iGaming Companies Publish Generally Positive Financial Results

Article by : Milena Petrovska May 20, 2024

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The iGaming industry is highly profitable, attracting the attention of business enthusiasts and investors. Its global market is growing daily, increasing the revenues of almost all associated market players.

This is certainly true when we look at the annual reports of reputable iGaming brands. Most of the well-known companies released positive Q1 2024 results, which shows their dominance in the industry. But, a range of smaller companies have also experienced revenue increases during this period.

For experts in the field, this didn’t come as a surprise. They know that the big companies have shown some great financial results over the past few years. This has mostly been due to the increased popularity of online gambling and its rapid global expansion.

With Q1 financial results coming in, we’ve taken a deep dive into what they’re revealing.

IGT and Light & Wonder Winners Among Providers

Software providers generated the most income in the past quarter. Reputable casino suppliers IGT and Light & Wonder are among them.

International Game Technology (IGT) had a good start this year, according to its Q1 statement. It reported a 1% year-on-year revenue increase, making its total revenue reach $1.07 billion during this period. The company’s adjusted EBITDA for Q1 remained at $461 million, featuring a margin of 43.1%.

The game provider’s global lottery segment increased its income to $273 million, which is a 7% growth. However, we must mention that its gaming and digital division suffered a 7% decline, decreasing its revenue up to $406 million.

Light & Wonder, on the other hand, announced a 13% year-on-year revenue increase, reaching a total revenue of $756 million. The company continues its 12th consecutive year-on-year growth, which shows its amazing performance in various segments.

The consolidated adjusted EBITDA of the company increased by 13% compared to the same period last year. This makes up a total of $281 million, making the quarter’s margin reach 37%. Light & Wonder also increased its gaming revenue by 14% to $476 million.

EveryMatrix and Flutter Have Reasons to Celebrate Too

EveryMartix is yet another iGaming company that had a great Q1 2024 statement. This business announced a year-on-year revenue growth of 66%, reaching a total of $39 million. It’s the company’s highest net revenue ever generated across all products.

Its EBITDA also reached an all-time high of $22 million, resulting in a 111% year-on-year increase. EveryMartix’s Q1 statement shows a GGR of $619 million, which is a 65% year-on-year growth. This is the company’s best result in its 16-year history.

Next, we have Flutter Entertainment, another top iGaming brand with positive Q1 2024 financial results. This company had a 16% year-on-year revenue growth, making up for a total revenue of $3.4 billion.

Flutter’s adjusted EBITDA increased to $541 million, making it a 46% year-on-year growth. Its margin went up to 15.1% from the previous 12.1% in Q1 2023.

FanDuel, an iGaming platform owned by Flutter, alone had a 27% iGaming GGR market share in the US in Q1, a 4% increase year over year.

Not All Companies Are Sharing Increases and Growth

Apart from the highly profitable companies in the iGaming industry, there are some that weren’t that successful. One such brand is Catena Media, a public media company with over a decade of experience.

This brand had a revenue of €16 million, a decline of 49% compared to Q1 last year. Its adjusted EBITDA hit rock bottom with a 90% decrease year-on-year to just €1.9 million. The Q1 statement also revealed an adjusted EBITDA margin of 12%.

Catena Media also featured a revenue drop of 50% year-on-year in North America alone.