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NEWS 18 February 2020

GiG suffers sharp revenue decline for 2019

By Iqbal Johal

Gaming Innovation Group (GiG) has announced a year-on-year revenue decrease of 26% for Q4 2019, down to €29.4m ($31.7m).

For the full year 2019, GiG also saw revenue fall 23% to €123m.

While B2C revenue was GiG’s main source of income, this was 26% down to €19m for Q4, while B2B revenue also decreased by 26% for the quarter, to €12.1m.

Q4 EBITDA was down, dropping 4% to €4.8m and 12% to €14.1m for the full year.

Gross profit subsequently fell 22% to €25m for Q4 and 20% to €98.9m for 2019.

GiG recently outlined its plan to sell its B2C business, which started with the operator agreeing to sell B2C assets to operator Betsson, announced last week.

That has left GiG expecting full-year 2020 revenue in the range of €70–€75m, which would represent another significant decrease.

Among the highlights during Q4 were the launch of a mobile sportsbook in Iowa with Hard Rock International and signing a deal with William Hill to launch Mr Green in Latvia.

GiG CEO Richard Brown said: "The dynamics in the online gambling industry, both competitive and regulatory, have changed dramatically in the last two years and we as a company are forcefully adapting to that."

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