Gaming and lottery supplier Intralot is being hit hard by the COVID-19 pandemic and restructuring costs posting a record loss of €111.9 million for 2019.

The group’s revenues amounted to €720.6 million in 2019, decreasing by 8.1% on an annual basis, while EBITDA profits amounted to €87.8 million, showing a decrease of 25.4% on an annual basis.

Operating Cash Flows in 2019 amounted to €61.3 million, lower by €27.3 million on an annual basis.

In March Intralot announced that following a decision of the Board of Directors. of the company, Mr. Socrates Kokkalis, who remains Executive Chairman of the Board. Mr. Christos Dimitriadis has resigned from the position of Chief Executive Officer and new CEO of the Group, with effect from 09.03.2020.

Intralot has successfully completed the delivery of the Sports Betting Solution in the Lottery of the District of Columbia at the end of March, with its official start being temporarily postponed until the US Championships and events return to action as a result of the Covid-19 pandemic.

The Intralot Sports Betting solution in Montana started operating in mid-March, just days before all American championships and events were postponed due to the Covid-19 pandemic.

Evaluating all available data in mid-April 2020, the Company’s optimal estimate for the impact for 2020 ranges from €25-30 million at Group EBITDA level.

Intralot recently announced that it has appointed Evercore Partners and Allen & Overy, as financial and legal advisors, respectively, to review and implement strategic alternatives for the business.