Gaming Innovation Group [GiG] Reports Significant Growth in Q3 2020 Revenues

Gaming Innovation Group Inc. (GiG), an acknowledged provider of innovative turnkey platform and media solutions, presented its newest revenues reports for Q3 2020. As far as the stats reveal, the sum amounted to €17.9 million with an EBITDA of €3.2 million.

Despite the current situation, the Group manages to complete its business goals and drive sustainable growth and profitability of its partners. Thanks to scalable technology and quality of service, the company earned the status of a highly desirable associate.

Richard Brown, CEO of GiG, which recently took on Volt as a partner, commented on the successful figures as follows:

“The growth in financial performance is complemented with strong success in the platform sales funnel which resulted in six additional long term contracts signed in the quarter, securing future recurring revenue growth from regulated markets.”

Which are the Most Significant Financial Highlights?

The company continued its quarterly growth with revenues in Q3 2020 of €17.9m (10.1), which presents a year-on-year growth of 78%, as well as a quarter-on-quarter boost of 8%. Adjusted revenues were €14.2m (10.0), 42% growth Y/Y, and 8% Q/Q.

Furthermore…

…EBITDA in Q3 2020 was €3.2m, which is a notable growth of 850% Y/Y and 12% Q/Q. As for the adjusted EBITDA margin, it was 22.5%, which represents a decrease of 4.3%.

Adjusted revenues for Platform Services amounted to €5.4m (3.6), which is an increase of 51% growth Y/Y and growth of 14% Q/Q. The EBITDA was positive as well, with a 96% improvement Y/Y and 91% Q/Q.

As for the revenues in Media Services, the data reveal €8.6m (8.0) in Q3 2020, whereas the EBITDA was €4.0m (4.2).

Multiple Strategic Alignments

The same positive trend was noticed in the field of business cooperation, as Gaming Innovation Group inked 6 new agreements during this period. So far in 2020, GiG has announced 10 successful deals.

One of those is cooperation with Betgenius, thanks to which a fully integrated sportsbook and platform solution for operators in regulated markets were created.

This cooperation combines GiG’s platform technology…

… with its new partner’s end-to-end live data, trading, and risk management services, resulting in a complete sportsbook. Equipped with over 300 competitions including the English Premier League, Serie A, and EuroLeague basketball, the united platform caters to the needs of the most demanding sports fans.

Moreover, GiG’s platform went live with present in nine US states to date.

Then, the Group penned a long term agreement with Slotbox Limited, Ireland’s leading casino group. The deal enables the provision of the company’s iGaming platform, Omnichannel solution, and frontend development, so to enable the launch of their new online casino.

On top of that…

…the company ed forces with Bet Seven Online (BSO) Ltd for the launch its first brand, SuperSeven. Just like with the previously-mentioned deal, BSO was granted access to GiG’s platform, frontend development, and managed services.

Source:

“Gaming Innovation Group reports Q3 2020”, gig.com, November 4, 2020.