GiG earns $21m in revenue for Q3
Gaming Innovation Group Inc. (GiG) reported €17.9m ($20.9) in revenue for Q3 2020, a 78% growth from €10.1m for the same period in 2019. It’s also an 8% rise compared to Q2 2020. The gross profit for the quarter was €17m. Adjusted revenue was €14.2m, a 42% year-on-year increase from €10m.
EBITDA was €3.2m, a significant increase from the loss of €0.4m posted last year. Adjusted revenue for Platform Services rose by 51% to €5.4m. The group’s operating expenses for Q3 were €9.3m, a slight increase from €9m in 2019.
Revenue for the first nine months was €45.8m, a 36% rise from €33.6m. In fact, revenue for the nine months already outperformed the total sum for the entirety of 2019, when total revenue was €44.1m.
Platform Services signed 6 new agreements in Q3, bringing the total for the year to 10. GiG partnered with Betgenius to create an integrated sportsbook and platform solution for operators in regulated markets. The company also signed an agreement with Slotbox Limited to help with the launch of a new online casino.
Richard Brown, CEO of GiG, said: “The growth in financial performance is complemented with strong success in the platform sales funnel which resulted in six additional long term contracts signed in the quarter, securing future recurring revenue growth from regulated markets.”
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