GiG sees Q2 revenue rise 47% year-on-year

By Iqbal Johal

Gaming Innovation Group (GiG) has reported a 47% year-on-year rise in revenue for Q2, with gross profit also increasing during the quarter.

Revenue for the three months to 30 June increased up to €16.7m ($19.7m), which also represented a 49% quarter-on-quarter rise, despite the coronavirus pandemic dominating the period.

Gross profit rose 43% from the same period last year, up to €15.9m, while Q2 EBITDA increased 93%, to €2.8m.

In terms of H1 2020, revenue increased 18% from 2019 to €27.8m, while gross profit rose 15% up to €26.6m. However, EBITDA decreased from €3.8m, down to €3.4m.

Revenue from the supplier’s media services remained at €8.6m compared to 2019 for the quarter, despite a lack of live sport, with the supplier’s performance in live casino allowing it to switch paid media over to the vertical.

Revenues for the company’s platform services almost doubled from €4.2m in Q2 last year, up to €8.2m for Q2 2020.

EBITDA for the supplier’s sports betting services managed to improve from -€1.5m in 2019, to -€0.9m in 2020 for the quarter, with operating expenses for the vertical reducing by 44%, due to the impact the pandemic had on the sporting schedule.

GiG CEO Richard Brown said: “Q2 was a strong start for GiG as its first quarter as a B2B only company, and the signings after the quarter confirm further my confidence that the company can continue to grow and flourish which will deliver shareholder value in the years to come.”

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