GiG reveals widespread financial growth in Q1

Gaming Innovation Group (GiG) has cited growth in recurring B2B revenue and increased activity from internal gaming brands as key drivers behind a jump in finances in the first quarter.

Operating revenue amounted to €37.3m ($44.7m), up 62% on the corresponding period last year, with organic revenue growth standing at 46% for the quarter.

B2B revenue hiked 143% year-on-year to €15.3m, while B2C revenue was also up 37% to €25.4m.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rocketed from a loss of €400,000 in Q1 of 2017 to a positive of €4.3m this year.

GiG also noted that marketing expenses were up from €10.9m to €11.9m, which represented 32% of total revenue, compared to 47% last year.

Robin Reed, chief executive of GiG, said: “After three years of strong growth, we have invested even more in our future: new sector developments, regulatory compliance, people and technology as well as creative and collaborative office spaces, all to support the further growth and development of the Company over the coming years.

“This includes GiG Sports and GiG Games, which will be launched in H2 2018 and implementation of new regulations such as the PSD 2 and the GDPR.

“We have been through a comprehensive application for a New Jersey licence and we look forward to launching Hard Rock’s first online gaming platform in the US.

“For the first time, we report a positive EBITDA for our gaming business, and we are very excited to launch our new sportsbook with Rizk.com ahead of Fifa World Cup in June.

“I am very satisfied with the underlying performance and the shape of the business, we have a healthy pipeline and I look forward with great confidence.”

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