IGT - Good 3Q17, lottery is lucrative but CapEx-intensive for now
IGT, the world’s largest lottery firm, reported good 3Q17 results. Sales were down 6% yoy at constant currency to $1,221m but up 2% yoy excluding the disposal of the US social platform Double Down last June and the change in accounting for the Italian lotto upfront fee. Above all, this quarter further evidenced the company’s dominant position in the global lottery industry, far ahead of competitors Scientific Games and Intralot. IGT holds the highest number of long-term licenses with limited risk of non-renewal given the reluctance of local authorities to change suppliers and incur high switching costs.
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