Inspired Entertainment reported revenue of $71.3 million in the second quarter of 2022, a 72% increase over the same period in the previous year.
According to the group, the increase reflects a continuation of the trends seen in the previous quarter, including growth in the company’s aggregate online business, which includes the Virtual Sports and Interactive segments, as well as continued strength in the Gaming and Leisure segments.
Leisure revenue accounted for the majority of overall revenue, increasing 130% year on year to $26 million, with Gaming revenue increasing 57% year on year to $25.5 million. Virtual Sports revenue increased 71% year on year to $14 million, while Interactive revenue remained flat at $5.8 million.
The period’s net income was $7.5 million, compared to a net loss of $43.8 million the previous year. In addition, adjusted EBITDA increased 227% year on year to $26.1 million, with the adjusted EBITDA margin increasing from 19% in Q2 2021 to 37% in Q2 2022.
“This quarter’s underlying performance demonstrates the resiliency of our diversified business model, as well as what we perceive to be continued strength in consumer spending across our segments – despite ongoing macro trends,” said Inspired Entertainment Executive Chairman Lorne Weil.
“Virtual Sports was the standout in the quarter once again, producing its fourth record-setting revenue and adjusted EBITDA quarter in a row, with online Virtual Sports doubling year over year versus strong comparatives, demonstrating our strong product development and increased market penetration.”
“On a functional currency basis, interactive revenue increased year over year as we expanded our footprint through numerous integrations.” In our land-based business, we’re pleased to see that customer gross win per unit in betting shops and holiday parks exceeded pre-Covid levels, indicating that customers continue to frequent betting shops and pubs and stay local for vacations.”
Earlier this month, DraftKings reported Q2 2022 revenue of $466 million, a 57% increase from Q2 2021, while Kambi Group reported a 19% decline in Q2 revenue to €34.7 million ($35.2 million) in July.