GiG receives New Jersey casino service license
iGaming Cloud Inc., the subsidiary of Gaming Innovation Group (GiG), has received a permanent casino service industry enterprise license (CSIE) from the Division of Gaming Enforcement in New Jersey.
The five-year license allows GiG to provide real-money online casino platform solutions to operators in the state of New Jersey.
GiG filed its application for the license in June 2018.
Richard Brown, CEO of GiG says: “We are delighted to receive the CSIE license after a long and comprehensive process. This is a great achievement for GiG and gives us a solid confirmation that our platform, procedures and operations are meeting the highest standards out there.”
At the beginning of the COVID-19 pandemic, GiG issued a trading update in which it stated casino operations and daily net gaming revenue would be unaffected despite the outbreak.
GiG’s Q1 revenue still fell by 4% year-on-year, to €31.1m ($33.7m). EBITDA saw an even more significant drop of 39%, to €2.5m.
Despite this, cash flow from operations was €8.1m for the quarter, up 84%, and GiG boss Brown praised the company’s ability to return to “topline growth for the first time in five quarters.”
The group is yet to release its Q2 report.
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