Gaming Innovation Group reports Q1 2018
Gaming Innovation Group Inc. (GiG) reports a strong increase in revenues by 62% to EUR 37.3 million in Q1 2018 compared to Q1 2017. EBITDA for Q1 2018 substantially improved to EUR 4.3 million, compared to EUR -0.4 million in Q1 2017. The improvement in profitability is mainly driven by growth in recurring B2B revenues and increased activity from GiG’s internal gaming brands.
During the quarter, preparations on new growth initiatives intensified and GiG Sports and GiG Games reached levels where they are ready for launch during the year. The signing of Hard Rock and application for a licence in the US, further international expansion in regulated markets such as the licence acquired in Schleswig-Holstein in Germany and the acquisition of 36% in the Hong Kong based game studio D-Tech, has supported an accelerating pipeline of prospects and opportunities. The company´s focus on regulation has created a solid, compliant and sustainable business.
“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. This includes GiG Sports and GiG Games which will be launched in H2 2018 and implementation of new regulations such as the PSD 2 and the GDPR. We have been through a comprehensive application for a New Jersey licence and we look forward to launching Hard Rock’s first online gaming platform in the US. 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. I am very satisfied with the underlying performance and the shape of the business, we have a healthy pipeline and I look forward with great confidence”, says Robin Reed, CEO of GiG.
Financial highlights Q1 2018
- Operating revenues of EUR 37.3 million, up 62% from Q1 2017
- Organic revenue growth of 46% from Q1 2017
- EBITDA of EUR 4.3 million, compared to EUR -0.4 million in Q1 2017
- B2B revenues of EUR 15.3 million, up 143% from Q1 2017
- B2C revenues of EUR 25.4 million, up 37% from Q1 2017
- Marketing expenses of EUR 11.9 (10.9) million, 32% of total revenues, down from 47% in Q1 2017
- Sports betting licence obtained in Germany through the acquisition of Nordbet
- Signed agreement with Hard Rock International for development of online gaming platform
- New turnkey sportsbook offering to be launched ahead of FIFA World Cup
- The Board has started the process towards a possible listing at NASDAQ Stockholm
- Leverage on strengthened regulatory competence and capacity going forward
- Launching Hard Rock’s online gaming platform in the US market
- Launching first GiG Games in H2 2018
- Launch of GiG Sports on internal brand Rizk.com in May 2018
Investor presentation and webcast:
The company will present the Q1 2018 financial results on Thursday 3 May 2018 at 10:00 am CET at Høyres Hus Konferanse & Selskapslokaler, Stortingsgaten 20, 0161 Oslo. The presentation will be given by CEO Robin Reed and it will be transferred via webcast https://www.gig.com/ir/join-webcast/ and http://webtv.hegnar.no/presentation.php?webcastId=83479364.
For further information, contact:
Robin Reed, CEO, +356 9999 0382, ([email protected] gig.com)
Gaming Innovation Group Inc. is a technology company providing products and services throughout the entire value chain in the iGaming industry. Founded in 2012, Gaming Innovation Group’s vision is ”To open up iGaming and make it fair and fun for all”. Through our eco-system of products and services, we are connecting operators, suppliers and users, to create the best iGaming experiences in the world. Gaming Innovation Group operates out of state of the art offices in St George's Bay, Malta and is listed on the Oslo Stock Exchange under the ticker symbol GIG.
For more information about GiG and our services:
Gaming Innovation Group Ltd.
Triq Id-Dragunara c/w Triq San Gorg
St. Julians - STJ 3148 - Malta