Greek betting sector firm Intralot SPA continues to perform poorly in its main business areas, according to recently released figures for the third quarter of 2019.
The gaming group has been focusing on restructuring its operations, to offset difficult economic conditions in its main markets, but the figures show that these efforts have yet to bear fruit.
For the period ending on September 30, Intralot recorded a drop of 6% in its year to date revenue, to a figure of €555 million, compared to €597 million for the same period last year.
In explaining the results to investors, Intralot has pointed to a number of different factors that have had an impact on its performance. These include a significant slowing of among its sportsbook subsidiaries, along with disadvantageous fluctuations in the currency markets.
The group’s sports betting holdings are continuing to suffer due to the decline in demand for betting on sports, particularly for the Bulgaria-based Eurobet brand. They have also been hit by significand declines in the value of the peso, which has had a huge impact on the Intralot Argentina-facing sports betting division, which is lagging €18 million in revenue behind where it was at this time in 2018.
Among the other factors to affect the Group were the ending of its contract with Turkish telecoms firm Turkcell, and the significant devaluation of a Greek-based systems management contract.
Speaking about the results, the CEO of Intralot, Sokratis Kokkalis said that the company was continuing to pursue a strategy of gaining new business while cutting costs and disposing of assets that were not key to their business. And he cited the receipt of a contract to deliver the state lottery of New Hampshire in the US, along with the €78 million sale of sports betting firm Gamenet as factors that would boost the financial performance of the Group in the final set of 2019 figures.