GiG sees a 39% revenue increase over second quarter
Gaming Innovation Group Inc. (GiG) has issued reports for their second quarter in 2018, with results showing EUR 36.9 million in revenues - a 39% increase over Q2 2017. EBITDA for Q2 2018 was EUR 1.7 million, compared to EUR 1.9 million in Q2 2017.
The second quarter saw GiG enter one of iGaming’s largest sectors, sports betting, with a portfolio of products and the launch of the new sportsbook on Rizk.com. The Company’s platform service, GiG Core, was licensed in the regulated US market of New Jersey and operations started through a partnership with Hard Rock International.
“GiG has invested significantly to expand across all verticals of iGaming. We are building to become the one stop shop for every company serious about its iGaming business. With the majority of the heavy-lifting behind us and the strongest season ahead of us, we should see growth in both revenues and profits in the coming quarters, while working towards our goal of becoming the largest full service company to the iGaming industry”, says Robin Reed, CEO of GiG.
Financial highlights Q2 2018
- Operating revenues of EUR 36.9 million, up by 39% from Q2 2017
- Organic revenue growth of 30% compared to Q2 2017
- EBITDA of EUR 1.7 million, compared to EUR 1.9 million in Q2 2017
- B2B revenues of EUR 15.6 million, up by 84% from Q2 2017
- B2C revenues of EUR 24.2 million, up by 20% from Q2 2017
- Marketing expenses of EUR 13.2 (11.1) million, 36% of total revenues, down from 42% in Q2 2017
- Media Services reached quarterly all-time-high revenues of EUR 8.7 million, 99% growth from Q2 2017
- New Sport Betting Services launched, live on in-house operator Rizk.com, offered to clients from July
- GiG Core, part of Platform Services, licensed in New Jersey (US), live with HardRockCasino.com
- GiG Comply: new website monitoring compliance tool developed and ready for launch in September, two external customers expected to sign soon
- Process for listing at NASDAQ Stockholm proceeding according to plan
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