As the final restrictions are lifted and the global economy booms, players are flocking back to casinos across the USA and elsewhere. This is reflected in IGT’s 2021 report detailing how it took in $4.1 billion in revenue in 2021.
Let’s explore what we can learn about IGT’s strong revenue growth from its report. As we’ll see later, it’s not the only firm that reported a record year in 2021.
Digging into the IGT 2021 report figures
- 2021 saw a 31% revenue increase for IGT overall.
- $902 million of this was operating income supported by global lottery sales.
- Global lottery sales accounted for $2.8 billion in revenue, 69% of the total reported.
- Substantial cost-cutting and company savings also contributed to the record year.
- IGT also reduced its net debt by $1.4 billion in 2021 alone.
- IGT’s operations generated over $1 billion in cash and $770 million in free cash flow.
Clearly, IGT’s lottery market entry is paying off dividends. As well as online lottery and keno games, the firm offers lottery systems and solutions for real-world operators.
A Record Year for Operators Across the Industry
While IGT’s figures are seriously impressive, the boom times extend all across the iGaming industry. Live casino games operator Evolution also reported a bumper year. In its 2021 report, Evolution reported that operating revenues had increased by 90%.
Unlike IGT, which does have some online games but also has substantial offline operations, Evolution’s revenue is generated almost exclusively online. It offers live casino games such as baccarat, blackjack, roulette, and a host of signature game shows such as Crazy Time at some of the top live casinos online.
Some of the firm’s massive growth is driven by Evolution’s entry into newly legalized and regulated U.S. states such as Michigan. Its recent entry into Pennsylvania and Michigan, and its opening of new studios there, doubtless play some role in its record-breaking growth. As well as this, Evolution dominates live casino gaming in the lucrative UK and European markets. For example, it has a strong presence at top live casinos such as Mr. Green and 32Red.
Clearly, if both IGT’s and Evolution’s 2021 reports tell us anything, it’s that players are back and they’re hungry for iGaming entertainment. With several new exciting live games to come out in 2022, and several U.S. states eyeing legalization, 2022 could be even better. Let’s hope this year is as successful as 2021 has been for both firms.
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