IGT Boosts Instant Ticket Offering in Spain with Compelling New Games for ONCE
International Game Technology (IGT) has signed a five-year contract with Organización Nacional de Ciegos Españoles (ONCE) to print new instant ticket games for the Spanish lottery. This contract, effective through 2029, will see IGT's subsidiary, IGT Global Solutions , supply a portion of ONCE's instant tickets, reinforcing a partnership that has lasted over two decades. Francisco José Martínez Palao of ONCE highlighted IGT's industry-leading products as a reason for the collaboration's renewal. Jay Gendron, IGT's COO, expressed excitement about expanding their lottery portfolio in Spain. IGT serves as the primary technology provider to many top lotteries globally, including 26 in the U.S.
- IGT secured a five-year contract with ONCE, solidifying their presence in the Spanish lottery market.
- IGT will supply a portion of ONCE's new instant tickets, enhancing their product offerings.
- The renewed contract extends IGT's longstanding relationship with ONCE, ensuring continued collaboration until 2029.
- None.
Insights
The renewed five-year contract between IGT and ONCE is significant for a few reasons. First, it underscores IGT's strong market positioning in the global lottery industry. The continuing partnership with ONCE, a major player in Spain, allows IGT to sustain and potentially expand its foothold in the European market. This is especially relevant considering IGT's dominance in the U.S. and other major global markets.
For investors, it's important to note that this agreement extends through 2029, which provides long-term revenue stability for IGT. This kind of predictability is particularly valuable in industries susceptible to economic fluctuations. Additionally, the contract could signal potential for further collaborations or enhancements in ONCE's lottery offerings, driven by IGT's expansive game portfolio.
From a financial perspective, while the immediate monetary value of the contract isn't disclosed, the brand reinforcement and associated revenues from extended partnerships hold substantial strategic value. These recurring contracts can bolster IGT's reputation globally and attract other similar high-value clients.
Financially, the five-year contract with ONCE will likely contribute positively to IGT's revenue streams. Although the specific financial terms are not disclosed, the impact of such a long-term contract is generally favorable for stability and forecasting. It allows IGT to project a steady inflow of revenue over the next five years, aiding in budgeting and financial planning.
Moreover, the contract's duration emphasizes the trust and satisfaction that ONCE has in IGT's offerings, which can translate into lower client acquisition costs and higher renewal rates in the future. Investors might see this as a potential sign of sustained revenue growth, particularly in the segment of instant ticket games, which tend to have high margins due to their low production costs and higher consumer demand.
Analysts will be watching for any updates regarding the specific financial impact on IGT's quarterly earnings, but the long-term nature of the contract suggests a consistent profit contribution, enhancing the company’s financial stability in the global market.
Company signs five-year contract to resume supplying its instant ticket games to the region
"ONCE continuously looks for ways to enhance our instant ticket portfolio, which is one of the reasons why we wanted to add IGT's diverse game content back into our lineup," said Francisco José Martínez Palao, ONCE Director of Operations and Logistics and Head of the Lottery Production and Logistics Center. "IGT's industry-leading products have helped contribute to ONCE's success for over 20 years, and we believe IGT's wide variety of instant ticket games will enable us to continue providing premier player experiences."
"IGT is pleased to once again be printing instant tickets for ONCE's lottery players to enjoy," said Jay Gendron, IGT Chief Operating Officer, Global Lottery. "As the longtime, trusted supplier of ONCE's lottery central system and software maintenance services, IGT looks forward to expanding our lottery portfolio in
As the global lottery market leader, IGT is the primary technology provider to 26 of the 46 lotteries in the
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.
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SOURCE International Game Technology PLC
FAQ
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