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Acquisitions and Disposals
9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Disposals

2. Acquisitions and Disposals

 

In January 2022, the Company sold its Italian VLT business, including all terminal and other assets, staff costs and facilities and contracts, to a non-connected party for total proceeds of €1.1 million ($1.1 million), recognizing a profit on disposal of €0.8 million ($0.8 million). The Company continues to serve these Italian markets in the form of the provision of platform and games.

 

On December 31, 2021, the Company acquired 100% of the membership interests of Sportech Lotteries, LLC, which has since been renamed Inspired Entertainment Lotteries LLC. As part of the transaction, the Company recorded the acquisition of a customer contract as an intangible asset in the amount of $12.3 million. During the nine months ended September 30, 2022, as a result of revisions made to management’s preliminary assessments, the Company recognized an additional $0.9 million long-term receivable related to Inspired Entertainment Lotteries, LLC, and reduced the value of the customer contract intangible asset accordingly.