Everi Holdings, a leading gaming and financial technology company, has announced its impressive financial results for the second quarter. With a revenue of $197.2 million, marking a 14% increase year-on-year, the company has achieved record-breaking figures in multiple key areas.
I. Revenue Growth and Financial Success:
Everi Holdings’ second-quarter revenue soared to an impressive $197.2 million, representing a substantial 14% increase compared to the previous year. The company’s income before income tax also experienced substantial growth, rising by 16% to a record $42.3 million. These exceptional financial results can be attributed to several factors, including the strong performance of the Games and FinTech business segments, despite the challenging year-over-year comparison.
II. Games Segment:
The Games segment of Everi Holdings played a significant role in the company’s remarkable Q2 performance. Notably, the sales of gaming machines and FinTech hardware experienced a remarkable surge, with a staggering 37% increase. The number of gaming machines sold reached a new all-time high, rising by 40% to 1,957 units. Moreover, the company achieved its 13th consecutive quarterly sequential increase in the installed base of gaming operations units. These achievements can be attributed to Everi Holdings’ continued investments in developing innovative cabinets and expanding its games portfolio.
III. FinTech Segment:
Everi Holdings’ FinTech segment demonstrated impressive success, contributing to the company’s record-breaking Q2 results. The segment achieved record revenues, operating income, and adjusted EBITDA for the third consecutive quarter. This exceptional performance can be attributed to increased revenues from financial access services, which delivered over $10 billion of funding to customers’ casino floors for the second consecutive quarter. Additionally, the segment experienced significant growth in kiosk sales and ongoing organic expansion of its Loyalty and RegTech solutions.
IV. Innovative Partnership with Scarlet Pearl Casino Resort:
In April, Everi Holdings made an exciting announcement regarding its subsidiary, Everi Payments, and its partnership with Mississippi’s Scarlet Pearl Casino Resort. The collaboration introduced the B4U Financial cryptocurrency solution, enabling customers to convert digital currencies into cash seamlessly. This innovative solution not only offers liquidity for cryptocurrencies but also provides casino operators with real-time tracking of cash disbursement through the B4U API. Scarlet Pearl Casino Resort has been a longstanding partner of Everi Holdings since its opening in 2015, benefiting from loyalty products, services, and electronic gaming machines.
Everi Holdings’ second-quarter performance showcases a remarkable growth trajectory, with record-breaking revenues and income before income tax. The company’s Games and FinTech segments have been instrumental in driving this success, with notable increases in gaming machine sales, installed base, and financial access services. Furthermore, Everi Holdings’ partnership with Scarlet Pearl Casino Resort and the introduction of the B4U Financial cryptocurrency solution highlight the company’s commitment to innovation and customer satisfaction. As Everi Holdings continues to thrive, it solidifies its position as a leader in the gaming and financial technology industry.