This reflects a continuation of the trend we have seen in recent quarters, with 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 perceived ongoing macro trends.

“Virtual Sports continued its impressive growth trajectory, producing its fifth record-setting revenue and adjusted EBITDA quarter in a row, with online Virtual Sports doubling year-over-year versus strong comparatives.

"Growth in interactive revenue was modest; however, the addition of new content and customers in Pennsylvania has led to an acceleration in interactive growth rates in October."

The Q3 results are in stark contrast to Inspired’s Q2, which saw it post a 72% revenue increase year-on-year, totalling $71.3m.

Weil said of Inspired’s strong Q2 results at the time: “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.”