Gaming Innovation Group reports strong Q2-2018

Online gambling corporate Gaming Innovation Group (GIG) has posted a strong set of Q2-2018 results, highlighting:

* Revenues up 39 percent year-on-year at Euro 36.9 million;

* EBITDA slightly down at Euro 1.7 million (Q2-2017: Euro 1.9 million);

* Entry to the sports betting sector via subsidiary Rizk’s sportsbook during the quarter;

* GIG’s platform service, GiG Core, licensed in the regulated US market of New Jersey and operations started with Hard Rock International;

* Organic revenue growth of 30 percent compared to Q2 2017;

* B2B revenues of Euro 15.6 million, up 84 percent from Q2 2017;

* B2C revenues of Euro 24.2 million, up 20 percent year-on-year;

* Marketing expenses of Euro 13.2 (11.1) million, 36 percent of total revenues, down from 42 percent in Q2 2017;

* Media Services reached quarterly all-time-high revenues of Euro 8.7 million, 99 percent growth from Q2 2017;

* GiG Comply: new website monitoring compliance tool developed and ready for launch in September;

* Process for listing at NASDAQ Stockholm proceeding according to plan;

* Launching first proprietary game in H2 2018;

* Full year 2018 guidance forecast of revenues Euro 155 – 162 million;  EBITDA Euro 16 – 20 million.

CEO Robin Reed said in a statement Tuesday:

“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”.

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