GiG, a prominent player in the iGaming industry, has unveiled its quarterly report showcasing robust growth and strategic advancements.
Revenue Surge and Diversification:
GiG witnessed a remarkable 40% surge in revenue within its Media Services segment, reaching €14.1 million. However, Platform Services experienced a slight setback with a 4% decline to €5 million. Notably, excluding white labels and premium fees, Platform revenue witnessed a substantial 20% increase. This indicates a strategic diversification in revenue streams, underlining the company’s adaptability to market dynamics.
Financial Performance Highlights:
The period marked a significant boost in EBITDA, soaring to €6.5 million, reflecting a commendable 32% increase compared to the previous year. Moreover, GiG achieved positive net profit and boasted positive cash flow from operations, standing at €1.1 million and €3.8 million, respectively. These figures underscore the company’s robust financial health and effective operational management.
Operational Milestones:
GiG celebrated several operational milestones during the period. Media Services reached a fifth consecutive all-time high in quarterly revenue and player intake, demonstrating sustained growth momentum. Furthermore, the extension of the long-term agreement with Betsson Group until Q4 2025 reaffirms GiG’s commitment to fostering enduring partnerships. The launch of two new brands, bringing the tally to 25 live brands, showcases a proactive approach to brand expansion. Additionally, the successful completion of three client projects underscores GiG’s dedication to delivering exceptional services.
Strategic Endeavors Beyond Q1 2022:
GiG made significant strategic moves beyond the first quarter of 2022. The acquisition of Sportnco and the signing of Full Game in Angola exemplify the company’s commitment to geographical expansion and market diversification. Moreover, extending the agreement with SkyCity highlights GiG’s focus on nurturing existing client relationships and enhancing customer value.
CEO’s Vision for Growth:
Richard Brown, CEO of GiG, expressed satisfaction with the company’s Q1 progress and articulated an optimistic outlook for the future. He emphasized GiG’s global strategic positioning across multiple sectors of the iGaming industry, foreseeing exciting growth opportunities across business units. Brown’s vision underscores GiG’s commitment to innovation, partnership, and sustained growth in a dynamic market environment.
GiG’s quarterly report paints a compelling picture of revenue growth, strategic expansion initiatives, and operational excellence. With a robust financial foundation, a diverse portfolio of services, and a visionary leadership team, GiG is well-positioned to capitalize on emerging opportunities and maintain its leadership position in the competitive iGaming landscape.