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.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueScheduled virtual sports games delivered through on-premise licensing and hosting to betting and gaming operators.
Digital gaming content and platform services distributed through third-party aggregators and Inspired's own remote gaming server.
Recurring revenue from gaming terminals, participation contracts, fixed fees, and long-term license amortization.
Sales of gaming machines and related hardware, including estate upgrades and other equipment sales.
Supply and rental of gaming and amusement machines to pubs, holiday parks, and other leisure venues.
Products
Reported · share of revenue- 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.
Bookmakers, casinos, and gaming venues that buy virtual sports, terminals, and recurring gaming services to drive player engagement.
Third-party platforms that distribute Inspired's Interactive content and pay participation-based fees tied to net win.
State or national lottery operators that use scheduled virtual sports content and branded gaming products.
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.
Participation and fixed-fee contracts improve visibility versus one-off hardware sales.
New operator and lottery partnerships broaden distribution and support market access.
More customers and more live games increase monetization across aggregation platforms.
Refocusing on content and machine supply can reduce complexity and improve economics.
Geography
Q1/2026Inspired'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.
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.
- Changing player preferencesImpact: HighLikelihood: Medium
Revenue depends on games remaining attractive versus other leisure options.
Exposure - 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
- Regulatory certification and market accessImpact: HighLikelihood: Medium
Products must meet technical standards and approvals in each jurisdiction.
Exposure - Technology and platform reliabilityImpact: HighLikelihood: Medium
Outages, integration failures, or cyber incidents can interrupt customer operations.
Exposure - Customer consolidationImpact: MediumLikelihood: Medium
M&A among operators can reduce spend or increase bargaining power.
Exposure: UK and international gaming operator base
Accounting
Judgemental itemsParticipation, fixed-fee, product, and license revenue are recognized differently and affect timing.
Impact: Can shift revenue between quarters and change margin mix
Gaming machine sales and holiday park activity vary by quarter and summer demand.
Impact: Makes quarterly comparability difficult
Valuation depends on projected cash flows, discount rates, and market conditions.
Impact: Could create non-cash charges if assumptions weaken
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