This hasn’t been an easy time in the iGaming industry. However, Scientific Games has got back on the road to profit with a decent Quarter 3 performance. Overall, their revenue saw a 4% rise on last year. The Net income went up to an impressive $855 million up til Sept 30 compared to the $820 recorded the same time last year.
The biggest success was the gaming revenue, which went up year on year from $448 to $454 this year. However, there were other sectors that also showed significant increases.
On the Up
Another sector that performed well was the revenue from gaming systems. There was an increase of 10% in the new portfolio in the sales of their new machines in both Canada and the US. On top of this, they also experienced decent growth in the maintenance and service sector.
Also, the lottery revenue grew 6% to $220 million. This was, in part, because it is now the provider of retail and instant win technology to the up and coming Turkish national lotteries, including Sisal-Sans Dijital. They are also the exclusive hardware and terminal partner for Sisal-Sans Dijital, Italy. Furthermore, the digital sector went up 7% to $65 million, partly thanks to the Open Sports betting product portfolio.
The former Scientific Games subsidiary, SciPlay, also saw an increase of 11% year on year up to $116 million thanks to more monetized players.
Profits Up Costs Down
Another contributor was the drop in costs. The operating costs fell a staggering 30% from last year, down to $712 million from $1.03 billion. However, last year was particularly bad as they had a $309 million court settlement from an antitrust lawsuit from Shuffle Tech Intl. Also, the overall costs of providing a service fell and the research and development costs dropped 6% to $47 million.
The only negative was the operating income, which went up to +$143 from -$205. Also, the taxes and attached costs 6% to $344 million.