Inspired Entertainment executive chairman Lorne Weil said growth of 49 per cent in the company’s Interactive segment, which fed into record 2023 revenue, showed Inspired’s “successful strategic focus” on its digital verticals.
Full-year revenue rose to a new high of US$323m, up 15 per cent year-on-year. Inspired also reported record full-year 2023 adjusted EBITDA of $100.5m.
Q4 revenue of $81.2m was driven by the rise in the Interactive segment, where revenue climbed to $8m from $5.4m in Q4 2022.
Virtual Sports segment revenue declined by 12 per cent in Q4 to $12.9m, but Weil added Inspired sees “several catalysts” for growth including NBA and NFL-themed products, after mixed revenue in the business unit since the coronavirus pandemic.
Inspired’s Gaming unit, excluding low-margin gaming hardware sales, also posted a drop in Q4 revenue of three per cent to $35.8m from $37.1m, with the Leisure segment following suit with Interactive in showing revenue growth of eight per cent to $21m.
However, all four business units posted growth across the full year in 2023, with Interactive up by 35 per cent, Virtual Sports up by four per cent and Gaming and Leisure rising by one per cent each.
Weil said: “We closed out 2023 with solid results, in line with our expectations.
“Our fourth quarter performance capped off a strong year, fuelled by our successful strategic focus on scaling our higher-margin digital verticals alongside steady growth in our land-based operations.
“Our digital business fourth quarter results continue to be led by the Interactive segment, where revenue and adjusted EBITDA increased approximately 41 per cent and 39 per cent year-over-year on a constant currency basis, respectively, as we continue to increase our footprint through new customer launches and benefit from the growth of our existing customer base.”
