Gaming Innovation Group revenues up 62%
Gaming Innovation Group 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.