Greek lottery and betting operator Intralot continues to bleed red ink following the loss of some significant contracts and a much-derided US sports betting presence.

Figures released Friday show Intralot generated revenue of €168.2m in the six months ending June 30, a 55.5% decline from the first half of 2019. Gross profit fell 60% to €30.6m, earnings slid 54.5% to €26.7m and the company booked a net loss of €42.6m versus a comparatively paltry loss of €13.7m the previous year.

Intralot blamed the decline on this spring’s suspension of its Bulgarian client’s operations, the 2019 loss of a major Turkish contract, social unrest in Chile and the general negative impact of the COVID-19 pandemic on retail operations and major league sports. The net loss came despite significant declines in operating expenses, including a 44% fall in selling costs.  

Intralot was keen to switch the spotlight to its US-facing operations, which saw revenue rise by 15.2% to €62.2m (although the wider ‘Americas’ segment saw revenue fall 13.2% to €88.7m). However, the US gains were largely due to a new lottery contract in Illinois rather than the company’s fledgling sports betting operations.