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Greece – INTRALOT’s Q3 boosted by Bulgaria and Turkey

By - 1 December 2016

Greek betting company INTRALOT saw its revenues for the nine months until September 30 increase by seven per cent due to increased competition in the sports betting market in Bulgaria and the inclusion of Eurobet’s results that boosted revenue growth by 16.2 per cent in the third quarter.

EBITDA in the nine month period grew moderately by 2.4 per cent. Reported consolidated revenues increased by 16.2 per cent to $320.6m in the third quarter compared to the same period a year ago. The increase came mainly from Eastern Europe with increased sales of $115.1m in Bulgaria and Turkey, $20.9m in North America, $3.2m in West Europe due to higher revenues in Malta and Cyprus and $1.9m in Africa due to increased sales in Morocco. These were offset by falling sales of $47.8m in Australasia due to lower sales in Azerbaijan where the local currency suffered severe devaluations and a decrease of $30.8m in South America due to softer sales in Argentina, Jamaica and Brazil.

INTRALOT Group CEO Antonios Kerastaris said: “INTRALOT’s Q3 was marked by aggressive organic revenue growth, as a result of the company strategy for launching new products and services and reaping fruits of new projects. Recent milestone developments of a successful early refinancing of a €250m bond in September with significantly better terms that lead to cumulative savings of up to €65m savings in debt-servicing costs and extension of maturities to 2021 combined with the collection of US$68.7m in cash from the disposal of 80 per cent of our operation in Peru have drastically improved our financial position and capacity to meet our targets of significantly reduced net debt and improved cash position by the end of 2016.”

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