SBC News Voice of the Sports Betting Industry
Gaming Innovation Group (GiG) has outlined its confidence in achieving its full-year 2022 commercial and strategic objectives, following a strong start to year trading.
Publishing its Q1 trading update (period ending 31 March), GiG achieved ‘all-time high’ corporate revenues of €19 million up 27% on corresponding 2021 results of €15 million.
Of significance, the Stockholm Nasdaq firm underlined that all growth had been achieved organically, as its media services unit registered record revenues of €14 million – delivering its fifth consecutive all-time high results for revenue and player acquisition.
Media growth sustained period drags for GiG Platform Services division, which registered a 4% drop in revenues to €5 million (Q12021: €5.2m).
Platform Services period drags were attributed to the Dutch market exit of its customer HardRock International and the unit continuing to pay white-labels and premium fees related to historic B2C sales.
Group CEO Richard Brown commented on results: “I am satisfied with the company’s progress in the first quarter, and we now move toward an exciting second quarter where our global strategic position across multiple areas of high value within the iGaming industry creates truly exciting prospects for growth across the business units.”
Registering continued organic growth, GiG declared a period EBITDA of €6.5 million up 32% on 2021 results of €4.9 million and reflecting a trading margin of 34.2% (32.8%).
Improved bottom-line results, saw GiG declare Q1 EBIT results of €2.9 million (Q12021: €1.9m) as the group increased its corporate cash-flow balance to €3.8 million.
Bolstering its outlook, GiG highlighted significant commercial opportunities having finalised the acquisition of its sportsbook platform Sportnco completed on 1 April.
Significantly, the Sportnco deal has already delivered the group a commercial partnership with Betway. Sportnco will provide its sportsbook and player account management (PAM) solutions for Betway’s France and Portugal subsidiaries.
The group’s Platform Services unit is set to be revitalised by the upcoming announcement that GiG has secured a “Tier 1 retail operator in the UK for the provision of turnkey managed service solutions.”
