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GIG reports increase of 64% in Q1 revenue

Gaming Innovation Group’s (GiG) has reported €18.3m ($21.9m) which represents a 64% year-on-year growth.

GIG

Normalised revenues for the group also went up year-on-year to €15.4m, while normalised revenue for platform services was at €5.2m with a positive quarterly EBITDA of €0.3m.

For Q1 2021, revenues for media services reached an all-time high, as GIG recorded a 23% increase to €10.0m.

EBITDA for Q1 2021 was €4.6m, a 674% increase, and the normalised EBITDA margin also increased to 29.6%. The supplier also had a positive EBIT of €1.3m.

GIG had developed five new brands in Q1 2021: three of these are already live on its platform while the other two could be launched in Q2 2021.

GiG CEO, Richard Brown, said: “The first quarter of 2021 is a strong start to the year and another positive step forward for Gaming Innovation Group, with strong results driven from the work and strategic initiatives pushed through in the last 12 months.

“We are happy with the overall progress, and look forward to continuing to grow towards our long-term objectives”

Following the first quarter, the group has gone on to sign an agreement to power a new online casino in Europe and announced more brands on its platform.

The group says figures for the second quarter look promising as, in April, normalised revenue went up by 35% and revenue increased by 10% from the first quarter.

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