Gaming Innovation Group (GiG) has reported its financial results for the second quarter of 2024, showing a 39% year-on-year increase in revenue within its media division, now operating under the name Gentoo Media.
The division's revenues reached €30.3m ($33.8m), driven by 18% organic growth. The EBITDA for Gentoo Media also rose by 43% to €14.8m, achieving an EBITDA margin of 48.7%.
Despite this growth in the media division, GiG's Platform & Sportsbook segment faced challenges, with revenues falling by 21% to €7.3m.
The segment's adjusted EBITDA showed a significant decline, recording a loss of €1.6m compared to a positive €3.7m in the same period last year.
The Platform & Sportsbook division did, however, manage to sign two new agreements, secure two additional Heads of Terms and extend one contract during the quarter.
Additionally, four new brands went live during Q2, with two more following in early Q3, bringing the total number of live brands to 72.
During the quarter, GiG also completed a €9m equity raise and a €15m bond tap, measures aimed at bolstering its financial position ahead of the planned split of its business segments.
The split, which would see the Platform & Sportsbook division begin trading independently, is expected to occur on 1 October 2024, pending regulatory and shareholder approvals.
This month, GiG finalised the acquisition of Titan, a supplier of SEO and content services, for €3.2m. The acquisition, announced in mid-June 2024, is expected to enhance the operational efficiency of Gentoo Media by significantly reducing SEO and content costs.
The company's previous acquisitions, including the integration of AskGamblers and KaFe Rocks, as well as the recent acquisition of Casinomeister, have contributed to the performance of Gentoo Media.
However, the decline in the Platform & Sportsbook segment highlights the challenges GiG faces as it prepares for the impending business split and continues to pursue growth through strategic acquisitions.
