in ,

Gaming Innovation Group’s revenues up 66% in Q4 2020

gaming-innovation-group’s-revenues-up-66%-in-q4-2020

G

aming Innovation Group (GiG) reported on Tuesday Q4 2020 revenues of €17.3 million and an EBITDA of €4.1 million.

“2020 has seen some significant milestones accomplished in GiG’s journey to becoming a leading B2B platform and media supplier in the iGaming industry and the fourth quarter continued to demonstrate the results of actions taken through the year by delivering yearly growth in normalized revenues and EBITDA  by 19% and 212% respectively,” said Richard Brown, CEO of GiG.

Revenues in Q4 2020 were €17.3m (10.4), up 66% from Q4 2019, all organic growth; normalized revenues were €14.2m (10.2), an increase of 38%; and EBITDA in Q4 2020 was €4.1m (0.1), up 4431%, normalized EBITDA margin increased to 29.2% (0.9%).

For the full year 2020, normalized revenues was €52.2m (43.8) a 19% increase from 2019, with an EBITDA of €10.7m (3.4) a 212% increase from 2019. Revenues in Media Services improved to €9.0m (7.5) in Q4 2020, an increase of 20%, with an EBITDA of €4.3m (4.0).

Normalized revenues for Platform Services were €4.9m (4.2), up 19%, with a positive EBITDA of €0.2m (-1.4).

EBITDA for Sports Betting Services was €-0.3m (-1.8) an improvement of €1.5m, driven by a 78% reduction in operating expenses.

To further expedite revenue-generating activities, enhance future growth and strengthen the cash position, a €8.5m subordinated convertible loan was issued in December.

Operational Highlights

  • The sales pipeline developed positively, and four new agreements were signed for Platform Services in the fourth quarter, adding to a total of 14 in 2020, whereof 4 is casino and sportsbook and 10 casino only
  • GiG’s platform went live with two clients in the fourth quarter, and the integration pipeline included 14 brands as of year-end 2020
  • The strategic decision to remove the white-label business entered final phases and was a driver in the flat revenue QoQ but improved the EBITDA margin
  • Media Services experienced positive developments in the quarter, finishing off the year with all-time high revenues in December. Player intake was strong, with FTDs up 36% YoY and 9% QoQ

    Sports Betting Services restructuring completed, placing Sports Betting Services in a sustainable position for growth and strategic partnerships
  • Restructuring completed with comparable operating expenses reduced by 25% YoY, the
  • Company now have a sound cost base for operational improvement going forward

Events after Q4

  • Signed a long-term platform agreement with Playstar to support their entry into the expanding US iGaming market
  • Signed a LOI with an established German-facing iGaming operator, for the provision of platform technologies to power their new online casino.
  • Awarded ISO 27001:2021 certification for its frontend development solution and content management system
  • GiG Media delivered another all-time high in revenues in January corresponding with another all-time-high in FTD’s referred
  • One brand went live so far in 2021, with two additional expected in Q1-2021
  • January has developed positively and normalized revenues are up 40% compared to the same period last year

What do you think?

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0
simplebet-to-power-revamped-nba-inplay-via-its-fanduel-partnership

Simplebet to power revamped NBA InPlay via its FanDuel partnership

potawatomi-hotel-&-casino-introduces-touchless-security-screening-in-milwaukee

Potawatomi Hotel & Casino introduces touchless security screening in Milwaukee