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Gaming Innovation Group reports Q3 2020
Gaming Innovation Group Inc. (GiG) reports Q3 2020 revenues of €17.9 million and an EBITDA of €3.2 million.
“The growth in financial performance is complemented with strong success in the platform sales funnel which resulted in six additional long term contracts signed in the quarter, securing future recurring revenue growth from regulated markets”, says Richard Brown, CEO of GiG.
Financial Highlights
- Continued quarterly growth with revenues in Q3 2020 of €17.9m (10.1), 78% growth Y/Y and 8% Q/Q. Adjusted revenues were €14.2m (10.0), 42% growth Y/Y and 8% Q/Q
- EBITDA in Q3 2020 was €3.2m (-0.4), up 850% Y/Y and 12% Q/Q. Adjusted EBITDA margin of 22.5% (-4.3%)
- Adjusted revenues for Platform Services were €5.4m (3.6), 51% growth Y/Y and 14% Q/Q.
- Platform Services had positive EBITDA in September, EBITDA for the quarter ended at €-0.1m (-2.1), a 96% improvement Y/Y and 91% Q/Q.
- Revenues in Media Services were €8.6m (8.0) in Q3 2020, EBITDA was €4.0m (4.2)
- EBITDA for Sports Betting Services improved to €-0.7m (-1.8), and includes €0.3m in non-recurring redundancy expenses.
Operational Highlights
- The sales pipeline developed positively, and 6 new agreements were signed for Platform Services in the third quarter, adding to a total of 10 so far in 2020
- Entered into a strategic partnership with Betgenius, creating a fully integrated sportsbook and platform solution for operators in regulated markets
- Sports Betting Services restructuring continued, with a further reduction in operating expenses quarter over quarter, placing Sports Betting Services in a sustainable position for growth and strategic partnerships
- WSN.com continued to grow in the US market with ATH in September, now present in nine US states
- GiG’s platform went live with Betsson’s Rizk.com brand in two new regulated markets, Croatia and Spain
- The number of employees decreased from 695 to 467 year-on-year, whereof around 40 supports the transition agreement with Betsson.
Events after Q2
- Signed a long term agreement with Slotbox Limited, a creation of Ireland’s leading casino group for the provision of GiG’s iGaming platform, omnichannel solution and frontend development to launch their new online casino
- Signed a long-term agreement with Bet Seven Online Ltd for the provision of GiG’s platform, frontend development and managed services to launch its first brand, SuperSeven
- As part of the strategy to end white label agreements, GiG has rescinded its Swedish and UK licenses
- October have remained stable and reported revenues are 48% better than the same period last year.
Investor presentation and webcastCEO Richard Brown will present the Q3 2020 results via livestream at 10:00 CET. The presentation will be followed by a Q&A-session, and investors, analysts and journalists are welcome to participate. The presentation will be given in English.
Link to the livestream:
https://www.redeye.se/events/796108/gaming-innovation-group-liveq-presentation-and-qa
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NetBet signs with Flows to boost its Global operations
Leading Sports and Casino operator selects Flows to accelerate innovation and streamline operations
Flows, the leading automation platform, welcomes NetBet as its latest customer. By integrating Flows’ no-code automation solution, NetBet aims to streamline operations, boost player engagement, and strengthen their market position. NetBet, with a strong presence in regulated markets, offers extensive online sports and casino products. Renowned for its dedication to quality and entertainment, NetBet serves a global audience, consistently delivering exceptional gaming experiences.
Flows exists to make businesses more proactive, productive and profitable by giving them the power of digital automation and the freedom to create without code. By eliminating technical barriers and helping businesses to innovate without constraint, Flows accelerates their growth and enables them to realise their true potential quicker. The platform will provide NetBet with a solution that eliminates development barriers and reduces resource demands allowing them to build new products and features from gamification through to player protection. By implementing this technology, NetBet can efficiently deploy custom promotions, organise tournaments, and handle compliance requirements seamlessly, all in real time. This integration will also enable NetBet to improve operations and rapidly deliver engaging new features to its players.
James King, CEO at Flows, said: “It’s fantastic to see a leading operator like NetBet truly recognise the value add that Flows can bring to the table. From the very start, our mission has always been to simplify and accelerate the delivery of innovation throughout the digital landscape and it’s wonderful to see more and more companies adopting Flows into their tech stacks to do just that.”
Anna Olrik Wallenstein, Head of Operations at NetBet, said: “Partnering with Flows is a key step forward, enhancing our efficiency and allowing us to deliver tailored player experiences faster. This collaboration underscores our commitment to staying a top choice in the online sports and casino markets.“
The post NetBet signs with Flows to boost its Global operations appeared first on European Gaming Industry News.
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Be victorious with VinciSpin, a brand-new online casino launched by Betmen Affiliates
Say hello to VinciSpin, a new and exciting online casino brand with a strong focus on delivering the classic, traditional games that players know and love. Inspired by the legendary Leonardo da Vinci, VinciSpin combines a luxurious, elegant design with simplicity, making it a highly engaging and user-friendly gaming platform. Whether you’re a slots enthusiast or a live casino fan, VinciSpin offers something for everyone.
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The post Be victorious with VinciSpin, a brand-new online casino launched by Betmen Affiliates appeared first on European Gaming Industry News.
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Imagine Live Partners with King.rs
Imagine Live the live casino provider launches with Serbian brand King.rs
Imagine Live is thrilled to announce its innovative entry into the Serbia market, made possible through a strategic partnership with the operator King.rs.
The collaboration is aimed at delivering King.rs players a premium gaming experience. Two Blackjack and one Roulette table will be equipped with the latest technology, allowing seamless gameplay and interactive features catering to Serbian players’ localised preferences.
Hakob Manukyan, CEO of Imagine Live Armenia, commented: “King.rs is an established brand throughout Serbia focused on delivering exceptional products and gaming experiences by putting the player at the centre of their brand story. Imagine Live is equally committed to providing premium and customised live dealer solutions with bespoke tables and studios for our operator partners to ensure a complete brand experience that players enjoy and return, which drives deeper engagement and revenue opportunities. We look forward to supporting and growing the live dealer experience with King.rs over the coming months.”
Dragan Djordjevic, COO King, said, “Working with Imagine Live has been an absolute thrill. Their unique mix of live performances, tech, and real-time interactivity is a game-changer in entertainment. It’s exactly the kind of creative energy we love at King.rs, where we’re all about reimagining live gaming. This partnership feels like a natural fit—two teams, both passionate about pushing boundaries and creating something fresh. I can’t wait to see what we come up with together and how we’ll keep surprising and exciting players around the world”.
The post Imagine Live Partners with King.rs appeared first on European Gaming Industry News.
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