Gaming solutions and operator Intralot saw its annual turnover for 2020 fall 16.6 per cent to €364.8m.
The Greek-based company, active in 41 legal jurisdictions, said the lack of sports events upon which to bet, was a primary concern in the past year as its revenue is largely driven by payers’ disposable income and level of gaming activity and lottery purchases.
"Covid-19 has resulted in a lack of sports betting content which has further led to delays in the anticipated increase in our EBITDA from the nascent sports betting revenue stream. The company’s pandemic impact estimation for 2020 is in the vicinity of €25 million at group’s EBITDA level," it stated.
Intralot's gross profit for the year stood at €75.3m compared with €94.3m in 2019, down 20.1 per cent. EBITDA was up 2.5 per cent, at €66.2m compared with €64.6m.
Chairman and CEO Sokratis P. Kokkalis said: “During the financial year 2020 we faced the adverse effects and disruptions of the Covid-19 pandemic, which had significant impact on the lottery and sports betting industries. This impact was only partially offset by mitigation measures, operational improvements, and cost-containment efforts.
"We remained focused on developed markets seeing significant growth in the US in the lottery operations and we launched two new sports betting operations in Montana and Washington D.C., while we renewed significant contracts in Georgia, US, as well as New Zealand, Australia and the Netherlands. The company management also dedicated significant effort in negotiations with the bondholders to optimise the capital structure through a transaction that is expected to be completed during the first half of 2021.”