LONDON - International Game Technology PLC (NYSE:IGT), a global leader in gaming, has announced the extension of its contract with the Mississippi Lottery Corporation for three more years, continuing their partnership until December 1, 2029. This extension includes the provision of online gaming systems, instant ticket services, and the introduction of new technologies to enhance player convenience and retail operations.
The Mississippi Lottery, which began operations in 2019, has seen significant growth and credits IGT's expertise for its success in player engagement and sales performance. Jeff Hewitt, President of the Mississippi Lottery, expressed excitement about introducing IGT's innovative products, including a mobile convenience app and the Sales Wizard retail automation tool, to improve the lottery experience for players.
IGT's upcoming mobile app for the Mississippi Lottery will offer features such as viewing winning numbers, checking tickets, creating digital playslips, locating retailers, and accessing game information. Additionally, new GameTouch 28 self-service terminals will be deployed, building on the 300 machines already installed statewide. These enhancements aim to provide a dynamic user experience and flexible options for players.
The Sales Wizard tool will equip the Lottery's sales teams with detailed reports to identify growth opportunities in retail sales and ticket inventory management. Beyond technological advancements, IGT is committed to supporting educational initiatives in Mississippi through its After School Advantage program, which includes the establishment of digital technology labs and scholarship contributions to Historically Black Colleges and Universities in the state.
IGT's global footprint extends to being the primary technology provider for a significant number of lotteries in the U.S. and around the world. The company emphasizes its dedication to responsible gaming and has a firm local presence in over 100 jurisdictions.
The information in this article is based on a press release statement from International Game Technology PLC.
InvestingPro Insights
As International Game Technology PLC (NYSE:IGT) solidifies its presence in the Mississippi lottery market with a contract extension, its financial health and stock performance provide valuable insights for investors. With a market capitalization of $3.97 billion and a commitment to innovation, IGT is poised to leverage its technological advancements in the gaming sector. The company's recent financial data reflects a stable gross profit margin of 48.95% over the last twelve months as of Q1 2024, underlining its ability to efficiently manage costs while generating revenue of $4.315 billion in the same period.
An InvestingPro Tip suggests that IGT is trading at a high P/E ratio relative to its near-term earnings growth, with a current P/E ratio of 17.28. This may indicate that the stock is valued optimistically by the market based on its earnings. Another noteworthy aspect is IGT's dividend yield, which stands at 4.07%, a testament to the company's ability to maintain dividend payments for 10 consecutive years—a sign of financial resilience and commitment to shareholder returns.
However, investors should be aware of the stock's recent performance, as it has been trading near its 52-week low, with a price 57.87% of its 52-week high. The stock price has experienced significant volatility, declining by 22.78% over the last three months. This could present a potential opportunity for investors who believe in the company's long-term potential and are looking for an entry point.
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