Inspired launches virtual sports at Pennsylvania retail locations

Inspired launches virtual sports at Pennsylvania retail locations

Wednesday, August 15, 2018 Posted by Michael Lawson
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Stock car racing and virtual football will be the first to be offered.

Global games technology company Inspired Entertainment has announced the launch of its virtual sports products, which will be deployed at retail locations across the state of Pennsylvania later this week.

The launch comes as part of a technology project between Inspired, Scientific Games and the Pennsylvania Lottery, with stock car racing and the new ‘1st Down Virtual Football’ the first to be offered.  

The scheduled events will be streamed into a mixture of retail venues and bars and taverns throughout Pennsylvania via two dedicated channels throughout the day. The product offering will be branded Xpress Sports by the Pennsylvania Lottery.

Inspired Executive Chairman Lorne Weil said: “We are delighted to announce this key milestone for the Pennsylvania Lottery and Virtual Sports fans in the state.

“Through an integration with the Lottery’s gaming system, we’re introducing the thrill of virtual sports betting for the first time to Pennsylvanians, and we’re gratified to have been chosen by the Pennsylvania Lottery to deliver these new gaming entertainment products to its valued players with our high quality Virtual Sports graphics and animation.”

The announcement of the launch came as Inspired disclosed its Q3 financial results, ended 30 June 2018. They show revenue ahead by 14.3% from $32.3m in Q3 2017 to $36.9m.

Updating investors, executive chairman Lorne Weil stated: “Our third quarter performance is a testament to the strength of our underlying core business and our ongoing strategy to diversify our revenue base not only across product and service areas but across geographies as well.

“With our third quarter Adjusted EBITDA growing 61% year over year to $15.5m and our adjusted EBITDA margins growing to 42% from 30%, our business is building as envisioned. Our products continue to deliver and gain traction while our margins are benefiting from scale.”

Weil added: “We are very pleased with the additional machine installation and the launch of an additional Virtual Sports channel in Greece. We believe our strong performance in Greece is sparking interest in our innovative games and technology from operators around the world, further diversifying our geographic exposure.

“We expect this to bode well for our products in North America, where we will be launching Virtual Sports with the Pennsylvania Lottery later this week.”

The firm also confirmed the completion of a circa $150m refinancing of its borrowing facilities. A majority of the net proceeds are being used to prepay its existing senior term and revolving credit facility and pay accrued and unpaid interest thereon plus any related premiums, fees and costs.

Totally Gaming says: Exciting times for Inspired! To put it into perspective, the east coast state of Pennsylvania has a population of over 12 million, with a higher GDP than the likes of Norway, Denmark and Portugal. To land such a deal with the Pennsylvania Lottery and Scientific Games is a near guaranteed moneymaker.

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