Pollard Banknote Limited, a prominent player in the lottery industry, has recently achieved a significant milestone by securing its first iLottery contract in the United States. This partnership with the Kansas Lottery marks a pivotal expansion of Pollard Banknote’s digital footprint in the U.S. market.
Contract Overview
Pollard Banknote Limited has signed a landmark agreement to provide an iLottery solution for the Kansas Lottery. This contract signifies Pollard Banknote’s entry into the U.S. iLottery sector, setting the stage for the company to leverage its cutting-edge technology in a new and lucrative market. The rollout of this platform is anticipated to commence in early 2025.
Platform Features
The iLottery solution will be powered by Pollard Banknote’s proprietary Pollard Catalyst Gaming Platform. This platform is designed to offer a seamless and engaging experience for players, featuring both draw-based games and eInstant games. Initially, Kansas players will have access to popular draw-based games such as Powerball and Mega Millions. Additionally, they will be able to enjoy eInstant games developed by the Pollard Digital Games Studio, customized specifically for the Kansas market.
Technological Innovations
To ensure a secure and user-friendly experience, Pollard Banknote’s Player Account Management system will facilitate player registration, age and identity verification, wallet transactions, and responsible gaming features. The platform will also utilize GeoLocs technology to provide precise geolocation services, ensuring compliance with regional gaming regulations and enhancing overall user experience.
Statements from Leadership
Doug Pollard, Co-CEO of Pollard Banknote, expressed enthusiasm about the partnership: “These are exciting times for the Kansas Lottery and for Pollard Banknote. Our decades-long relationship with the Lottery combined with our game-changing Pollard Catalyst technology and what we believe is the strongest team in the industry will deliver the best player experience and is a winning combination for the Lottery and its players. We look forward to delivering an exceptionally strong iLottery program.”
Q2 2024 Financial Results
Pollard Banknote’s financial performance for the second quarter of 2024 highlights a period of impressive growth and profitability. The company’s revenue reached a record high of $137.8 million, marking an increase of $7 million compared to the same period in 2023. This robust revenue growth underscores Pollard Banknote’s expanding market presence and operational success.
Income and Margins
The income from operations for Q2 2024 was reported at $19.9 million, demonstrating the company’s effective management and operational efficiency. The gross margin for the quarter was 21%, reflecting the company’s ability to maintain a healthy balance between revenue generation and cost management. Adjusted EBITDA reached $32.3 million, further indicating strong financial health and operational performance.
NeoPollard Interactive Contribution
Pollard Banknote’s stake in NeoPollard Interactive contributed significantly to its financial results, with the share value reaching $166 million. This partnership continues to be a key driver of Pollard Banknote’s overall performance and market position.
Pollard Banknote’s entry into the U.S. iLottery market through its contract with the Kansas Lottery represents a strategic expansion that leverages its advanced technology and extensive industry experience. The company’s impressive financial results for Q2 2024 highlight its strong market position and operational effectiveness. As Pollard Banknote prepares for the launch of its iLottery platform in Kansas, it is poised to make a substantial impact on the U.S. gaming market while continuing to deliver robust financial performance.
This significant contract and the company’s strong financial performance position Pollard Banknote as a leading force in the global lottery industry, with promising prospects for future growth and innovation.