Gaming Innovation Group reports Q2 2024

ST. JULIAN'S, Malta, Aug. 28, 2024 /PRNewswire/ -- 

Highlights

• Media reported all-time high revenues of €30.3m, up 39% YoY (18% organic growth)
• EBITDA increased by 43% to €14.8m, with an EBITDA margin of 48.7% (47.4%)
• EBIT reached €7.8m, with a margin of 25.8% (32.3%)
• Cash and balance sheet bolstered by a €9m equity raise and a €15m bond tap
• GiG Media rebranded to Gentoo Media
• FTDs for Gentoo Media were 121,900 (109.400), up 11% YoY Q2-23
• AskGamblers and KaFe Rocks thrives post acquisition showing strong growth
• Strategic acquisition of Casinomeister, an online casino advocacy and review platform
• Signed Head of Terms to acquire Titan Inc. Limited, a premier supplier of SEO and content services, significantly enhancing Gentoo Media's operational efficiency
• Revenues for Platform & Sportsbook were €7.3m (9.3), a decrease of 21%, with an adjusted EBITDA of €-1.6m (3.7)
• Platform & Sportsbook signed two new agreements, two additional Head of Terms and one contract extension in Q2 2024
• Four additional brands went live in the quarter, two so far in Q3 2024, and the number of live brands is 72 as of today 
• Subject to the remaining regulatory and shareholder approvals, the split is expected to be executed by the end of September, with the first day of trading for Platform & Sportsbook anticipated on 1 October 2024

Investor presentation and webcast

Chairman of the Board, Mikael Riese Harstad, will host a presentation of the Q2 2024 results via livestream at 10:00 CET today with Jonas Warrer, CEO Media and group CEO, and Richard Carter, CEO Platform & Sportsbook, attending. 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/1026774/live-q-gaming-innovation-group-9 

For further information, contact: 

Jonas Warrer, CEO of GiG, jonas.warrer@gig.com, +45 30788450
Richard Carter, CEO Platform & Sportsbook, Richard.carter@gig.com, +44 968753750
Tore Formo, Group CFO, tore@gig.com, +47 91668678

This information is information that Gaming Innovation Group Inc. (GiG) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 28 August 2024.

About Gaming Innovation Group (GiG)

Gaming Innovation Group is a leading iGaming technology company, providing solutions, products and services to iGaming Operators. Founded in 2012, Gaming Innovation Group's vision is 'To be the industry leading platform, sportsbook and media provider delivering world class solutions to our iGaming partners and their customers. GiG's mission is to drive sustainable growth and profitability of our partners through product innovation, scalable technology and quality of service. Gaming Innovation Group operates out of Malta and is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK. www.gig.com

Legal disclaimer 

Gaming Innovation Group Inc. gives forecasts. Certain statements in the report are forward-looking and the actual outcomes may be materially different. In addition to the factors discussed, other factors could have an impact on actual outcomes. Such factors include developments for customers, competitors, the impact of economic and market conditions, national and international legislation and regulations, fiscal regulations, the effectiveness of copyright for computer systems, technological developments, fluctuation in exchange rates, interest rates and political risks. 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/gaming-innovation-group/r/gaming-innovation-group-reports-q2-2024,c4029520

The following files are available for download: