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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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Latest News
PG Soft releases wrestling-themed slot Reel Royale Showdown
PG Soft has launched Reel Royale Showdown, a wrestling-inspired video slot built for mobile play. The company says the title is set in a wrestling arena and uses a 6-reel layout.
Reel Royale Showdown includes a Wild Addition mechanic and an escalating multiplier that increases with each win. A Wild symbol substitutes for all symbols except the Scatter and appears only on reels two, three, four and five.
In the base game, three Wild slots above the reels start deactivated. Each winning round activates one Wild slot. Once all three are activated, Wild symbols are added to every empty position on reels two to five before the next round begins.
The Free Spins feature triggers when four or more Scatter symbols land anywhere on the reels, awarding 10 free spins. Each additional Scatter adds two extra spins. In Free Spins, the multiplier starts at x1 and increases by one after every winning combination, including after wins are paid and new symbols cascade into place.
PG Soft said free spins can be retriggered and the maximum win is 5,000x. A spokesperson said: “Reel Royale Showdown puts players in the front row for an epic battle, where the spoils go to the champion willing to fight to the end. The Wild Addition mechanic makes this a show-stopper,, while the escalating multipliers in Free Spins mean big rewards are always just one cascade away.”
The post PG Soft releases wrestling-themed slot Reel Royale Showdown appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
1X2 Network
1X2 Network launches in Finland via Veikkaus deal
Initial rollout brings 10 slots from Iron Dog Studio and Prospect Gaming to the state-owned operator, via Light & Wonder.
1X2 Network has entered the Finnish market after signing a content partnership with Veikkaus, Finland’s state-owned gaming operator.
Under the agreement, a selection of titles from 1X2 Network studios Iron Dog Studio and Prospect Gaming will go live for Finnish players for the first time. The initial rollout includes 10 games, with named titles including 3 HOT CHILLI PEPPERS, 3 PORKY BANKS HOLD and WIN EXTRA, BURN IN HELL, and PIÑATA GO GO.
1X2 Network said the integration was enabled through its collaboration with Light & Wonder, which is supplying the route to market for the content.
Kevin Reid, Chief Executive Officer at 1X2 Network said: “We are delighted to partner with Veikkaus and bring our games to players in Finland. Veikkaus has built a strong reputation as a trusted and responsible operator, and this launch represents an exciting opportunity for us to introduce titles from our flagship studios, Iron Dog Studio and Prospect Gaming to a brand-new audience.”
Riikka Seppänen, VP, iCasino at Veikkaus said: “We are pleased to welcome content from 1X2 Network to our platform. Their games offer engaging gameplay and popular features that we believe will resonate well with our players while supporting our commitment to delivering high quality and responsible entertainment.”
The post 1X2 Network launches in Finland via Veikkaus deal appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Digital Wallets
Neosurf reorganises operations as it targets Europe and the Americas expansion
Neosurf has reorganised its operations as it prepares to scale products and expand across Europe and the Americas, the cash-to-digital payments provider said.
The company said the updated structure is intended to better support the rollout of “new market-ready products” and help it deliver its payment solutions “on a wider scale.” Neosurf did not disclose what specific organisational changes were made or whether the move affects headcount.
Neosurf also positioned the reorganisation as a way to improve agility in response to future regulatory changes, saying the company aims to remain flexible operationally and technologically as it moves into its “next major phase of its evolution.”
Andrea McGeachin, Global CEO at Neosurf, said: “As we continue to grow our new digital wallet products across Europe and the Americas, it’s important that our organisation evolves alongside our ambitions. Our new structure ensures that we’re built for agility, resilience, and long-term success, and we remain committed to our mission of bridging the gap between cash and digital payments with an optimised foundation that’s built to proactively anticipate and adapt to future regulatory change.”
Neosurf said it will share further updates on its plans “shortly.”
The post Neosurf reorganises operations as it targets Europe and the Americas expansion appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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