In a resounding display of financial strength and strategic expansion, Gaming Innovation Group (GiG)–and its newly rebranded Gentoo Media (formerly GiG Media)–has delivered a strong financial performance for its Q2 2024, ending June 30; one which showcases substantial growth across key metrics amidst dynamic market conditions.
Breaking Records
GiG’s media segment reported all-time high revenues of €30.3 million (£25.54m), marking a remarkable 39 percent year-over-year increase.
Some 18 percent of this growth was attributed to organic expansion, underscoring GiG’s robust market presence and effective operational strategies.
The company’s EBITDA surged by 43 percent to €14.8 million (£12.47m), with an impressive EBITDA margin of 48.7 percent, reflecting strong profitability and efficient cost management. EBIT, however, declined to €7.8 million (£6.57m) with a margin of 25.8 percent, down from 32.3 percent in the previous period.
Making Moves
The Malta-headquartered group bolstered its financial position with a strategic equity raise of €9 million (£7.58m) and tapped into a €15 million bond (£12.64m), fortifying its cash reserves and balance sheet.
The rebranding of GiG Media to Gentoo Media signifies a strategic evolution aimed at enhancing brand identity and market positioning.
Highlights
Gentoo Media reported 121,900 first-time depositors (FTDs), an increase of 11 percent, year-over-year.
The acquisitions of AskGamblers, KaFe Rocks and Casinomeister have all proved pivotal in the pathway to success and growth.
Additionally, GiG signed a ‘Head of Terms’ agreement to acquire Titan Inc. Limited, aimed at further enhancing operational efficiency within Gentoo Media.
Expansion
Despite a 21 percent decrease in revenues to €7.3 million (£6.15m), GiG’s Platform & Sportsbook segment remains agile with adjustments in EBITDA to €-1.6 million (-£1.34m), from €3.7 million (£3.11m) previously. This segment signed new agreements and extensions during the quarter, highlighting continued strategic partnerships and operational resilience.
Four new brands also launched in the quarter, with two more going live in this current third quarter — bringing the total number of active brands to 72, further expanding GiG’s market footprint and customer reach.
Corporate Outlook
Looking ahead, GiG anticipates a corporate restructuring, with plans to separate into distinct entities by the end of September.
The Platform & Sportsbook division is expected to commence trading independently on 1 October 2024, pending regulatory and shareholder approvals.
This strategic move aims to streamline operations and unlock additional value for stakeholders amidst evolving market dynamics.
Looking forward, with its solid financial foundation, strategic acquisitions and operational agility, GiG’s leadership believe the group is well-positioned to capitalise on emerging opportunities in the competitive iGaming landscape.
