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Home Gambling Industry GiG publishes strong Q2 results with new depositors going up

GiG publishes strong Q2 results with new depositors going up

BUSINESS AND FINANCE 17 Aug 2022
3 min. read

People cheering at something.

Gaming Innovation Group Inc. (GiG) has published its latest financial results for the second quarter of 2022. The company posted a strong €22.1 million in revenues and reported EBITDA of €8.3 million.

The company’s chief executive, Richard Brown, saw in these results reason for optimism as he argued that the acquisition of Sportnco in April had helped the company establish momentum for continued growth and boosted profitability.

GiG posted a list of both financial and operational highlights. Sportnco was among the top of these latter. The company’s Media arm managed to reach a sixth consecutive record revenue for a quarter, along with stronger player intake.

An important milestone here was the rate of first-time deposits (FTDs), which stood at 79,400 or a quarterly increase of 70%. GiG also drove strong forays in a number of markets, signing a tier-one partnership with Aspers in the United Kingdom.

There, the company provides turnkey managed services solutions to the company. GiG also managed to establish a further presence in the North American sports betting market, with Crab Sports. The partnership specifically covered the Maryland market and is a milestone achievement for the company.

GiG continued to operate with confidence globally, negotiating another crucial partnership with Betway for the provision of sportsbook and PAM services for Portugal. The company also negotiated new market entries in Spain and Colombia, and GiG Media walked away with a best casino affiliate distinction from the iGB Affiliate Awards in London.

In terms of financials, the company saw strong results across the board. GiG Media’s revenues hit €14.8m, up 35%. Revenues from the Platform & Sportsbook segment stood at €7.3m, another 43% increase. Positive net profit stood at €1.3m with the company enjoying an overall strong quarter all throughout the surveyed period.

GiG used the Q2 update to tease some of the Q3 achievements that have already taken shape and that will be reported in greater detail later this year. GiG confirmed that it has signed an agreement with Betsson Group in Colombia and that it has secured a license in Ontario, another pivotal development.

GiG reported three new brand launches in Q3 2022 so far, with more planned in the pipeline. Revenue in July was already up 37% with organic growth for the company remaining steadfast throughout the period. GiG will be releasing more details on its third quarter in due time the company said.


Image credit: Unsplash.com

17 Aug 2022
3 min. read
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