It’s GiG’s Economy, Posts Upbeat H1

Shaking off the Covid-19 drag, Gaming Innovation Group (GiG), one of Sweden’s leading online betting B2B companies, has posted a near 36 per cent year-on-year increase in revenue during its H1, ending June 30, to €37.7 million (£32.2m/US$44m).

Despite its progressive iGaming posture, GiG’s operations were seriously effected by last year’s worldwide disruption to sports events.

But the return of live sports has now boosted the Malta-headquartered firm’s financials.

EBITDA was significantly up, by almost 200 per cent, to €9.8 million (£8.37m/US$11.45m) and earnings before interest and tax was €3.4 million (£2.9m/US$3.97m) — against a €6.9 million loss (£5.89m/US$8.06m) reported in H1 last year.

Q2 revenue, meantime, totalled €19.4 million (£16.57m/US$22.67m), just over 16 per cent up year-on-year, boosted by record earnings of its media services vertical.

The iGaming firm, listed on both the Oslo Stock Exchange and Nasdaq Stockholm, filed €995,000 (£850,183/US$1.16m) in sales expenses and €13.1 million (£11.19m/US$15.31m) in operating costs during the quarter, resulting in earnings before EBITDA of €5.3 million (£4.52m/US$6.19m), almost 90 per cent up on the same quarter last year.

EBIT was €2.1 million (£1.79m/US$2.45m) – compared to a €2.2 million loss in Q2 2020 (£1.88m/US$2.57m).

“The second quarter of 2021 has proved another success,” said GiG Chief Executive Richard Brown.

“Our clear path for growth is being demonstrated and increasing capacity and strength in our offering across the business units continues to evolve positively.

“It is 12 months since GiG became a pure B2B offering and [this] is a result we are proud of, underlying [our] business dynamics [and] meaningful progress towards our business growth and expansion strategies.”