Gaming Innovation Group CEO Robin Reed believes that further growth lies ahead after the company posted strong results for Q3 2018.
In a quarter in which GiG expanded its new sports betting services, revenues were up by 21 per cent year-on-year to €37.3m. EBITDA was at €5m, a 66 per cent increase on Q3 2017.
B2B revenues of €15.4m were up by 33 per cent and B2C revenues of €24.4m represented a rise of 11 per cent. Marketing expenses of €10.6m (€11.9m) was at 29 per cent of total revenues, down from 39 per cent in Q3 2017.
Reed said: “In the third quarter, we have delivered the last building blocks to our ecosystem, our own games and omni-channel solution, to cover all verticals in igaming.
“We have created a base from where now, with full force, we can drive forward as the full service provider which every company serious about igaming must be part of. GiG sees strong interest for its services and products with an increasingly healthy pipeline of opportunities.”
During Q3 2018, GiG took initiatives to improve profitability and general performance in gaming operators, leading to the improvement in B2C with an EBITDA of €1.4m (-€2.3m). The company signed its first external sportsbook agreement with Latvian operator 11.lv, snapped up Mr Green as its first external customer for its compliance tool GiG Comply and saw Hard Rock International sign a letter of intent for GiG’s omni-channel sportsbook.
GiG’s goal is now leveraging on its complete ecosystem and key strengths to drive revenue and market share for its partners, attract new customers converting from offline to online and expand geographically to focus on regulated and soon-to-be regulated markets.
