One of the primary suppliers for a host of US gambling operations had a banner year in terms of its sales. International Game Technology, better known as IGT to its customers, just released its earnings report for the fourth quarter of 2022.
IGT says it collected $4.2 billion in revenue for the entire year, including $1.1 billion in the final three months. While its global products across many segments of the gambling industry contributed, gambling products like lotteries in the United States were definitely a part of that growth.
IGT details 2022 performance
According to a Tuesday press release, IGT exceeded its forecast for the final quarter of 2022. Behind that performance was a 21% increase year-over-year in its global gaming products like online casino games. Additionally, global lottery products grew by 7% in the same comparison.
For the quarter, that $1.1 billion in revenue translated into $230 million in operating income. That is 24% better than the operating income for the final quarter of 2021 and represents a margin of 21% on IGT’s products and services.
For the entire year, the numbers for IGT looked solid. They include:
- $4.2 billion in revenue, an increase of 3% year-over-year
- Operating income of $922 million
IGT’s CEO, Vince Sadusky, said in the release that the company achieved all of its financial goals while improving its market share in many verticals. Sadusky said the company is entering 2023 in a position of strength. The numbers show US gambling channels played a role in that positioning.
US gambling figures into IGT’s successful 2022
Most of the segmented figures in IGT’s report don’t break down how the company fared by region. However, the part of the report that shows numbers from global lottery products does reveal some details along those lines.
In terms of same-store sales growth in North America, IGT saw a 66% increase from the fourth quarter of 2021 in sales of multi-jurisdictional games. Also, there was a 0.4% uptick in sales from draw games and instant tickets.
IGT also saw a greater return on its gaming devices in physical gambling establishments in North America during the quarter as well. According to the report, IGT sold 46% more gambling devices in Canada and the United States for the quarter and saw an 8% increase in yields from those devices.
As a result, IGT has forecast revenue between $4.1 and $4.3 billion for 2023 with a margin of between 21% and 23%. Given the continued growth of gaming in the United States, that prediction seems sound.
