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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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Sleeper joins forces with Birches Health for Responsible Gaming Education Resources and Care
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Sleeper, an industry leader in fantasy sports, has formed a partnership with Birches Health, a behavioral healthcare company that specializes in the prevention and treatment of problem gambling.
Together, Sleeper and Birches Health are developing custom Responsible Gaming educational resources and creating streamlined care pathways for individuals facing related behavioral challenges. The partnership focuses on ensuring clinically validated treatment and resources are accessible to all. The announcement comes during Responsible Gaming Education Month, held every September to promote consumer education.
âThis partnership with Birches Health highlights our commitment to providing effective support for any of our users who may need it,â said Matt Hagerty, Sleeperâs Senior Legal Counsel. âThe wellbeing of the Sleeper community will continue to be a priority as we grow into the future.â
âSleeperâs focus on ensuring access to resources and clinical treatment is a significant investment in player health,â said Elliott Rapaport, Founder of Birches Health. âTheir commitment to a sustainable user experience in fantasy sports is crucial to a collaborative and vital ecosystem that securely and swiftly connects those in need with the proper resources.â
Sleeper is a fantasy sports app focused on bringing people together. Known for its free fantasy leagues (NFL, NBA, Premier League, etc.), Sleeper also offers a variety of other products to its millions of users, including DFS contests, free Pickâem/Survivor games, media content, score updates, and more, all connected through chat and other social features.
Birches Health is a modern digital healthcare company that offers clinician-led resources and care services for behavioral addictions, focusing primarily on gambling and gaming disorders. Deploying a three-tiered strategic approach centered on education, engagement and treatment, Birches Health provides free online learning modules, self-assessments, tools and educational content to help prevent problem gaming behaviors. Birches also offers personalized treatment plans crafted by licensed, specialized clinicians for individuals in need.
For more information about Sleeper, visit sleeper.com or follow the conversation on Twitter and on Instagram.
To learn more about Birches Health, access online educational and assessment resources or explore treatment options, visit BirchesHealth.com, email [email protected] or call (833) 483-3838.
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Kindred Group extend six-year Middlesbrough FC partnership and cements long-term community commitment to supporters
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The Kindred Group will remain as Middlesbrough Principal front-of-shirt partner for another two years in a move that will significantly strengthen the clubâs outreach work in the local community.
Kindred have partnered with Middlesbrough since 2018 â meaning the partnership will be nearly a decade old by the end of the latest deal, making it one of the most successful and long-running in British football.
Significantly, the partnership will continue to fund Middlesbrough FC Foundationâs (MFCF) delivery of Team Talk â a menâs mental health initiative. The Team Talk platform uses the local club and its players, manager and staff as a mechanism to engage with men about their mental well-being.
The logo of gambling operator Unibet adorns first team shirts in what is another record-breaking partnership for the club. âZero% Missionâ, which is Kindredâs Responsible Gambling message, appears on this seasonâs shirts.
Kindred have also pledged to donate a percentage of their hospitality and merchandising rights to supporters via competitions and giveaways.
Further, Kindred will donate front-of-shirt sponsorship space to MFC through the season â allowing for the promotion of the clubâs charitable initiatives.
MFC Foundation works to raise aspirations and improve the life chances of young people and adults across Teesside. Its work is supported and funded, in part, by the clubâs commercial partners, including Kindred Group.
Kindred has always played a central role in the clubâs âFoundation Weekendâ. This forms part of an initiative to highlight the Foundationâs life-changing work for participants of all ages in the local community, as well as how people in the area can access its projects and services.
Sam Mead, UK General Manager, Kindred Group, said: âKindredâs relationship with Middlesbrough is one of footballâs longest running and impactful, so far as community outreach is concerned. That is why we were committed to extending the partnership for another two years.
âWe recognise that we are in the privileged position to positively influence clubs and their communities â a responsibility we take seriously. Thatâs why the basis of this latest partnership will be to help showcase the MFC Foundationâs wide-ranging work, including the menâs mental health initiative Team Talk.â
Liam McGuinness, Head of Commercial, Middlesbrough FC, said: âEveryone at the club is absolutely delighted to extend our partnership with the Kindred Group for another two years. Most importantly, weâd like to thank them for continuing their vital support of the clubâs Foundation â especially through the Team Talk mental health initiative.
âThe health and wellbeing of our local community is very important to ourselves and Kindred. We are all looking forward to the opportunity to continue driving forward new initiatives that will benefit both our supporters and the people of Teessideâ.
The post Kindred Group extend six-year Middlesbrough FC partnership and cements long-term community commitment to supporters appeared first on European Gaming Industry News.
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Crazy Time Italia â the latest landmark launch for Evolutionâs #1 live game show
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Evolution today announced the launch of Crazy Time Italia, the very first native-speaking version of the worldâs #1 live game show.
Now streaming live from Evolutionâs state-of-the-art studio in Malta, Crazy Time Italia is presented by native-speaking Italian game hosts and is available immediately from Italian market operators.
Crazy Time has been a global hit since launching in 2020 serving millions of players. Having taken the online gambling world by storm, Crazy Time has grown to be the biggest live casino table in the world.
The entertaining, all-action gameplay revolves around a main game and four interactive bonus games that offer players the chance to reach a staggering 20,000x multiplier!
Crazy Timeâs main game features a two-reel Top Slot that spins together with a money wheel. Four varied and engaging bonus games â Cash Hunt, Pachinko, Coin Flip and Crazy Time â add to the excitement with unique features such as a shooting gallery, a coin flip, and a puck drop. Finally, players gain entry through the red door into a crazy and fun virtual world with a gigantic virtual money wheel.
The bonus games and multipliers certainly ramp up the excitement to amazing levels. In July this year, Evolution reported that Crazy Time had paid out its largest win ever. Thanks to an incredible 10,000x multiplier on the Pachinko Bonus game the total payout reached an astonishing âŹ34.5 million, with multiple players sharing that amount.
Gionata La Torre, Evolution CEO for Europe, said: âCrazy Time Italia is another landmark in the Crazy Time success story. Time after time, Evolutionâs âlocalisedâ online casino games and games shows âhosted by professional, highly trained, native-speaking dealers and presenters â have been proven to maximise player engagement, session times, return visits and long-term loyalty.â
He added: âPlayers feel even more at home with game presenters speaking and reacting to developments in the gameplay in their native tongue â cultural nuances are shared and a great rapport is struck up between and amongst the presenter and players. We are confident that Crazy Time Italia is going to be yet another big success for our local operators in Italy and a huge draw for their players.â
The post Crazy Time Italia â the latest landmark launch for Evolutionâs #1 live game show appeared first on European Gaming Industry News.
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