Published
Financial

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

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

gigfinancials

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.”

Premium+ Connections
Premium

Lynon

 
 
Premium

Digitain

 
Premium

1xBet Partners

 
Premium

Imagine Live

 
Premium

Revsharks

 
Premium

Sport Generate

 
Premium

RISK

 
Premium

Galaxsys

 
Premium

GammaStack

 
Premium

PIN-UP Partners

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...