Gaming Innovation Group revenues up 62% on B2B strength
Oslo-listed firm says it expects to launch its new B2B services, GIG Sports and GIG Games, in H2
Gaming Innovation Group (GIG) this morning reported a 62% rise in Q1 revenues to €37.3m, on the back of new B2B revenues and growth in the firm’s own gaming brands.
Revenues from the Malta-based company’s B2B arm jumped 143% year-on-year to €15.3m, while B2C revenues climbed 37% to €25.4m.
The Norway-listed firm generated EBITDA of €4.3m, up from €-0.4m in the same period last year.
“I am very satisfied with the underlying performance and the shape of the businesss,” said Robin Reed, CEO of GiG.
“After three years of strong growth, we have invested even more in our future: new sector developments, regulatory compliance, people and technology as well as creative and collaborative office spaces, all to support the further growth and development of the company over the coming years.”
The firm said it expects to launch its new B2B services, GIG Sports and GIG Games, in H2.
Reed added: “For the first time, we report a positive EBITDA for our Gaming business, and we are very excited to launch our new sportsbook with Rizk.com ahead of FIFA World Cup in June.”
During Q1, the firm also secured a licence for German sports betting, acquired a stake in Hong Kong game studio D-Tech, and revealed plans to launch a New Jersey online casino for Hard Rock International.
“We have a healthy pipeline and I look forward with great confidence”, Reed added.
GIG shares dipped 5% in early trading on the Oslo Stock Exchange.