GNOG records H1 revenue growth ahead of $1.56bn DraftKings deal
$51.1m of the revenue total was derived from gaming – a 38.1% increase from 2020 – while $7.3m came from other sources.
However, GNOG’s expenses also increased significantly from 2020, rising 156.1% to $71.2m. Revenue costs were $26.9m, advertising and promotion amounted to $30.9m, and administrative costs totaled $13.4m.
As a result, GNOG recorded an operating loss of $12.8m for the first half of the year. However, a $90.0m gain on the change of values of warrants related to GNOG’s SPAC merger helped to make up for this.
Because of this, half-year net income came to $68.1m – up 1483.7% from 2020.
Adjusted earnings before interest, taxation, depreciation and amortization were down from $14.4m in 2020 to a $7.4m loss, which the operator attributed to growth investments in new markets such as Michigan.