GIG revenues up triple-digits after regulated market push

Gaming Innovation Group this morning reported a 174% year-on-year rise in Q2 revenues after the Oslo-listed firm expanded its presence into regulated markets to drive growth.

The Malta-headquartered firm recorded revenues of €26.6m in the three-month period, up from €9.7m in the same period last year, with organic revenue growth up 72% year-on-year.

The company’s B2C arm was its fastest growing segment as revenues climbed 213%, while the B2B business also reported a 108% revenue increase to €8.5m.

Q2 EBITDA was €1.9m, up from €1m in Q2 2016.

During the quarter, GIG withdrew all its B2C brands from non-core markets to focus on expanding the business in regulated markets across the Nordics, UK & Ireland and Western Europe.

And GIG CEO Robin Reed said the firm would continue to expand the business at a “rapid pace” following its growth in recent months.

“We have made important affiliate acquisitions during 2017 which will strengthen our traffic driving capability and increase activities and volumes for all stakeholders in GIG’s eco-system.

“In parallel with launching innovative iGaming services, we are progressing towards our goal of becoming the leading iGaming company from the Nordics,” Reed added.

GIG, which currently has more than 500 employees, is expected to open a new Malta HQ next month where over 200 employees will be based, with plans to lease a second building in Autumn 2018.

It also recently announced the launch of its Lottoland-powered lottery betting product earlier this month.

The company’s share price was 4.99 NOK at the time of writing.