Inspired Entmt Inc - INSE STOCK NEWS

Inspired Entertainment reported significant growth for Q3 2020, achieving $60.1 million in total revenue, a 125.9% increase from Q3 2019. This includes $9.3 million from a UK VAT rebate. Adjusted EBITDA rose to $25.0 million, up 185.3% year-over-year. Online revenue surged 75% as retail performance returned to pre-COVID levels. The company maintains a strong liquidity position with $43.9 million in cash. However, the resurgence of COVID-19 could adversely impact Q4 results due to renewed restrictions across Europe.

Inspired Entertainment, Inc. (NASDAQ: INSE) will release its third-quarter financial results for the period ending September 30, 2020, on November 12, 2020, before the market opens. Management will host a conference call at 9:00 a.m. ET to discuss these results and business trends. Interested participants can join by dialing 1-844-746-0725 in the US or 1-412-317-5264 internationally. A replay will be available until November 19, 2020. More information can be found on their website.

Inspired Entertainment has launched its Virtual Basketball game in Greece, accessible across OPAP's network of approximately 3,700 venues. This addition follows the success of similar products like V-Play Soccer 3.0, contributing to an increasing portfolio of Virtual Sports. The game showcases both Euro League and Greek League Basketball, tapping into the sport's popularity in the region. Management anticipates strong adoption rates and revenue growth, citing previous success with their virtual offerings.

Inspired Entertainment, Inc. (NASDAQ: INSE) has announced that its Virtual Sports products are the first to receive authorization in Turkey for the Turkish National Lottery. This follows a contract signed with Sisal Sans, a joint venture with Sisal SPA. The V-Play Plug & Play™ solution will be available on misli.com for both desktop and mobile users. The Turkish Wealth Fund Management has certified Inspired's products, marking a significant opportunity for the company to expand in Turkey, leveraging its successful experiences in the UK, Italy, and Greece.

Inspired Entertainment has partnered with Ladbrokes to launch the Ladbrokes Greatest Ever Cox Plate, a virtual horse racing event celebrating the 100th running of Australia’s prestigious WFA Championship. The event features 14 legendary competitors, including notable champions like Winx and Secretariat, and will be broadcast on 7Two in Australia on October 23. Betting will be available through Ladbrokes with a maximum fixed win bet of $20. This innovative virtual race aims to enhance fan engagement and showcases Inspired's expertise in virtual sports, which have garnered significant viewer interest.

Inspired Entertainment, Inc. (NASDAQ: INSE) announced a contract with GVC (LSE: GVC) to integrate its Virtual Sports content across ten GVC online brands. This collaboration adds six Virtual channels, including V-Play NFLA Legends Football and V-Play Basketball, enhancing GVC's sportsbook offerings. The integration utilizes Inspired's cloud platform, aiming to boost revenues amidst challenges in the global sports calendar. GVC's portfolio includes leading online gaming brands like bwin, and the partnership signifies a strong relationship focused on delivering engaging online betting experiences.

Inspired Entertainment, Inc. (NASDAQ: INSE) has launched 'Lexus Melbourne Cup The Race of Dreams,' a virtual race featuring 24 past champions of Australia's iconic Lexus Melbourne Cup. Scheduled for broadcast on November 3, 2020, this event aims to engage racing fans through an ultra-realistic 3D CGI representation of the race. The event won't allow betting, as outcomes are predetermined for the show. Inspired has extensive experience in virtual sports, previously creating similar events like the Kentucky Derby and Grand National, reaching millions of viewers.

Inspired reported Q2 2020 revenue of $15.6 million, a 41.6% decline year-over-year, with adjusted EBITDA at $2.1 million, down 76.4%. Despite COVID-19 closures, online revenue doubled, reaching $4.9 million growth on a pro forma basis. As of August 1, 90% of gaming machines were operational, and July saw 82% online revenue growth year-over-year. Cash reserves stood at $40 million following a covenant amendment with lenders. Management expressed confidence in recovery with improved retail performance and online growth.

Inspired Entertainment announced its first Valor™ video lottery terminal (VLT) placement in Canada, delivering 100 premium cabinets to the Western Canada Lottery Corporation (WCLC) for the Saskatchewan market in early 2021. This selection follows a Request for Quotation process, with Inspired providing unique game themes and integration with a progressive jackpot. Brooks Pierce, COO, expressed enthusiasm for the Canadian market, while WCLC's Eric Karmark highlighted the innovative design and game appeal of the Valor™ cabinet. This move expands Inspired's reach, leveraging its experience from successful deployments in the U.S.