Vince Sadusky, CEO of IGT, has explained how the company will meet its 2023 expectation of double-digit revenue growth for PlayDigital.
IGT recently published its fourth quarter and full year 2022 financial statement, where Sadusky claimed the company was able to achieve all its financial objectives, adding it enters 2023 ‘from a position of strength’ with momentum across all business segments.
Total revenues reached $1.09bn, a four per cent increase year-over-year (Q4 2021: $1.05bn), with PlayDigital growing by 56 per cent to a record $65m (2021: $42m) due to organic growth, market expansion and the iSoftBet acquisition.
Entering 2023, IGT stated it expects revenue between $4.1bn and $4.3bn with its PlayDigital segment predicted to undergo double-digit revenue growth.
During the company’s earnings call for the Q4 report, Sadusky was asked to provide more information on this expectation and how they think it will be achieved.
The CEO responded that they’ve emphasised an engaging platform and games, as well as the utilisation of its deep land-based game library and what iSoftBet brings to the segment.
IGT went down this pathway due to the slow rollout of igaming legalisation across North America, but the group still expects the region to be crucial for PlayDigital’s growth in 2023.
“Our incredible market share that that business has developed has largely been based on the success we’ve had with our deep library on the land-based side,” Sadusky said.
“With the success of titles like Prosperity Link and Money Mania, you’ll see those games poured over to the digital environment. We believe those will continue to have great recognition by consumers, as well as the investments we’ve made in our platforms. I think we’re a very valuable provider to our digital casino customers with our aggregation capabilities for third parties.
“We’ve got so many games and so much content that we’re working to make available to our customers through iSoftBet’s both library and their ability to produce current games. The integration of their class-leading platform enabled us to provide analytics and great feedback in customer tools.
“I do think that our growth will continue to come through the production of great games and the increase in digital play, in particular in North America.”
In regards to sports betting, Sadusky added that while other system providers struggled with their technology, especially during peak times like the Super Bowl, their system has ‘performed flawlessly’ and their trading service customers are happy as a result.
“We’ve got the advantage of the hardware and the software side. I think we have over 800 kiosks deployed on the hardware side, as well as powering our mobile platform. The pace of expansion of sports betting legislation in North America has slowed, but there are plenty of markets that are open. I think there will be convergence and a focus on quality operators.
“When we think about the drivers of the PlayDigital business over the next year or two, those are the things that we’re focused on.”