IGT to move into Sports Betting. As you know IGT leads the world as a slot machine provider. And now it is likely to enter into the sports betting business in the US. Given that the Supreme Court struck down The Professional and Amateur Sports Protection Act things are going to change as we see!
Watch out Openbet platform!
In a recent press release, IGT said they’d like to enter into NJ sports market and compete directly with Las Vegas-based Scientific Games. IGT would provide the technology for sports betting. It already has an end-to-end betting system in Italy. This includes distribution and also mobile solutions.
Also impressive, IGT developed the platform and systems for MGM Resort International. Consequently, most of IGT’s sports betting strategies are likely to come out of Las Vegas since they have an office there. In 2017 IGT managed $12 billion in bets. What the future holds with sports betting is still unknown. But it sure seems everyone sees potential!
More on IGT the World Leader!
It’s equally important to point out the drop in sales and the revenue made by shipping slot machines. IGT shipped 3,716 gaming machines this last quarter compared to 3,944 a year earlier. But, there was an increase in replacement units to current casino customers. However, there was a decline because of a drop in video lottery terminals sales in Canada and Oregon. Maybe, it’s this decline in sales that pushes IGT to re-focus its activity?
IGT made $251 million (give or take based on currency fluctuation) which comes out to 15 cents a share, on revenue of $1.15 billion for the quarter that ended March 31. Compare that to the net income of $371 million, 29 cents a share, on revenue of $1.21 billion for the same quarter a year earlier.
Now, it goes without saying that should IGT move into Sports Betting in NJ; they’ll see revenue growth. Which of course will translate into better games and more jobs for Americans! Who knew Sports betting would have such a positive impact?