Gaming Innovation Group reports Q3 2018
6 November 2018
(PRESS RELEASE) -- Gaming Innovation Group Inc. (GiG) reports 37.3 million in revenues in Q3 2018, a 21% increase over Q3 2017. EBITDA for Q3 2018 was 5.0 million, a 66% increase over Q3 2017.
"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," says Robin Reed, CEO of GiG.Financial highlights Q3 2018
- Operating revenues of 37.3 (30.8) million, up by 21% from Q3 2017.
- EBITDA of 5.0 (3.0) million, an increase of 66% from Q3 2017.
- B2B revenues of 15.4 (11.6) million, up by 33% from Q3 2017.
- B2C revenues of 24.4 (21.9) million, up by 11% from Q3 2017.
- Marketing expenses of 10.6 (11.9) million, 29% of total revenues, down from 39% in Q3 2017.
- Initiatives taken to improve profitability and general performance in Gaming Operators led to strong improvement in B2C with an EBITDA of 1.4 (-2.3) million.
- First external sportsbook agreement with Latvian operator 11.lv.
- Mr Green signed as GiG's first external customer for its compliance tool GiG Comply.
- Hard Rock International signed a Letter of Intent for GiG's omni-channel sportsbook.
- GiG Games launched its first in-house developed game.
- Sportsbook agreement with existing operator Metal Casino.
- Listing at NASDAQ Stockholm (main list) planned for Q1 2019.
Investor presentation and webcast
- GiG is ready to leverage on its complete ecosystem and key strengths driving revenue and market share for its partners.
- Attracting new customers converting from offline to online.
- Geographical expansion focusing on regulated and soon-to-be regulated markets.
- Updated full year 2018 guidance: Revenues EUR 149 million-152 million, EBITDA 16 million-18 million.
CEO Robin Reed will present the Q3 results at 10 a.m. CET. The presentation will be given in English and available live via webcast and via a telephone link. Questions can be asked via the webcast or the telephone link.