INSENasdaqServices-Prepackaged SoftwareUS GAAP · USD

Inspired Entertainment, Inc.

Inspired Entertainment, Inc. builds and operates gaming content, virtual sports, and machine-based leisure products for operators in regulated gambling and amusement markets. The company earns revenue mainly through participation-based contracts, fixed-fee recurring services, product sales, and software/license fees across the UK, Greece, the U.S., and other markets.

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Revenue304m USD
+2.4 %y/y
Operating profit (EBIT)30.5m USD
−0.7 %y/y
EBIT margin10.0%
−0.3 ppy/y
Net income-17.0m USD
−126.2 %y/y
Free cash flow16.3m USD
+10.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1000100200300400m USD2020: 200 m USD2020: EBIT -18 m USD20202021: 209 m USD2021: EBIT -4.5 m USD20212022: 285 m USD2022: EBIT 47 m USD20222023: 323 m USD2023: EBIT 39 m USD20232024: 297 m USD2024: EBIT 31 m USD20242025: 304 m USD2025: EBIT 31 m USD202530431
RevenueOperating profit (EBIT)

Business

Share of revenue
Virtual Sports30 %

Scheduled virtual sports games delivered through on-premise licensing and hosting to betting and gaming operators.

Interactive25 %

Digital gaming content and platform services distributed through third-party aggregators and Inspired's own remote gaming server.

Gaming Service Revenue30 %

Recurring revenue from gaming terminals, participation contracts, fixed fees, and long-term license amortization.

Product Sales10 %

Sales of gaming machines and related hardware, including estate upgrades and other equipment sales.

Leisure5 %

Supply and rental of gaming and amusement machines to pubs, holiday parks, and other leisure venues.

Products

Reported · share of revenue
91.6%8.4%FY2025100 %
  • Services91.6 %
  • Product Sales8.4 %

Source: 10-K/A FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Inspired sells primarily to gambling operators, lottery customers, aggregators, and leisure venue operators that want content, machines, and recurring service support. Its revenue depends on those customers' ability to attract and retain players, since many contracts are participation-based and tied to net win or gross gaming revenue.

Gaming operators

Bookmakers, casinos, and gaming venues that buy virtual sports, terminals, and recurring gaming services to drive player engagement.

Online gaming aggregators

Third-party platforms that distribute Inspired's Interactive content and pay participation-based fees tied to net win.

Lottery customers

State or national lottery operators that use scheduled virtual sports content and branded gaming products.

Leisure venue operators

Pubs, holiday parks, and amusement venues that buy or rent gaming machines and related services.

Strategy

Inspired is focusing on recurring, participation-based revenue, deeper customer partnerships, and expansion of its digital and hybrid content footprint. Recent actions include new and extended partnerships, broader U.S. rollout of hybrid dealer content, and a shift in Leisure toward content and machine supply after asset sales and operating-model changes.

Expand recurring revenue mixShort term

Participation and fixed-fee contracts improve visibility versus one-off hardware sales.

Scale Virtual Sports partnershipsMedium term

New operator and lottery partnerships broaden distribution and support market access.

Grow Interactive content footprintMedium term

More customers and more live games increase monetization across aggregation platforms.

Optimize Leisure portfolioShort term

Refocusing on content and machine supply can reduce complexity and improve economics.

Geography

Q1/2026

Inspired's revenue is concentrated in the UK, with additional exposure to Greece, the U.S., and the rest of the world. The company says the majority of revenue and non-current assets are attributable to UK operations, so regulatory changes, customer concentration, and consumer activity in that market are especially important.

United Kingdom60 %
Other countries (US filing)29 %
Greece11 %

Share of the revenue the company reports by geography.

Risks

The business is exposed to customer concentration, regulatory change, and the need to keep games and platforms attractive to players. Because much of revenue is participation-based, weak player demand, operator underperformance, certification delays, or technology outages can quickly reduce revenue and margins.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Changing player preferences1Customer ability to attract and retain players2Regulatory certification and market access3Technology and platform reliability4Customer consolidation5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Changing player preferencesImpact: HighLikelihood: Medium

    Revenue depends on games remaining attractive versus other leisure options.

    ExposureGamingVirtual SportsInteractive
  2. Customer ability to attract and retain playersImpact: HighLikelihood: Medium

    Many contracts pay Inspired a share of customer gaming revenue or net win.

    Exposure: Participation-based contracts

  3. Regulatory certification and market accessImpact: HighLikelihood: Medium

    Products must meet technical standards and approvals in each jurisdiction.

    ExposureGaming terminalsVirtual SportsInteractive
  4. Technology and platform reliabilityImpact: HighLikelihood: Medium

    Outages, integration failures, or cyber incidents can interrupt customer operations.

    ExposureRemote gaming serversHostingIntegrations
  5. Customer consolidationImpact: MediumLikelihood: Medium

    M&A among operators can reduce spend or increase bargaining power.

    Exposure: UK and international gaming operator base

Accounting

Judgemental items
Revenue recognition by contract type

Participation, fixed-fee, product, and license revenue are recognized differently and affect timing.

Impact: Can shift revenue between quarters and change margin mix

Seasonality

Gaming machine sales and holiday park activity vary by quarter and summer demand.

Impact: Makes quarterly comparability difficult

Goodwill impairment

Valuation depends on projected cash flows, discount rates, and market conditions.

Impact: Could create non-cash charges if assumptions weaken

Lease and finance lease accounting

The company has operating and finance lease obligations for facilities and equipment.

Impact: Affects EBITDA-like metrics, depreciation, and financing cash flows

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Last updated: 24/09/2026