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Gaming Innovation Group reports Q2 2020
Gaming Innovation Group Inc. (GiG) reports Q2 2020 revenues of €16.7 million and an EBITDA of €2.8 million.
“Q2 was a strong start for GiG as its first quarter as a B2B only company, and the signings after the quarter confirm further my confidence that the Company can continue to grow and flourish which will deliver shareholder value in the years to come.”, says Richard Brown, CEO of GiG.
Financial Highlights
- Continued quarterly growth with revenues in Q2 2020 of €16.7m (11.3), 47% growth Y/Y and 49% Q/Q
- EBITDA in Q2 2020 was €2.8m (1.5), 93% growth Y/Y and 382% Q/Q. EBITDA margin of 17.0% (13.0%)
- Revenues in Media Services were €8.6m (8.6) in Q2 2020, EBITDA was €4.8m (4.7) with all time high for Paid
- Revenues in Platform Services were €8.2m (4.2) in Q2 2020, EBITDA was €-0.9m (-1.1)
- EBITDA for Sports Betting Services improved to €-0.9m (-1.5) due to reduction in operating expenses by 44%
- Cash flow from operations in Q2 2020 was €10.1m (3.2) and cash used in investing activities was €1.5m (3.5).
Operational Highlights
- The B2C vertical was divested to Betsson effective on 16 April 2020, with Betsson as a new long term customer on Platform Services
- Media Services continued its quarterly growth in both revenue and FTDs, up 5% and 22% respectively
- SkyCity’s successful online expansion in 2020 confirms GiG’s ability to transition a land based casino to online
- Signed long-term agreement with GS Technologies Limited for the provision of GiG’s platform and front-end development to a new casino brand
- The sales pipeline developed positively, however some of the final contract negotiations was delayed as land based operators came to terms with actions around Covid-19
- Cost savings initiatives are progressing according to plan, which is expected to further reduce operating expenses by year end 2020
- The number of employees decreased from 709 to 487 year-on-year
- The SEK300 million bond was repaid on 22 April 2020.
Events after Q2
- Signed three new long-term agreements for GiG’s platform including sports and managed services, further agreements are expected to be signed before year end
- The positive development continues after Q2, July revenues on adjusted basis were up 38% compared to same period last year
- The revenue guiding for continued operations for 2020 are increased to between €52 – 57 million, with an EBITDA expected in the range of €12 – 15 million.
Investor presentation and webcast
CEO Richard Brown will present the Q2 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.
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Backseat Gaming
Hub88 integrates Backseat Gaming and Clutch Gaming in double supplier deal
Aggregator adds high-volatility slots including Hades Harvest, Deep Sea Mafia and Radiate to its operator network.
Hub88 has added Backseat Gaming and sister studio Clutch Gaming to its supplier network via a double integration deal, expanding the content available to operators on its aggregation platform.
The integration makes a number of titles available through Hub88, including Hades Harvest, Deep Sea Mafia and Radiate. Hub88 positioned the move as a way to broaden its catalogue with high-volatility content.
Ollie Castleman, Managing Director at Hub88, said: “Backseat Gaming and Clutch Gaming bring a level of craft and personality that stands out.
“By choosing both complementary studios run by the same team, our partners gain the flexibility to reach different player preferences. With both brands already making a splash in the industry, we’re sure this content will become an unmissable addition to lobbies.”
Debbie Cooper, Head of Commercial Operations at Backseat Gaming, said: “Partnering with Hub88 marks an exciting next step for Backseat Gaming and Clutch Gaming as we look to expand our reach across the iGaming industry.
“Hub88’s proven aggregation platform and extensive operator portfolio give us the ideal network to get our content in front of new audiences quickly and efficiently. We’re excited to work alongside their team and bring our game content to their partners.”
The studios said they plan to release one game per week from each provider, with both brands managed by the same team and positioned to target different player tastes.
The post Hub88 integrates Backseat Gaming and Clutch Gaming in double supplier deal appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Africa
Mancala Gaming signs QTech distribution deal for emerging markets
Mancala Gaming has struck a distribution deal with QTech to roll out its slots and crash games to operators across emerging markets, the companies said on 21 July 2026.
Under the agreement, QTech will add Mancala Gaming’s catalogue to its aggregator platform. Mancala said its current portfolio includes more than 80 games, spanning slots and crash titles such as Panther Legacy, Coin Craze: Supercharged, Diego’s Spicy Truck, Cheese Chase, Beer Halla and Muscle Tussle.
Mancala Gaming CCO Emiliano Sanchez said: “We’re thrilled to have partnered with QTech to boost our reach and relevance across emerging markets, seamlessly offering our premium slots and crash content to a range of previously undiscovered operators. We now look forward to elevating our ambitions through the sprawling reach of QTech’s platform, particularly in Africa and LatAm where the crash-gaming genre is in such high demand. Mobile-first consumption and speed are the consequential keys to success in these two continents where players want instant entertainment, short sessions, and quick results, even when mobile connectivity is not optimal.
QTech CEO Philip Doftvik added: “Mancala Gaming’s content brings a level of gameplay and interactive engagement that keeps players coming back for more, improving retention and dwell-time metrics. Their growing gaming suite of slots, instant-win, and crash games is built for rapid deployment across any market. So, we’re confident that our operator partners will soon see strong performance courtesy of some multi-layered gameplay experiences which appeal to both seasoned and casual players.
The companies did not disclose commercial terms or name operator launch partners.
The post Mancala Gaming signs QTech distribution deal for emerging markets appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Avanti
Avanti Studios names former Evolution executive Steven Tabone as Commercial Director
Tabone joins from Evolution, where he served as Head of Region, as Avanti targets new operator and aggregator partnerships.
Avanti Studios has appointed Steven Tabone as Commercial Director, hiring the former Evolution Head of Region to lead its commercial strategy and partnership growth.
Tabone spent two years at Evolution, where he worked on commercial strategy, sales and account management, and supported operator relationships, according to the company. Avanti said his remit will include building operator and aggregator partnerships and developing a scalable go-to-market strategy focused on international expansion.
The supplier also pointed to recent activity in Spain and Brazil, citing partnerships with Entain and Bet365 as it scales operations in those markets.
Steven Tabone, Commercial Director at Avanti, said: “I firmly believe Avanti is the most exciting thing to have happened to the iGaming industry for a very long time, so I’m obviously delighted to be joining as Commercial Director during what is undoubtedly a pivotal period for the company.
“What drew me to Avanti is having the chance to build something genuinely different. The team has a clear vision that will disrupt the industry with its innovation and quality, and as an operator, you can either jump on the train with us or be left standing at the station. Being able to shape that journey from the very beginning is a huge opportunity, and one that I’m really looking forward to.”
The post Avanti Studios names former Evolution executive Steven Tabone as Commercial Director appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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