IGT and Churchill Downs Incorporated Pioneer Historical Horse Racing ("HHR") in Malta with National Lottery plc
International Game Technology (IGT) and Churchill Downs Incorporated (CDI) have expanded their Historical Horse Racing (HHR) technology to Malta through a partnership with National Lottery plc, a subsidiary of IZI Group. This marks the first HHR deployment outside the United States. IGT's products will initially dominate the HHR floor at IZIBINGO in St. Paul's Bay, with CDI's Exacta Systems providing the Exacta Connect® system solution for the gaming floor. The launch will include over 80 IGT HHR games on IGT hardware such as PeakSlant™49 and Cobalt™27 cabinets. IGT and Exacta will also support HHR offerings at other National Lottery venues in Malta. This collaboration aims to innovate and expand the National Lottery's operations internationally.
- First-ever HHR deployment outside the USA, expanding IGT's and CDI's market reach.
- IGT products will dominate 100% of the HHR floor at IZIBINGO, ensuring significant market share.
- More than 80 IGT HHR games to be launched, increasing product diversity and player options.
- High dependency on a single market for HHR floor share may increase risk if market conditions change.
Insights
The introduction of Historical Horse Racing (HHR) by IGT and Churchill Downs Incorporated (CDI) to Malta via National Lottery plc signifies a noteworthy move in the gaming market. This is a pioneering launch outside the US, indicating a potential trend towards international adoption of HHR technology. Historical Horse Racing allows players to bet on previously run horse races using a pari-mutuel system, which pools bets and allows for shared payouts. This format has been immensely popular in the US and its deployment in Malta could signal new revenue streams for IGT and CDI, as well as increased engagement for Malta's gaming operators.
Key Insights:
- Market Expansion: The deployment outside the US can drive diversification and reduce dependence on the American market.
- Regulatory Flexibility: Exacta Connect's ability to adapt to different legislative environments is crucial, suggesting potential scalability to other international markets.
- Product Variety: Utilizing successful game titles like Prosperity Link and Cleopatra in HHR format can attract a broad player base and enhance user experience.
For retail investors, NGL's introduction of HHR in Malta positions it as a potential growth stock, driven by innovative technology and expanded market reach.
This agreement between IGT, CDI and Malta's National Lottery plc could have substantial financial implications. The deal signifies a new revenue stream outside of the US and broadens the customer base for HHR technologies. IGT and CDI are leveraging their proven products and systems to penetrate a new market.
Financial Highlights:
- Revenue Growth: By tapping into Malta’s gaming market, IGT and CDI can potentially see a significant increase in their revenue streams. The initial launch with 80 games at IZIBINGO provides a strong start, possibly leading to a rapid scaling up.
- Operational Efficiency: Exacta Connect’s all-in-one system ensures compliance and operational efficiency, which could translate to lower overhead costs and higher profit margins.
- Investment in Proven Technologies: The use of established game titles and hardware means reduced risk and faster adoption by players, leading to quicker returns on investment.
From a financial perspective, investors might view this move as a strong growth opportunity, enhancing operational footprint and financial stability in the long-term. However, it is essential to monitor the regulatory landscape in Malta and how this expansion affects operational costs and revenue generation.
The expansion of HHR technology into Malta by IGT and CDI underscores the importance of navigating different regulatory environments. The successful deployment highlights the flexibility and compliance of the Exacta Connect system, essential for international expansions.
Key Regulatory Insights:
- Compliance and Adaptability: The Exacta Connect system's ability to align with Malta's legislative framework demonstrates robust compliance features, essential for future expansions.
- Legislative Environment: Malta's proactive gaming regulations and openness to innovative gaming solutions provide a favorable environment for such technological advancements. Other jurisdictions might follow suit, especially if this deployment proves successful.
- Risk Management: Ensuring ongoing regulatory compliance is critical. Any regulatory changes in Malta or other potential markets could impact operations. Continuous monitoring and adaptive strategies will be vital.
For investors, understanding the regulatory landscape is crucial. This deployment showcases effective risk management by both IGT and CDI, potentially setting a precedent for future international ventures.
National Lottery plc will launch its HHR offering with more than 80 IGT HHR games on proven IGT hardware including the PeakSlant™49, PeakSlant32 and Cobalt™27 cabinets. Players will have the opportunity to enjoy HHR-versions of award-winning games such as Prosperity Link™ and player-favorite IGT classic games such as Cleopatra™ Gold, Wolf™ Run Gold and Stinkin' Rich Skunks Gone Wild! ™. Exacta Connect® will be the driving force with its all-in-one pari-mutuel system, ensuring the gaming floors are compliant, running smoothly, and driving handle.
"Exacta is thrilled to announce our new partnership with IZI Group and IGT in
"We are excited to launch the first-ever HHR offering outside the
"Expanding our Historical Horse Racing footprint in
About IGT
IGT (NYSE:IGT) is a global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Lotteries and Gaming Machines to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivaled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 jurisdictions around the world and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees. For more information, please visit www.igt.com. For more information on IGT, visit IGT.com, follow us on Facebook, LinkedIn, and X, or watch IGT videos on YouTube.
About Churchill Downs Incorporated
Churchill Downs Incorporated ("CDI") (Nasdaq: CHDN) has been creating extraordinary entertainment experiences for over 150 years, beginning with the company's most iconic and enduring asset, the Kentucky Derby. Headquartered in
About Exacta Systems
Exacta Services, Inc., is a subsidiary of Exacta Systems, LLC, the pioneering technology driving growth in new and existing HHR markets. Owned by Churchill Downs Incorporated (Nasdaq: CHDN), Exacta Connect's robust and uniquely flexible system architecture supports multiple game vendors and virtually unlimited math modeling capabilities on a single system, enabling Exacta to deliver a diverse gaming library with second-to-none entertainment experiences. www.exactasystems.com.
About National Lottery plc
National Lottery plc is the exclusive concessionaire for the national lottery of
IGT Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the "Company") and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, products and services, customer relationships, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "would," "should," "shall," "continue," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company's annual report on Form 20-F for the financial year ended December 31, 2023 and other documents led from time to time with the SEC, which are available on the SEC's website at www.sec.gov and on the investor relations section of the Company's website at www.IGT.com. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that affect the Company's business. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.
CDI Cautionary Statement Regarding Forward-Looking Statements
This news release contains various "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "seek," "should," "will," "scheduled," and similar words or similar expressions (or negative versions of such words or expressions), although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; additional or increased taxes and fees; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, including possible new variants of COVID-19, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation that competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires sports betting business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers' personal information could lead to government enforcement actions or other litigation; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.
We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
IGT Contact:
Phil O'Shaughnessy, Global Communications, toll free in
Francesco Luti, +39 06 5189 9184; for Italian media inquiries
James Hurley, Investor Relations, +1 (401) 392-7190
CDI Contact:
Investor Contact: Sam Ullrich
(502) 638-3906
Sam.Ullrich@kyderby.com
© 2024 IGT
© Copyright Exacta Systems 2024
The trademarks and/or service marks used herein are either trademarks or registered trademarks of IGT, its affiliates or its licensors.
View original content to download multimedia:https://www.prnewswire.com/news-releases/igt-and-churchill-downs-incorporated-pioneer-historical-horse-racing-hhr-in-malta-with-national-lottery-plc-302187538.html
SOURCE International Game Technology PLC
FAQ
What is significant about IGT's recent expansion in Malta?
When did IGT and CDI announce their expansion to Malta?
Which games will be available with IGT's HHR solutions in Malta?
What technology will power the National Lottery's HHR venues in Malta?
What impact does the HHR deployment in Malta have for IGT?
