Betting OnlineNewsGaming Innovation Group Announces Impressive Q2 2024 Results and Strategic Acquisitions
In a remarkable display of growth and strategic prowess, Gaming Innovation Group Inc. (GiG), a titan in the iGaming technology sector, has unveiled its Q2 2024 financial and operational highlights. The company is riding high with a 43% surge in EBITDA to €14.8m, flaunting an EBITDA margin of 48.7%. This financial upswing is further bolstered by a robust balance sheet, thanks to a €9m equity raise and a €15m bond tap.
GiG's forward momentum is underscored by a series of strategic acquisitions and partnerships. Notably, the acquisition of Casinomeister, an esteemed online casino advocacy and review platform, marks a significant step in enhancing GiG’s portfolio. Furthermore, the signing of Head of Terms to acquire Titan Inc. Limited, a premier SEO and content services provider, is set to significantly boost operational efficiencies.
In the realm of customer engagement, GiG's Gentoo Media reported an 11% year-over-year increase in First-Time Deposits (FTDs), with figures reaching 121,900 in Q2-23. This growth is a testament to the company's robust market presence and customer acquisition strategies.
Despite facing a 21% decrease in revenues in its Platform & Sportsbook segment, which amounted to €7.3m, GiG remains optimistic. The segment has inked two new agreements, further augmented by two additional Head of Terms and one contract extension in Q2 2024. This period also saw the launch of four additional brands, with two more debuting in Q3 2024, bringing the total number of live brands to 72.
Looking ahead, GiG is poised for a strategic split, anticipated to be finalized by the end of September 2024, with the Platform & Sportsbook set to commence trading on 1 October 2024. This move is expected to unlock significant value and sharpen the company’s focus on its core competencies.
The strategic direction and operational success of GiG are steered by a visionary leadership team. Mikael Riese Harstad, Chairman of the Board, alongside Jonas Warrer, CEO Media and group CEO, and Richard Carter, CEO Platform & Sportsbook, are at the helm, guiding the company towards its ambitious goals. Their leadership will be further showcased during the Q2 2024 results presentation, scheduled for a livestream at 10:00 CET today, promising insightful discussions and a Q&A session open to investors, analysts, and journalists.
Founded in 2012, Gaming Innovation Group has steadfastly pursued its vision to lead the industry with world-class solutions for iGaming partners. Operating from Malta and dual-listed on the Oslo Stock Exchange (GIG) and Nasdaq Stockholm (GIGSEK), GiG's mission revolves around driving sustainable growth and profitability through innovation, scalable technology, and service quality. For more details, visit www.gig.com.
This announcement, in compliance with the EU Market Abuse Regulation, underscores GiG's commitment to transparency and excellence in the rapidly evolving iGaming industry, setting a benchmark for others to follow.
