Gaming Innovation Group reports a 39% year-on-year revenue increase, driven by B2B, new products and new sportsbook verticals.
Adding to the string of impressive Q2 results for gaming and gambling companies, Malta-based Gaming Innovation Group (GiG) has reported a 39% year-on-year increase in revenues, totalling €36.9m ($42.1m).
In Q2 GiG entered the sports betting market, with a portfolio of products and the launch of a sportsbook at Rizk.com. During the same period, GiG Core – the company’s platform service – was licensed in the newly regulated New Jersey market, and operations started in a partnership with Hard Rock International.
It was GiG’s B2B services that performed best, with a growth of 84% year-on-year to €15.6m, while B2C increased a more modest 20% to €24.2m.
Q2 2018 FINANCIAL HIGHLIGHTS
- Operating revenues of EUR 36.9 million, up by 39% from Q2 2017
- Organic revenue growth of 30% compared to Q2 2017
- EBITDA of EUR 1.7 million, compared to EUR 1.9 million in Q2 2017
- B2B revenues of EUR 15.6 million, up by 84% from Q2 2017
- B2C revenues of EUR 24.2 million, up by 20% from Q2 2017
- Marketing expenses of EUR 13.2 (11.1) million, 36% of total revenues, down from 42% in Q2 2017
- Media Services reached quarterly all-time-high revenues of EUR 8.7 million, 99% growth from Q2 2017
- New Sport Betting Services launched, live on in-house operator Rizk.com, offered to clients from July
- GiG Core, part of Platform Services, licensed in New Jersey (US), live with HardRockCasino.com
- GiG Comply: new website monitoring compliance tool developed and ready for launch in September, two external customers expected to sign soon
- Process for listing at NASDAQ Stockholm proceeding according to plan
Robin Reed, CEO if GiG said:
“GiG has invested significantly to expand across all verticals of iGaming. We are building to become the one stop shop for every company serious about its iGaming business. With the majority of the heavy-lifting behind us and the strongest season ahead of us, we should see growth in both revenues and profits in the coming quarters, while working towards our goal of becoming the largest full service company to the iGaming industry”
GiG did see slightly reduced operating profits in Q2, but overall indicators are still extremely positive, with fast growing revenues, new verticals like sports betting, preparations for a NASDAQ Stockholm listing, and new products like GiG Comply (a website compliance monitoring tool) attracting interest from potential customers.