GiG Q4 revenues flatline on B2B slowdown
Oslo-listed company’s B2B business reports a 9% YoY fall, although full-year group revenues climb 26%
Gaming Innovation Group’s (GiG) revenues flatlined year-on-year in Q4 2018 to €39.9m following a 9% fall in revenues from the company’s B2B arm and only modest growth from B2C.
The Oslo-listed firm’s B2B division reported revenues of €16.4m in the three-month period, down from the €18m announced in the corresponding period last year, while EBITDA fell from €10.1m to €4.3m.
The company’s consumer-facing business recorded a 2% increase in Q4 revenues to €25.8m and EBITDA of €0.8m, up from the €2.1m loss reported in Q4 2017, with marketing costs down 12% to €11.6m.
According to GiG, the firm’s in-house Rizk brand accounted for 70% of B2C revenue which derived 28% from regulated or soon-to-be regulated markets.
On a full-year basis, GiG reported a 26% year-on-year rise in group revenues to €151.4m and a 28% EBITDA increase to €16.1m.
“After investing around €16m into tech and product development in 2018, we have now closed the circle and are offering products and services across all major verticals in the iGaming value chain,” Robin Reed, CEO of GiG, said.
“We have started our expansion into regulated markets with big brand partners, and we have launched our online and retail sports betting platform in the USA,” he added.
Last year, GiG announced an agreement to provide its omni-channel sportsbook platform to the recently opened Hard Rock Hotel & Casino Atlantic City in New Jersey.
GiG already supplied the online casino platform for the Hard Rock in New Jersey.
In December, the firm was also granted two licences, one for in-house brands Rizk, Gutz, Highroller, Thrills, Kaboo and Betspin, and another for its B2B clients.