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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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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.
appointments
GameOn appoints Fana Colette as Senior Social Media Manager
GameOn has appointed Fana Colette as Senior Social Media Manager, as the B2B marketing agency expands its social media service capabilities.
Colette joins from Gambling.com Group, where GameOn said she helped grow social pages to “tens of thousands of followers,” combining creative storytelling with commercial objectives.
GameOn positioned the hire as a response to increasing demand for social media strategy across iGaming operators, suppliers and affiliates looking to differentiate in a crowded market. The company said Colette will add senior oversight to structured, audience-focused content planning.
In the role, Colette will work with GameOn’s existing clients and lead social media strategy for new accounts, according to the company.
Lizzie Thomas, Head of Social Media at GameOn, said: “Bringing Fana on board allows us to support the growing demand for sophisticated, senior-led social strategies.
“Her experience in building social profiles from the ground up and developing content that resonates with audiences aligns perfectly with how we approach social at GameOn.”
Fana Colette, Senior Social Media Manager at GameOn, added: “I’m excited to be joining GameOn at such a dynamic time for the business.
“Social media is such an important part of how brands build visibility, trust and engagement, and I’m looking forward to helping clients create content that is both strategically grounded and creatively strong.
“GameOn has a clear understanding of the iGaming space, and I’m excited to contribute to that with thoughtful, audience-focused social work.”
The post GameOn appoints Fana Colette as Senior Social Media Manager appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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