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Greek gambling supplier Intralot recorded a modest gross gaming revenue (GGR) increase of 2.5% for Q1 2018, but the firm’s growing debt is a cause for concern.

The GGR increase was complemented by solid revenue (+12.7%) and EBITDA growth (+15.6%), while group revenues rose by 4.3% in Q1 2018 compared to the previous period of 2017.

Net debt stood at €528.3 million, up €17.6 million from December of last year, but the firm remains hopeful that the repealing of PASPA in the US could help remedy this.

Elsewhere, Intralot unveiled Michael Kogeler as Chief Operating Officer earlier this month. Kogeler will be responsible for the Group’s business orchestration of its operations around the world, the relationships with partners and customers as well as the trading operations.

Intralot Group CEO Antonios Kerastaris remained positive about the situation: “The 2018 Q1 results show stronger sales and continuing growth in developed markets, reflecting increasingly successful market development efforts along with an upgrade of our offering with next generation products and services for Lotteries digital transformation.

“Emphasis remains on growth in markets such as the United States where the recent lift of the federal ban on sports betting creates tremendous business opportunities from the rise of a potential USD 20bn market in annual GGR terms, on top of great prospects in new flagship projects such as the Illinois State Lottery.”