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Gaming Innovation Group reports Q4 2020

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Gaming Innovation Group Inc. (GiG) reports Q4 2020 revenues of €17.3 million and an EBITDA of €4.1 million.

Richard Brown, CEO of GiG comments: “2020 has seen some significant milestones accomplished in GiG’s journey to become a leading B2B platform and media supplier in the iGaming industry and the fourth quarter continued to demonstrate the results of actions taken through the year by delivering yearly growth in normalised revenues and EBITDA  by 19% and 212% respectively”.

Financial Highlights

  • Revenues in Q4 2020 were €17.3m (10.4), up 66% from Q4 2019, all organic growth
  • Normalised revenues were €14.2m (10.2), an increase of 38%
  • EBITDA in Q4 2020 was €4.1m (0.1), up 4431%, normalised EBITDA margin increased to 29.2% (0.9%)
  • For the full year 2020, normalised revenues was €52.2m (43.8) a 19% increase from 2019, with an EBITDA of €10.7m (3.4) a 212% increase from 2019
  • Revenues in Media Services improved to €9.0m (7.5) in Q4 2020, an increase of 20%,with an EBITDA of €4.3m (4.0)
  • Normalised revenues for Platform Services were €4.9m (4.2), up 19%, with a positive EBITDA of €0.2m (-1.4)
  • EBITDA for Sports Betting Services was €-0.3m (-1.8) an improvement of €1.5m, driven by a 78% reduction in operating expenses
  • To further expedite revenue generating activities, enhance future growth and strengthen the cash position, a €8.5m subordinated convertible loan was issued in December

Operational Highlights

  • The sales pipeline developed positively, and four new agreements were signed for Platform Services in the fourth quarter, adding to a total of 14 in 2020, whereof 4 is casino and sportsbook and 10 casino only
  • GiG’s platform went live with two clients in the fourth quarter, and the integration pipeline included 14 brands as of year end 2020
  • The strategic decision to remove the white-label business entered final phases and was a driver in the flat revenue QoQ but improved the EBITDA margin
  • Media Services experienced positive developments in the quarter, finishing off the year with all-time high revenues in December. Player intake was strong, with FTDs up 36% YoY and 9% QoQ
  • Sports Betting Services restructuring completed, placing Sports Betting Services in a sustainable position for growth and strategic partnerships
  • Restructuring completed with comparable operating expenses reduced by 25% YoY, the Company now have a sound cost base for operational improvement going forward

Events after Q4

  • Signed a long-term platform agreement with Playstar to support their entry into the expanding US iGaming market
  • Signed a LOI with an established German facing iGaming operator, for the provision of  platform technologies to power their new online casino.
  • Awarded ISO 27001:2021 certification for its frontend development solution and content management system
  • GiG Media delivered another all-time high in revenues in January corresponding with another all-time-high in FTD’s referred
  • One brand went live so far in 2021, with two additional expected in Q1-2021
  • January has developed positively and normalised revenues are up 40% compared to the same period last year

Investor presentation and webcast

CEO Richard Brown will present the Q4 2020 results today via livestream at 11:00 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/803325/live-q-gaming-innovation-group-feb-23rd

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Baltics

Endorphina Confirms Spelet.lv Partnership

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Endorphina has announced that its new partnership with Spelet.lv, successfully completes the company’s expansion across the Latvian market.

This milestone now confirms Endorphina as officially live with all key partners in the region.

Ticking the final box with Spelet.lv represents a major strategic achievement, reinforcing Endorphina’s strong presence in Latvia and highlighting its commitment to delivering high-quality gaming content across regulated markets.

“We’re very proud to partner with Spelet.lv, especially as it represents the final step in completing our presence in Latvia. Being live across all key partners in the market is a significant achievement for us, and it reflects the strong relationships we’ve built in the region. We’re excited to continue growing and delivering great results together,” said Inga Kadyrova, Partnership Manager at Endorphina.

The new partners also fully endorsed the collaboration.

“At Spelet, we build our ecosystem around quality, trust, and strong content, working only with partners who set the standards of the industry rather than follow them. Our partnership with Endorphina represents a strategic enhancement of our portfolio and another step towards a product where every game combines distinctive design, well-crafted mathematics, and a high level of execution. Strong partners create strong products,” said Milena Konstantinova, Head of Casino at Spelet.lv.

By focusing on comprehensive online leisure entertainment, modern new casino games and sports betting, Spelet.lv has already established itself as a serious player and a significant competitor to other Latvian online casinos, with the brand now able to add exceptional Endorphina games like 3 Witch Pots, Hell Hot 100 and Joker Stoker to their offering.

With this partnership, Endorphina completely strengthens its position in Latvia, setting a solid foundation for future growth while continuing to provide engaging and innovative gaming experiences to players across the market.

The post Endorphina Confirms Spelet.lv Partnership appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Asia

EGT wins SiGMA Asia Awards 2026 for Best Land-Based Game Feature

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EGT has won the Best Land-Based Game Feature category at the SiGMA Asia Awards 2026 for the second consecutive year. The award was presented at a ceremony on 01 June, with EGT recognized for its multi-level progressive jackpot Sheng Sheng Bu Xi.

According to the company, Sheng Sheng Bu Xi is part of its Asian-themed products portfolio and is available in two titles: Bonus Boom and Bonus Craze. EGT said the feature runs across four jackpot levels with bonus mechanics including free spins and multipliers.

EGT said the feature is powered by its Exciter IV platform and is compatible with its Supreme, General and Phoenix Series slot cabinets. The company added that Sheng Sheng Bu Xi is deployed in “numerous gaming establishments globally.”

Mariana Manchina, Director of EGT Philippines Corp., said: “It is an honor to us to be acknowledged by the SiGMA Asia Awards again. Following the success of Zhao Cai Shuang Yu last year, the prize for Sheng Sheng Bu Xi is eloquent proof that our Asian-themed products are widely accepted by players, operators, and the professional gaming community as a whole. I would like to thank our customers, partners and friends for their continuous support and recognition, as well as our team, without whose creativity, talent and passion for innovation we would not have been able to have these remarkable achievements.”

The post EGT wins SiGMA Asia Awards 2026 for Best Land-Based Game Feature appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Balkans

Expanse Studios Signs Content Distribution Agreement with MaxBet

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Meridian Holdings Inc. announced that the Company’s subsidiary, Expanse Studios, a leading B2B iGaming content provider, has signed a strategic distribution agreement with MaxBet, one of Serbia’s leading omni-channel gaming operators and a subsidiary of Flutter Entertainment. The agreement will enable Expanse to further expand the reach of its proprietary gaming portfolio across the Serbian market

By integrating with MaxBet’s established infrastructure, Expanse Studios gains expanded distribution through one of the region’s dominant operators. The partnership is already in full effect, with Expanse Studios’ suite of titles currently live and accessible to players.

“This agreement offers Expanse and Meridian direct access to Flutter’s increased global scale and capitalizes on the rising demand for our localized, high-performing content. With this collaboration, our focus remains on driving B2B growth through quality distribution and scalable partnerships with market-leading operators in regulated territories,” said Damjan Stamenkovic, CEO of Expanse Studios.

According to Statista, Serbia’s online gambling revenue is projected to grow to $186 million by 2029. MaxBet maintains an estimated 15-20% online market share in the country, making the firm a strong parter for potential increased revenue generation in one of Southeast Europe’s most dynamic regulated markets.

With more than 1500 B2B operator partnerships globally and a portfolio of over 70 proprietary titles, Expanse continues building distribution infrastructure in regulated markets where licensed operators require certified, compliant gaming content from established providers.

The post Expanse Studios Signs Content Distribution Agreement with MaxBet appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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