Gaming Innovation Group Reports Q2 2018
14 Aug, 2018, 07:33 BST
STOCKHOLM, Aug. 14, 2018 /PRNewswire/ -- Gaming Innovation Group Inc. (GiG) reports EUR 36.9 million in revenues in Q2 2018, a 39% increase over Q2 2017. EBITDA for Q2 2018 was EUR 1.7 million, compared to EUR 1.9 million in Q2 2017.
In Q2, GiG entered the largest category in iGaming, sports betting, with a portfolio of products and the launch of the new sportsbook on Rizk.com. The Company's platform service, GiG Core, was licensed in the regulated US market of New Jersey and operations started through our partnership with Hard Rock International.
"GiG has invested significantly to expand across all verticals of iGaming. We are building to become the one stop shop for every company serious about its iGaming business. With the majority of the heavy-lifting behind us and the strongest season ahead of us, we should see growth in both revenues and profits in the coming quarters, while working towards our goal of becoming the largest full service company to the iGaming industry", says Robin Reed, CEO of GiG.
Financial highlights Q2 2018
- Operating revenues of EUR 36.9 million, up by 39% from Q2 2017
- Organic revenue growth of 30% compared to Q2 2017
- EBITDA of EUR 1.7 million, compared to EUR 1.9 million in Q2 2017
- B2B revenues of EUR 15.6 million, up by 84% from Q2 2017
- B2C revenues of EUR 24.2 million, up by 20% from Q2 2017
- Marketing expenses of EUR 13.2 (11.1) million, 36% of total revenues, down from 42% in Q2 2017
Operational highlights
- Media Services reached quarterly all-time-high revenues of EUR 8.7 million, 99% growth from Q2 2017
- New Sport Betting Services launched, live on in-house operator Rizk.com, offered to clients from July
- GiG Core, part of Platform Services, licensed in New Jersey (US), live with HardRockCasino.com
- GiG Comply: new website monitoring compliance tool developed and ready for launch in September, two external customers expected to sign soon
- Process for listing at NASDAQ Stockholm proceeding according to plan
Outlook
- Strategic initiatives expected to improve profitability for Gaming Operators
- Expecting to sign new clients with Sport Betting Services and GiG Comply in Q3
- Launching first proprietary game in H2 2018
- Full year 2018 guidance, revenues EUR 155 - 162 million, EBITDA EUR 16 - 20 million
Investor presentation and webcast:
The Company will present the Q2 2018 financial results on Tuesday 14 August 2018 at 10:00 CEST at Høyres Hus Konferanse & Selskapslokaler, Stortingsgaten 20, 0161 Oslo. The presentation will be given by CEO Robin Reed and it will be transferred via webcast:
http://webtv.hegnar.no/presentation.php?webcastId=92025557
For further information, contact:
Robin Reed,
CEO,
+356-9999-0382
(Robin@gig.com)
About GIG:
Gaming Innovation Group Inc. is a technology company providing products and services throughout the entire value chain in the iGaming industry. Founded in 2012, Gaming Innovation Group's vision is "To open up iGaming and make it fair and fun for all". Through our eco-system of products and services, we are connecting operators, suppliers and users, to create the best iGaming experiences in the world. Gaming Innovation Group operates out of Malta and is listed at the Oslo Stock Exchange under the ticker symbol GIG.
For more information about the Company and our services:
https://www.gig.com/https://www.guts.com
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The following files are available for download:
| GiG Q2 Report 2018 |
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| http://mb.cision.com/Public/15972/2591551/bf2cc1c9ec55d11e.pdf |
GiG Q2 2018 Presentation |
SOURCE Gaming Innovation Group