Presenting its Q1 2016 update (period ending 31 March) Oslo-listed Gaming Innovation Group (GIG) reported a revenue uplift of 24% to €7.9 million (Q1 2015: €6.4 million).
Detailing revenue drivers, GIG governance detailed that the company had witnessed a significant growth in active players during the period, as its online gambling assets recorded ‘92,937 real money’ players for Q1 2016.
GIG would further report that its losses had narrowed during the period reporting a negative EBITDA of €70,000, representing a €1.68 million turnaround from negative €1.76 million presented in Q4 2015.
The operator is positive on its 2016 outlook, as GIG completed the strategic acquisitions of Swedish affiliate marketing network Magenti Media and sportsbook engine OddsModel during the year opening.
Further positives saw its B2B online gambling services division iGamingCloud sign five new clients during the period, as GIG further develops corporate revenue streams.
GIG governance would reiterate the communicated expectation of a 100% increase in revenue for 2016, with an expected operating profit to exceed €5 million, and will evaluate its guiding following completion of the acquisitions in second quarter.
Commenting on 2016 opening perofmrance Robin Reed CEO of GIG stated
“I am pleased to see that we deliver solid growth and improvements in operating profit. We are well under way to reach the target of a solid, positive EBITDA for 2016. Strategically we have added on a new vertical to our business through the OddsModel acquisition, providing us with the tools to offer a leading platform for Sportsbook services. We continued to scale up operations and capability for our iGamingCloud platform as the iGaming industry has confirmed the attractiveness in our offering”