GiG revenues rise following debut of sports betting in Q2
Gaming Innovation Group (GiG) had an impressive Q2, as revenues increased 39% year-on-year to €36.9m ($42.1m).
The Malta-based online gambling specialist had a busy quarter as it entered into the sports betting vertical through its in-house operator Rizk.com.
Robin Reed, CEO of GiG, said: “GiG has invested significantly to expand across all verticals of online gaming. We are building to become the one stop shop for every company serious about its online gaming business.”
GIG’s investments and expansion has led to an increase in revenue, in particular for its B2B sector, which increased 84% year-over-year to €15.6m with its main source of income, B2C, also increasing, albeit at a slightly slower rate of 20% to €24.2m
However, the company’s EBITDA has suffered as a result, dropping from €1.9m in 2017 to €1.7m in the latest Q2 report.
“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 online gaming industry,” added Reed.
The company has also seen its platform GiG Core become licensed in New Jersey, with operations starting through a partnership with Hard Rock International.
GiG is also set to be listed on the NASDAQ Stockholm Exchange, which should further drive up future interest in the company once granted.
Another GiG product that could prove beneficial to future reports revenues is GiG Comply, a website monitoring compliance tool, with two external customers expected to sign soon.
Operating profits may be slightly down at GiG, but the rapid rate of revenue growth, new partnerships, sports betting expansion, a potential NASDAQ listing, and new products such as GIG comply, equate to a positive Q2 and plenty of room for future growth.
Reed will be speaking exclusively to Gambling Insider about the results. Check back in to read the interview later today.
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