Revenue for the 12 months to 31 December 2020 amounted to €63.0m (£54.4m/$76.7m), up from €44.1m in the previous financial year.
GiG did not publish a full breakdown of its performance during the year. However, chief executive Richard Brown did say the business reached a number of “significant milestones” on it journey to become a leading B2B platform and media supplier in the igaming industry.
Among the highlights for GiG in 2020 was the launch of a new online casino brand with SkyCity Malta, a subsidiary of New Zealand-based SkyCity Entertainment Group.
GiG also agreed a strategic partnership with Genius Sports Group’s Betgenius to offer a fully integrated sportsbook and platform solution for operators in regulated markets worldwide.
In addition, GiG signed platform services deals and similar agreements with a range of new clients throughout the year, which in turn helped to grow revenue.
“I am very excited to see the work put in throughout the teams and across the company to deliver such impressive full year results for the new look, B2B only GiG,” Brown said.
Cost of sales for the year reached €3.0m, leaving a gross profit of €60.1m, while total operating expenses amounted to €49.3m, resulting in €10.7m in earnings before interest, tax, depreciation and amortisation (EBITDA), up 214.7% year-on-year.
Depreciation and amortisation costs totalled €12.1m, while the amortisation of acquired affiliate assets stood at €7.3m, leaving GiG with a loss before interest and tax of €8.7m, compared to €24.1m in 2019.
Financial expenses stood at €6.4m, and after taking into account bond losses and other income, loss before tax was €15.6m, an improvement on €32.3m in the previous year.
GiG paid €323,000 in income tax, meaning loss from continuing operations was €15.9m, less than half the €33.0m loss posted at the end of 2019. When also accounting for a €1.8m loss from discontinued operations, and a €174,000 loss from foreign exchange differences, comprehensive loss was €17.9m, compared to €66.2m in 2019.
GiG said the comparable 2019 results included a €31.7m loss from discontinued operations, primarily its existing B2C operations that were sold in April 2020 to Betsson in a deal worth €33.0m. The B2C assets included the Rizk, Guts, Kaboo and Thrills brands.
“The revenue and EBITDA growth is a testament to what has been built up through this year, and we are looking forward towards the continued improving results and growth as the actions through the second half of the year start to be delivered in 2021 and beyond,” Brown said.
The supplier also published results for its fourth quarter, during which revenue was up 66.4% year-on-year to €17.3m. This included revenue from Sky City, which GiG began working with in Q3.
Platform services revenue in Q4 was up 88.4 % to €8.1m, while media services revenue also increased by 30.0% to €9.0m, helped by an all-time high revenue result in December.
Sports betting revenue amounted to €200,000 in Q4, during which the new strategic partnership with Betgenius was implemented into operations. This brought together GiG’s platform technology with Betgenius’ end-to-end live data, trading and risk management services.
Five brands operated with GiG sportsbook in Q4, with an additional four in the pipeline for integration in 2021.
Cost of sales was €830,00 in the quarter, leaving a gross profit of €16.4m, while operating costs reached €12.3m, resulting in €4.1m in EBITDA, up from just €91,000 in the previous year.
Depreciation and amortisation costs stood at €2.8m and GiG also noted €1.5m in amortisation costs related to acquired affiliate assets, leaving a loss before interest and tax of €143,000, compared to a €6.8m loss in Q4 2019.
After accounting for financial costs, loss before tax was €3.6m, an improvement on €11.8m in the previous year. GiG paid €58,000 in tax, leaving a €3.7m loss from continuing operation for the period, compared to €12.1m in 2019.
In terms of discontinued operations, GiG noted a loss of €449,000, much lower than €35.8m in the previous year, meaning its total comprehensive loss for the quarter was €4.2m, a significant improvement from the €49.2 loss in Q4 of the previous year.