GiG’s Sweet Q3 Music
GiG, the Malta-based, Scandinavia-listed, Gaming Innovation Group, has delivered record Q3 revenues of €17.9m (£16.1m/US$20.9m) — up an impressive 77.2 per cent from the same quarter last year.
EBITA for the third-quarter clocked in at €3.2m (£2.88m/US$3.75m), compared to a Q3 loss of €400,00 (£360,500/US$468,550) in 2019.
Financials for the year to date, ending September 30, compared to the same time-frame last year, now read: Revenue up over 36 per cent to €45.8m (£41.27m/US$53.65m), gross profit up by 32.5 per cent to €43.6m (£39.3m/US$51m) and EBITDA almost doubled to €6.6m (£5.95m/US$7.73m).
Company CEO Richard Brown credits GiG’s top performance to “a significant breakthrough” in the American market—the tech firm is now active in nine US states–and a commercial pivot from a retail, customer-facing business to all-action B2B engagement.
“I am very proud of the efforts and dedication of the entire organisation over the last 12 months,” said Brown. “[Everyone has] contributed so valuably towards such year-over-year growth in both revenues and EBITDA and we now look to set out the road to grow towards the next phases of the company’s growth.
“The regulation of the gambling industry is driving long term opportunity and success for GiG,” he said.
The company is confident that mid-to-long term growth will be driven by the acceleration from retail to online gaming.
“We continue to focus on the optimisation of the company towards a pure B2B organisation that is well positioned to continue to deliver results and growth,” Brown stressed. “It’s our ambition to become a top three company within the B2B iGaming space.”
Platform services remained the principal income stream for GiG in Q3, accounting for €9.1m (£8.2m/€10.66m) of the quarter’s total, an increase of over 150 per cent on Q3 2019.
A total of 10 new platform services deals have now been signed with partners so far this year, six in Q3 alone; among them: Tipwin, Casumo subsidiary Mill of Magic, Grupo Slots in Argentina and Hungary’s Casino Win.