Posted in dbfvziex

SG sees igaming and lottery growth offset by gaming declines in Q3

first_img“The team did a great job driving cash flow improvements this quarter, and we will continue to diligently evaluate additional opportunities to increase cash flow and de-lever,” Scientific Games executive vice president and chief financial officer Michael Eklund commented. Scientific Games noted that the bulk of revenue came from regional and tribal properties across the US. While these customers were still subject to Covid-19 restrictions, such as limits on the number of gaming spots on the casino floor, they were recovering quicker than destination markets such as Las Vegas, it said.  5th November 2020 | By Robin Harrison Email Address Q3 results 2020 It also expanded its product offering through deals with the likes of NetEnt, Big Time Gaming, and SportCaller.  Regions: US Topics: Casino & games Finance Lottery Sports betting Land-based casino Online casino Product & technology Slots Social gaming Q3 results 2020 Online lottery Retail lottery Online sports betting Product & technology Retail sports betting AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Gaming’s decline meant that SG Lottery’s revenue of $241m, up 9.5%, was the main source of revenue during the quarter. With retail products usually sold in retailers that remained open throughout Covid-19 lockdowns, the division was largely unaffected by the pandemic, with sales in Italy and Turkey particularly strong. center_img Its social gaming arm SciPlay, meanwhile, saw revenue rise 30.2% to $151m, with average monthly actives standing at 7.3m, and daily actives 2.6m, during the quarter. SciPlay’s free-to-play offering was bolstered further by the acquisition of Come2Play, announced in June, which saw it expand into the rapidly growing causal gaming sector.  Finally SG Digital revenue was up 15.4% at $75m, in a period that saw the division’s igaming revenue from New Jersey double year-on-year. The quarter saw the division sign up a number of high profile clients, including Hard Rock and Betsson, as well as extending ongoing partnerships with Flutter Entertainment and Wynn Resorts. Chief executive Barry Cottle added: “As a result of our team’s focus on our strategy, our diverse portfolio and our commitment to cost management, we delivered strong cash flow in the third quarter. I really am excited around all the great games, products and solutions we have to help our partners navigate the current environment and provide innovative solutions for the future.” Revenue for the three months ended 30 September fell to $698m (£535.8m/€594.1m), though this represented a 29.5% rise from the second quarter, in which the supplier was hit hard by the novel coronavirus (Covid-19) pandemic.  Read the full story on iGB North America. SG sees igaming and lottery growth offset by gaming declines in Q3 The year-on-year decline was down to its land-based content business, SG Gaming, for which revenue declined 49.1% to $231m.  Tags: Scientific Games SG Digital SciPlay Barry Cottle Scientific Games reported an 18.4% year-on-year decline in revenue for the third quarter of 2020, after growth in its lottery, digital and social gaming arm SciPlay was offset by steep declines in its gaming division. last_img read more

Continue Reading... SG sees igaming and lottery growth offset by gaming declines in Q3