GIG reveals revenue growth in third quarter

Gaming Innovation Group (GIG) has reported significant revenue growth in the three months to September 30, a period in which it completed its acquisition of Betit.

Operating revenue for the third quarter came in at €14.5 million ($16.1 million), including €2.7 million from Betit, thus representing an increase of 50% on the total collected in the second quarter of this year.

B2C revenue amounted to €11.4 million, up 76% from Q2, B2B revenue climbed 6% to €4.9 million, while organic revenue grew 23% quarter-on-quarter.

Meanwhile, earnings before interest, tax, depreciation and amortisation grew from €960,000 to €1.07 million, including  €340,000 in transaction expenses, while marketing expenses increased from €3.6 million in Q2 to €5.4 million.

The full third-quarter results come after GIG in September announced that it generated record levels of revenue in August.

Robin Reed, chief executive of GIG, said: “During the recent year we have successfully transformed from a marketing firm to a technology company.

“We have throughout this period recruited approximately 250 new employees and built a strong organisation to secure growth and develop the company further.

“We have exceeded our goal of 20 signed iGC-clients by year end, a result of the efforts of our highly-skilled employees and the company’s innovative solutions.”

Related article: GIG confirms record revenue in August, expands into Slovakia