The financial results from IGT are always eagerly anticipated by investors. As the biggest land based gaming company in the world they attract attention on a global scale and for many, the results are an indication of the industry as a whole. With their relatively recent foray into the world of online gaming – check out some of their best titles in the IGT category here on the site – and the launch of the world’s first genuine social casino, these third quarter earnings have garnered even more attention than usual.
The results comes on the back of a 27.9 net loss in the fourth quarter, which was offset as full year profits rose nine per cent based largely on the increasing popularity of their social casino brand, DoubleDown.
For those that like to keep an eye on the specific figures, IGT reported a net income of $63.5 million for the three months ending 30th September, which was down $88.1 million on the same period in 2012. Net income came in at $272.3 million for the financial year, while overall revenues increased by nine per cent to $2.34 billion. While these numbers are certainly not enough to set alarm bells ringing, they did miss forecast targets set by both the company and analysts, with revenue from the company’s MegaJackpots land based slots being lower than expected.
Naturally, there are several positives to take from the results, not least some signs of positive growth. At the core of this improvement is DoubleDown, which saw something of a facelift in recent months in order to integrate it more closely with the IGT brand. The casino brand is dedicated to offering online casino gaming solutions through Facebook. IGT has approached the casino platform by bringing some of their best known games to the casino while promoting customer loyalty. DoubleDown also gives IGT and their partners another string to their bow as many land based operators that work with IGT have taken the opportunity to build their own branded social casino on the platform.
In terms of performance, the results are highly impressive. Social gaming made for $61.4 million of IGT’s overall revenue, which is not only a thirteen per cent rise over the previous quarter but a highly impressive 105 per cent boost over the same time in 2012. Daily active users on the platform rose twenty per cent to 1.7 million, while monthly active users rose by 32 per cent to 6.7 million compared to the same period in 2012. IGT made an average of $0.40 from each daily average user, a 43 per cent rise on the previous year. The net result is that DoubleDown recently overtook Zynga’s social poker game as the most valuable social casino game on Facebook.
Social gaming is only one part of what IGT wants to achieve in the very near future, as evidenced by comments by Patti Hart, the company’s CEO. She said: “The company is working towards becoming a global gaming ecosystem that is ubiquitous across platforms and devices where scale and breadth of product and broad distribution of content will matter.”
IGT isn’t the only one taking Facebook seriously – if you want to stay abreast of the best games and the biggest news then be sure to follow Mr Gamez on Facebook and Twitter! In the meantime, our aforementioned IGT category here on the site features some of their most notable games of all time so you can get to grips with all of the best titles before trying them out socially or of course for real cash at our recommended online casinos.