Greek gambling supplier Intralot witnessed a decline in sales in Argentina in euro terms, as the firm struggled to keep control of its spiralling debt.

The report read: “Argentina’s lower recorded sales in Euro terms (€-0.9m) as a result of the significantly adverse FX movement. In local currency, 1Q18 results posted a c.+26.0% year over year increase (lower compared to the 2015-2017 CAGR of c.32.0%), heavily affected though by the local currency fluctuations (c.45.0% devaluation against the Euro versus a year ago)”

Net debt stood at €528.3 million, up €17.6 million from December of last year, but the firm was hopeful that the repealing of PASPA in the US could help remedy this.

Nevertheless, Intralot Group CEO Antonios Kerastaris remained positive: “The 2018 Q1 results show stronger sales and continuing growth in developed markets, reflecting increasingly successful market development efforts along with an upgrade of our offering with next generation products and services for Lotteries digital transformation.

“Emphasis remains on growth in markets such as the United States where the recent lift of the federal ban on sports betting creates tremendous business opportunities from the rise of a potential USD 20bn market in annual GGR terms, on top of great prospects in new flagship projects such as the Illinois State Lottery.”

Elsewhere, Intralot unveiled Michael Kogeler as Chief Operating Officer earlier this month. Kogeler will be responsible for the Group’s business orchestration of its operations around the world, the relationships with partners and customers as well as the trading operations.