Gaming Innovation Group enjoyed a profitable opening quarter, thanks to growth in recurring B2B revenues and increased activity within the firm’s internal gaming brands.
Revenues in Q1 2018 improved by 62 per cent to reach €37.3m – €25.4m from B2C and €15.3m B2B – while EBITDA, at a negative €0.4m in the previous 12 months, were turned around to a positive €4.3m.
The figures come ahead of the company launching GiG Sport and GiG Games in the second half of the year. International expansion has seen the company acquire a licence in Schleswig-Holstein in Germany, added to the acquisition of a 36 per cent stake in Hong Kong-based game studio D-Tech. GiG is also seeking a New Jersey licence to launch 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,” said GiG’s CEO Robin Reed.
“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.”
GiG’s board has started the process towards a possible listing at NASDAQ Stockholm.
