By Matina Harkoftakis
Intralot continues on the road to total recovery, which after the completion of the share capital increase of 129 million euros, the entry of the American fund Standard General as a strategic investor and the repurchase of 34.2% of the American subsidiary Intralot Inc , which was exchanged in the framework of the restructuring of the listed company’s debts in August 2021, “sees” that the enormous effort of recent years, led by the group’s creator, Sokratis Kokkalis, is bearing fruit.
Important next steps
As pointed out in the framework of the annual general meeting, the chairman and managing director of the listed company, the next important steps for Intralot include the exit from the surveillance regime and the return to the normal stock exchange board if it is done before March 2023, which provides the process, the distribution of a dividend possibly for the financial year 2022 as well as the listing as soon as possible of the American subsidiary either on Nasdaq or on Wall Street. Leaving the period of uncertainty behind for good, which lasted for about two years, it starts a new page, which foresees the development of new products guided by the current trends prevailing in the igaming industry and the further expansion of its footprint in the American market, which , after all, it plays a decisive role in the course of its performances.
It is characteristic that last year its activity in America reached 220 million euros, representing 50% of its total turnover, of which 150 million euros came from the USA and Canada.
New products in the next period
The company is now targeting new market shares throughout the territory it operates through the development of its own products for the online channel.
“We are developing a new generation of player account management to “snap” onto our highly flexible central lottery system. This is a major project, which is ongoing and expected to be completed in early 2023,” the deputy CEO pointed out of Intralot, Chrysostomos Sfatos and added: “Furthermore, we are redesigning the entire front-end of the player experience in relation to online lottery games and we are emphasizing the launch of products on mobile phones. At the same time, we are following the trends of artificial intelligence and certainly within the next year there will be announcements on a commercial level concerning this specific part”.
The huge opportunity of ilottery
The ilottery market is the new challenge for the listed, a market that is not particularly developed in the US due to the lag presented by the legislative framework. “At the moment it is only allowed in 10 States, however, this is a wave that comes with gradual liberalization. According to estimates, this market in North America is expected to grow by 4 to 5 times more than today,” he noted Mr. Sfatos.
At the same time, the listed company recently proceeded to refinance through bank borrowing the bond loan of 254 million dollars, which was issued last year by the American subsidiary.
“This loan agreement results in better terms, an annual benefit and a longer horizon while building a relationship with a group of 6 US banks, a relationship that did not exist before and will be useful for our next future plans,” pointed out the deputy CEO of Intralot.
It should be noted that it concerns a loan of 230 million euros and a revolving line of 50 million euros, which is expected to offer flexibility both for the implementation of future ventures and for the better management of available cash, since having this particular line committed, the company she will be able to “open” and “close” her fund, saving the extra money from interest.
I am Derek Black, an author of World Stock Market. I have degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.