GiG cites ‘pipeline of opportunities’ as key financials grow
Robin Reed, CEO of Gaming Innovation Group (GiG), has praised the company’s performance in the third quarter and forecast further growth, highlighting what he described as an “increasingly healthy pipeline of opportunities”.
Operating revenue in Q3 amounted to €37.3m (£32.6m/$42.6m), up 21% on the €30.8m posted in the corresponding period last year.
GiG’s B2C operations remain the main source of income, generating €24.4m in revenue, while its B2B business brought in €15.4m in revenue in the quarter.
The firm also noted that EBITDA in Q3 climbed 66% year-on-year from €3m to €5m, due in part to initiatives taken to improve both profitability and general performance in gaming operators within its B2C business.
Reed said: “In the third quarter, we have delivered the last building blocks to our ecosystem, our own games and omni-channel solution, to cover all verticals in iGaming.
“We have created a base from where now, with full force, we can drive forward as the full-service provider which every company serious about iGaming must be part of. GiG sees strong interest for its services and products with an increasingly healthy pipeline of opportunities.”
Speaking in an investors’ call, Reed added: “We are uniquely positioned to capture the growth from offline to online gambling. We are becoming the one-stop shop for every iGaming business.”
Other key highlights in the period included GiG signing up its first poker client, while shortly after the quarter-end, GiG announced it is to launch an online sportsbook in partnership with Hard Rock in New Jersey, US.
Reed confirmed that Hard Rock expects to go live with GiG services in the fourth quarter of the current year. He added that GiG is also in the process of applying for a licence for its affiliate business in New Jersey.
“Our geographical expansion is focused on regulated and soon-to-be regulated markets,” he said.
In addition, last month GiG unveiled plans to take on the competitive UK B2B sports betting market after announcing the launch of its sportsbook platform in the region via its Rizk.com brand.
Expanding on this, Reed said that although GiG has only just launched its new sportsbook service, it is “already competitive with the most prominent players in the market”.
He added: “We’ve been through a very strong period of business and we have completed our ecosystem.
“We are ready to leverage on our complete ecosystem and key strengths, driving revenue and market share for our partners. We are committed to attracting new customers converting from offline to online.”