SBC News Voice of the Sports Betting Industry
Gaming Innovation Group (GiG) has identified multiple opportunities to enhance its commercial pipeline as a stand-alone iGaming technology supplier.
The statement leads GiG to publish its first quarterly results following its split from the media business of Gentoo, completed on 1 October 2024.
Publishing new accounts on the Nasdaq First North Premier Growth Market of Stockholm, under the new ticker ‘GIG SDB’, GiG reports Q3 revenues of €7.3 million.
Q3 revenues exclude ‘client exits and enterprise revenue’, with corporate income reflecting a 25% increase on Q3 2023 results of €5.8 million. On a year-to-date basis, GiG revenues stand at €23 million, down from €28 million due to income adjustments following the sale of GiG’s former Enterprise solution.
During the period, GiG incurred €400,000 in costs related to its spin-off, while group accounts booked special items, including a €1.8 million charge related to the Nasdaq listing and €400,000 in share-based compensation.
Spin-off costs and special items resulted in a Q3 Adjusted EBITDA loss of €1.1 million, with YTD 2024 EBITDA tracking losses of €3 million.
CEO Richard Carter commented: “I am proud to say that as of 1 October 2024, GiG is officially a standalone listed business. More importantly, we are now in charge of our own destiny and have already started to unlock the significant potential of our underlying business.”
“Going forward, we will be able to focus on the business, from the ongoing development of our world-class product suite to refreshing our go-to-market strategy, as we target both new customers and territories. This reinvigorated focus will enable the team to deliver upon our mid-to-long-term growth ambitions.”
Significantly, GiG has delivered on key customer launches, notably Betsson’s platform upgrade of its Inkabet brand in Peru and a new partnership in Mexico with LuckyDays.
Management has prioritised enhancing GiG’s commercial opportunities, with the tech group maintaining “€36 million at commercial stage and a total pipeline of over €60 million as of the end of September 2024.”
As a stand-alone technology supplier, GiG highlights its certifications in 29 markets worldwide, with leadership focusing on commercial opportunities in Finland, Brazil, France, and New Zealand. In North America, GiG will debut its SweepX product to target the fast-growing sweepstake market in the US.
GiG’s cash balance as of 30 September 2024 was €10 million (31 December 2023: €10.6 million). Accounts indicate that GiG will receive a €10 million capital contribution in relation to the spin-off transaction and subsequent listing from Gentoo Media.
CEO Richard Carter concluded: “Our overarching focus remains on ensuring that we continue to offer best-in-class, premium products to our partners and potential customers across the globe, helping support their growth and ultimately leading to the development of mutually beneficial partnerships where both sides can thrive.”
“Looking ahead to Q4 and beyond, I am confident that GiG has never been in a better position to expand its presence across the global B2B iGaming and sports betting markets.
“Underpinned by strong existing partnerships, alongside our cutting-edge proprietary technology that we have refined over a number of years, I am optimistic about an extremely bright and growth-filled future.”
