GiG revenue for Q2 up 23%, posts all-time high in media services revenues

Gaming Innovation Group (GiG) reported August 18 its results for the second quarter 2021, with revenues of €16.2 million ($18.9 million) and an EBITDA of €5.3 million ($6.2 million).

Further financial highlights of the report find an increase of 23% in all revenues, “all organic” growth; EBITDA up 86%; and EBITDA margin increased to 32.6%.

“Another rewarding quarter for GiG, with meaningful growth in revenues, EBITDA and EBIT as well as underlying business dynamics,” said CEO Richard Brown.

On the achievements and operational highlights of the period, Brown further added that the company is progressing towards “business growth and expansion strategies”, improving delivery and future position of the group.

Client onboarding is also picking up, and GiG will continue “its focus on cost control and global expansion” by taking advantage of its sound cost base for operations.

During the period analyzed, revenues in media services posted an all-time high of €11.0 million (an increase of 28%). Revenues for platform services were €5.1 million ($5.9 million), an increase of 9%.

Operations during Q2 included a signed agreement for the provision of GiG’s iGaming platform to power a new online casino for the European market, operating on its own license; and an agreement with current partner PlayStar Casino for the provision of GiG’s iGaming platform technologies to power the brand’s expansion into the state of Pennsylvania.

Moreover, sports betting services continued to improve operations, securing a “sound cost base” for future growth. The new sportsbook unit has been reported as close to breaking even.

After Q2, the company expects positive results from one brand that went live in August, and two additional brands are now ready to go live.

“We continue to complete the development of projects for new client launches. There has been an increase in velocity in project completions, with the number of SaaS clients live increasing from 14 in the same period of 2020 to 22 by the end of June,” added Brown.

On a negative note, the company expressed once again disappointment at the state of the German market, although GiG considers this downside “limited going forward” and expects the regulated market to be a good value driver “over the mid to long term.”