IGT revenue jumps 21% to $984m in third quarter
Las Vegas-based supplier sees financials bolstered by newly created digital and betting segment with 37% growth
IGT has recorded a 21% year-on-year (YoY) rise in Q3 2021 revenue, while its new Digital & Betting branch delivered impressive growth following its creation in September 2021.
The international supplier posted total third-quarter revenue of $984m, up from the $816m in the same period last year.
The newly devised Digital & Betting segment posted the greatest YoY growth, leaping 37% from $31m to $43m.
The new division has been bolstered by industry heavyweights of late, with former William Hill US CEO Joe Asher joining as president of sports betting and ex-bet365 director Gil Rotem recruited as president of igaming.
IGT’s global lottery division accounted for the largest proportion of total revenue at $652m, up 14% from Q3 2020’s $570m.
The group’s global gaming segment posted a 34% YoY rise in revenue from $216m to $289m in Q3 2021.
Elsewhere, IGT reported total EBITDA of $407m for the reporting period, up 42%, with an improved EBITDA margin of 41% compared to 35%.
The New York-listed firm also noted a 144% leap in total operating income to $212m, while also reducing net debt 16% to $6.1bn.
Marco Sala, IGT CEO, said: “Broad-based momentum across our lottery, gaming, and digital and betting activities drove significant improvement in key financial and performance metrics in the third quarter.
“Based on our excellent year-to-date results and our solid financial condition, the board reinstated a quarterly cash dividend, signalling their confidence in the company’s prospects,” he added.
IGT said it will host a virtual Investor Day on 16 November where the supplier will provide an “in-depth review of the company’s business strategy, long-term growth prospects, and capital allocation plans”.