Gaming Innovation Group Q2 revenues soar 88%
Strong growth sees Guts.com owner reverse a £140,000 loss in Q2 last to post £51,000 profit
Gaming Innovation Group (GIG) recorded an 88% year-on-year rise in revenues during Q2 2015 and its first quarterly profit under its new corporate entity following growth across its B2C, B2B and performance marketing businesses.
According to its interim financial statement released today, the online gambling group posted revenues of 4.8m (£3.4m) for the three months ended 30 June 2015, up from 2.5m (£1.8m) in the corresponding period last year.
The Guts.com owner also saw EBITDA increase substantially during the quarter, posting a profit of 72,432 (£51,000) compared to a loss of 199,000 (£140,000) in Q2 2014.
February saw the entire issued share capital of GIG shares exchanged for 290 million new shares issued by Oslo-listed Nio, which later rebranded under the Gaming Innovation Group.
The group also recently took the decision to end Guts.com’s platform partnership with EveryMatrix, with the operator opting to launch on its proprietary cloud-based platform instead.
iGaming Cloud aims to sign up to 10 new clients before the end of the year, adding revenues of approximately 1m (£700,000), and has developed a new sportsbook service for Guts.com which will launch later this month.