Full year results 2020

Inspired online revenue grows 158% to £3.1m

| By Daniel O'Boyle
Technology supplier Inspired Entertainment has seen revenue from its online operations jump 158.3% for 2020 to £3.1m (€3.5m/$4.3m), as revenue from existing customers jumped at the same time as the supplier expanded into new jurisdictions.
Finance growth

Inspired said its growth in online revenue from 2019 outpaced the market trends within its core areas of online casino and virtual sports, though the market in each area did grow in 2020 following the impact of the novel coronavirus (Covid-19) pandemic.

Inspired said that the majority of its growth came from its existing customer base in Europe, as more players turned to online play. 

However, Inspired also added more than 50 new online customers in markets, including the UK, New Jersey, Canada, Mexico, Germany and Sweden. It said that its deals in New Jersey meant that more than half of the state’s operators are now Inspired customers, while it has also recently received licences in Michigan and West Virginia.

The supplier added that it expected its growth in revenue to increase thanks to these new customers and further expansion into new jurisdictions. 

It added that as revenue increases, operating income margins should increase too, meaning operating income will rise more quickly than revenue, due to the “scalable nature of Inspired’s online business”.

By the end of 2020, Inspired’s online casino product reached a peak of 22,000 plays per minute, up 175% from the start of the year.

Last month, European online giant Entain agreed a deal to launch Inspired’s range of virtual sports games, building on a decade-long collaboration between the operator and supplier.

In August, Inspired announced that its overall revenue across all channels for the first half of 2020 came to to $67.9m up 12.4% year-on-year, but its net loss grew to $41.9m, from $15.7m the year before.

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