International iGaming technology provider, Intralot, has extended the contract with Malaysian gaming company Magnum Corporation to continue supplying technology to the company for seven years more years. The extension deal follows the Magnum Corporation’s international tender called in 2022 and anticipates two additional five-year extension periods. Such a provision sets the contract period to a total of 17 years and facilitates long-term planning for both parties.
Seven-Year Extension Deal:
The technology supply deal is now extended to include Intralot’s assistance for the transition of Magnum Corporation’s retail offering to Intralot’s LotosX Omni ecosystem. This system currently features multiple player and operational systems such as the LotosX Central Gaming System and the PlayerX Player Account Management System. With the transition of LotosX Omni as foreseen by the deal, Magnum Corporation will be able to include omni-channel solutions into a range of its retail and digital offerings.
Improved Gaming Experience Expected:
Dato’ Lawrence Lim Swee Lin, CEO of Magnum Corporation, expects that the continued partnership with Intralot would bring an improved gaming experience across the operator’s offerings.“Magnum Corporation is proud to continue this partnership with Intralot, a steadfast ally in helping us grow our business and to innovate the gaming experience for our customers,” he reportedly said. “With our industry expertise and Intralot’s cutting-edge technology, we are crafting a future of innovation together, creating a more immersive gaming experience with enhanced levels of personalisation and security, both in our retail and digital spaces.”
Shared Commitment:
Marios Mitromaras, CEO of Intralot Australia, shared the same opinion saying that the provider’s technology would thrive to continuously improve Magnum Corporation’s gaming offerings. “We are very pleased to keep working with Magnum Corporation. Our continued collaboration is a partnership built on trust, understanding and a shared commitment in elevating gaming excellence for their customers,” he said in the press release. “We look forward to deploying our cutting-edge technology and high-quality operating services as Magnum Corporation continues to push boundaries and take steps to modernize their player experience.”
Continued Partnership:
The extension deal follows a series of Intralot’s strategic activities accomplished in 2023. In the second half of the year, the company signed a supply system technology agreement with the Taiwanese Public Welfare Lottery and closed a sports betting deal with the British Columbia Lottery Corporation (BCLC). These activities, however, didn’t boost the Intralot’s 2023 balance sheet as the provider experienced a decline in revenue for the first six months of 2023. Despite the strong second half of 2023, the company’s revenue fell 2.9% on a year-on-year basis to €163.6 million but the EBITDA increased 14.0% to €62.8 million.
In November of 2023, the group’s subsidiary Intralot Capital Luxembourg entered a partial redemption of senior shares worth €126.0 million. In the same month, Intralot announced that it would issue €135 million in new shares.
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