Inspired Launches iGaming Content in Connecticut
Inspired Launches iGaming Content in Connecticut
Inspired Entertainment has added yet another state to its portfolio. Just recently, the brand debuted its iGaming content in Connecticut in partnership with DraftKings. This brings the total number of states that the brand operates in to 3.
Inspired Entertainment already has a growing presence in New Jersey, as well as Michigan. Inspired is one of the fastest-growing B2B gaming tech companies in the space. The company has made a name for itself by supplying content and other products to regulated gaming, sports betting, and lottery operators all over the world.
Inspired operates through 4 main segments namely leisure, virtual sports, gaming, and interactive. Inspired’s Gaming segment provides gaming terminals, as well as advanced software to betting operators, gaming halls, and casinos. It also supplies traditional casino games such as blackjack, roulette, and more.
With this recent launch, punters in Connecticut will henceforth have access to Inspired’s extensive portfolio. This will include the brand’s most popular titles and games including Big Spin Bonus, Gold Cash Free Spins, as well as Bullion Bars. Inspired also plans to release more titles before the year ends.
As mentioned above, Inspired already has a strong presence in New Jersey and Michigan. According to the company, the brand has an established presence with at least 70% of the operators in the 2 states. Moving forward, Inspired intends to replicate the same results in Connecticut.
Inspired acquired market access in Michigan thanks to its strategic partnership with GAN Limited. GAN is an iGaming software as a service provider for operators in the real money iGaming, online sports betting, as well as the simulated gaming market. GAN is the biggest content aggregation platform to deploy Inspired’s unique iGaming content, which is what has provided the brand with the extensive operator network that will allow it to launch operations in multiple states.
Inspired also enters the Pennsylvania market
Not too long ago in May, Inspired made another stride in the company’s expansion plan when it successfully secured an interactive gaming manufacturer license in the Pennsylvanian gaming market. As a result of this license, Inspired can offer its interactive games to licensed operators serving gamblers in Pennsylvania. If everything goes according to plan, Inspired intends to debut its interactive content in the state by the start of summer.
Pennsylvania is one of the biggest and most lucrative iGaming states in North America. As such, this market access license will allow Inspired to realize its ongoing extension strategy in North America. Apart from New Jersey, Michigan, and Connecticut, Inspired is also established in Ontario and Quebec.
Most of the licensed operators in PA are already affiliated with Inspired in other jurisdictions, which will allow the brand to debut its high-quality content in the market fast and seamlessly. With the brand’s growing popularity and increased brand awareness, Inspired should be well-positioned to capitalize on this growth opportunity.
The brand’s performance has been nothing short of impressive. According to the company’s Q1 financial results, the brand recorded a revenue boost of 166%. Thanks to Inspired’s gaming and leisure segments, alongside its online expansion, the brand enjoyed a strong start in 2022.
Overall, Inspired recorded revenue growth of over $60 million from the $23 million it produced in the same period last year. The brand’s gaming and leisure segments negatively impacted the pandemic. However, since things have now returned to pre-pandemic operating levels, the 2 segments appear to have improved considerably.
Specifically, the gaming segment recorded increased revenue growth of 123%, generating approximately $24 million. The interactive vertical, on the other hand, saw an increase of more than $500,000, which translated to almost $2o million in revenue. More importantly in Q1 this year, the content provider finally returned to profitability.
In Q1 last year, Inspired reported a loss of close to $17 million. However, in Q1 this year, the brand managed to produce an impressive net income of $1.5 million. With the business generating more revenue across all its business units, Inspired is prepared for its long-term growth and expansion in North America and beyond.
Connecticut iGaming growth continues
In October last year, Connecticut joined iGaming states to become the 6th state to debut online gaming. In March this year, the state’s betting and igaming market reached $25 million, which was an increase of 45.4% compared to February, which produced $17 million. Because iGaming only debuted before the end of last year, the state is yet to compile year-on-year comparisons.
Online casinos were the biggest draw for punters in the state with bettors wagering approximately $568.3 million with the available operators, namely FanDuel and DraftKings. To gain market access in the state, DraftKings teamed up with the Mashantucket Pequot Tribal Nation, which is in charge of Foxwoods Casino. Draftkings has been dominating the revenue table in Connecticut since it debuted its operations in the state.
In March, DraftKings produced $10.2 million in online casino revenue after the bonuses and free promotional bets were deducted from the total. Punters in the state gambled $540 million through Foxwoods and DraftKings, with $32.2 million being accredited to promotional wagers. FanDuel, alternatively, teamed up with the Mohegan Tribe, which also runs the Mohegan Sun.
FanDuel in partnership with Mohegan generated an iGaming revenue of $8 million having successfully handled $271.6 million in online casino bets. Online and brick and mortar sports betting have also been performing well in the state thus producing $7.5 million after promotional deductions. Online sports betting produced $6.7 million while the retail vertical managed $827,609.
Inspired has been offering its broad portfolio of content to operators all over the world since it launched its services in 2004. Inspired has a presence in at least 35 jurisdictions all over the world, supplying gaming systems to more than 50,000 machines in wagering shops, gaming halls, and other gaming establishments. Inspired’s virtual sports products are also available in more than 30,000 brick and mortar venues, as well as on several online betting websites.
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