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Norway – GiG reports all-time high revenues

By - 10 May 2022

Gaming Innovation Group (GiG) has reported all-time high revenues of Q1 2022 revenues of €19.1m and an EBITDA of €6.5m. 

EBITDA was €6.5m, up 32 per cent, EBITDA margin increased to 34.2 per cent with a positive net profit of €1.1m.

Richard Brown, CEO of GiG said: “I am satisfied with the company’s progress in the first quarter, and we now move toward an exciting second quarter where our global strategic position across multiple areas of high value within the iGaming industry creates truly exciting prospects for growth across the business units.”

Revenues for Platform Services were €5m, a decrease of four per cent, with an EBITDA of €-0.3m, impacted by departure of HardRock and Dutch market in Q4 2021. Excluding white-labels and premium fees related to historic B2C sales, Platform revenue increased by 20 per cent year-on-year.   Media Services reached a fifth successive all-time high in quarterly revenue and player intake, FTDs ended at 69,800 (43,700), up 60 per cent

During the quarter, GiG signed an extension to the long-term agreement with Betsson Group for the provision of Platform & Managed Services, taking the term of the contract to Q4 2025 Two new brands were launched, taking the number of live brands to 25 at quarter end. Three new client projects were completed, pending clients’ decision to launch

The acquisition of Sportnco completed on April 1 with GiG signing a head of terms agreement with a Tier 1 retail operator in the UK for the provision of turnkey managed service solutions. It signed an agreement with existing Sportnco partner Betway for the provision of Sportnco’s Sportsbook and PAM for Portugal. It also signed a full Game in Angola, first multi-product contract and first move into emerging regulated African continent and signed an extension with SkyCity, taking the term to May 2025 

The company added: “April has developed positively, and revenues are up 42 per cent compared to the same period last year, whereof 28 per cent organic growth.”

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