Pollard confident state lottery contracts will drive further growth after record 2025
Pollard Banknote reported a record year of revenue for 2025, as the renewal of some prominent partnerships with state-run lotteries proved to be a key growth driver.
The lottery solutions company reported revenue growth of 7% to $596m (£444.9m), the largest ever year-end revenue figure it has recorded, while another record was set for adjusted EBITDA.
This figure was up 4.7% from $114.5m to $119.9m. However, the same could not be said of net income, which was down 1.4% from $35.2m to $34.7m.
This may have been due to what Co-Chief Executive Officer, John Pollard, described as startup costs associated with the launch of its full standalone iLottery operation.
This placed ‘temporary pressure on gross margins’, he said, while also acknowledging that ‘certain regulatory changes in a large charitable eTab market’ had an impact.
Nonetheless, group leadership remains confident in the impressive revenue figures and the fact that EBITDA improved year-over-year despite the above mentioned costs.
“We remain very confident that initiatives underway in our iLottery and eTab operations will help offset these impacts in 2026,” the Co-CEO remarked.
Fourth quarter results saw a boldly similar pattern as the rest of the year, though with an improved net income figure – a gain of $4.6m as opposed to a net loss of $1.8m the year prior.
Revenue for the quarter was up 7.5% YoY to $150.8m , driven by a 10% increase in combined sales to $185m. This was accompanied by EBITDA growth of 9.9% from $25.2m to $27.7m.
Central to Winnipeg-based Pollard Banknote’s growth has been its state lottery contracts, with $73.8m in combined income before taxes reported from its deal with the Michigan lottery alone – 24.5% more than the $59.3m recorded in 2024.
The company is taking confidence in its rollout of the Catalyst iLottery solution with the Kansas Lottery, an instant ticket contract with up to six years of extensions with the California Lottery, a player loyalty deal with the Oklahoma Lottery Commission, and a 12-year deal with Belgium’s Loterie Nationale.
Finally, the group also plans to continue expanding its product range following the acquisition of Pacific Gaming in March last year. This takeover saw the integration of new bingo products including handhelds, point-of-sale systems, and management solutions.
“Our charitable gaming group continues to actively expand into opportunities in both print-based and electronic solutions,” said Doug Pollard, Co-CEO of the Toronto Stock Exchange enterprise.
“The acquisitions of C.J. Venne and Pacific Gaming over the past two years expanded our product offerings and enhanced our ability to compete more broadly with key distributors. Our new ICON gaming kiosks have been extremely well received in the market and have been placed in a number of jurisdictions during 2025.
“We also continue to see considerable eTab interest to support charities and we are excited about these opportunities.”
https://lotterydaily.com/2026/03/11/region/north-america/pollard-2025-revenue/