GIG hails marketing focus as revenue hits record levels
Gaming Innovation Group (GIG) has cited its investment in marketing as one of the key reasons behind record revenue during the three months to March 31, 2017.
Operating revenue in the first quarter amounted to €23.1 million ($19.5 million), which is a huge increase of 193% on the €7.9 million generated in the opening three months of 2016.
The total also represents an increase of 7% on revenue of €215 million that was generated in the final quarter of last year.
GIG was also able to note record revenue from its Innovation Labs and iGaming Cloud (iGC) platform.
However, despite significant growth in revenue, earnings before interest, tax, depreciation and amortisation in Q1 came in at a loss of €360,000, compared to a negative of €72,000 in the same quarter in 2016, although the company put this down to ongoing investment in marketing.
In addition, pre-tax profit fell from just over €1 million to a loss of €2.5 million.
Robin Reed, chief executive of GIG, said: “Results for the first quarter of 2017 reflect our focus on building business volumes.
“We invested extensively in marketing, acquired the largest affiliate to date, signed seven new brands and contracts to the iGC platform and continued to develop the next generation online casino.
“Our vision is to make the igaming industry an open and connected eco-system for the benefit of all; the recent development and acquisitions contributes to the realisation of this strategy.”
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