Intralot extends contract with Morocco’s MDJS until 2025

The fresh deal is set to run out in December 2025. The agreement will see Intralot continue to operate MDJS’s lottery, while also offering sports betting and other games of chance.

Intralot has had a long-term partnership with MDJS, powering its offering since 2010. The Greek operator will continue to operate MDJS’ lottery games, which include Tifo and Chrono.

In March 2021, Intralot announced it had agreed to reduce the term of an eight-year deal with MDJS, signed in 2019, to end in December 2022.

However, despite MDJS launching a tender in January 2022 for a new supplier, a new one-year extension was agreed with Intralot in March 2022. This most recent extension, announced on Friday, prolongs the long relationship between the pair.

Intralot at risk of not meeting 2024 bond obligations

In November 2023, Intralot announced a return to net profit for Q3. Gross gaming revenue (GGR) was up 2.2% year-on-year to €5.6m (£4.8m/$6.1m).

However, Intralot also posted a €21.7m (7.2%) decrease in consolidated turnover from 2022. A large percentage of the company’s turnover drop was down to the absence of revenue caused by the expiration of its Malta licence in July 2022. This accounted for a GGR loss of €43.9m.

Consequently, the company’s Q3 earnings reports highlighted the risk of not being able to meet its 2024 bond obligations. Intralot issued €135m in new shares, with the Q3 report stating it lacked the cash resources to cover the majority of the debt.

Despite the net consolidated turnover loss year-on-year, Intralot’s Q3 revenue was 8.1% up on the same period the previous year, as well as a €7.8m hike on Q2 2023.

EBITDA also jumped to €101.0m for the first nine months of the year, 14.7% up on 9M22. Intralot attributed the rise in EBITDA to promising growth in Turkey, Croatia, Taiwan and the US.

Leave a Reply

Your email address will not be published. Required fields are marked *