Inspired Entertainment is a B2B gaming content supplier that spent the past year selling leisure assets and tilting the mix toward digital slots and virtual sports. The early November sale of the United Kingdom holiday parks book to Genda, plus a pubs-model reset, stripped seasonal and capital-heavy revenue out of the print. What remains is a smaller company whose margin is now doing the work the top line used to do.
The tension is tax versus mix. Remote gaming duty in the United Kingdom jumped from twenty-one percent to forty percent on the first of April, and Interactive still grew. Retail Solutions remains more than half of sales even after the leisure exit, so the digital story is real but incomplete.
The latest quarter printed revenue of $60.8 million, a sequential rise, and adjusted EBITDA of $27.1 million at a forty-five percent margin. Management holds a current-year adjusted EBITDA band of $112 million to $118 million. Does mix, not just shrinkage, carry that range through the second half?