Founded in 2012, this relevant supplier offers solutions, products and services to iGaming operators at a global level. The group’s mission is to drive sustainable progress and profitability through product innovation, scalable technology and quality of service. Prominent iGaming technology company Gaming Innovation Group (GiG) is sharing a positive Q2 2024 financial report.
Some of the highlights of this announcement are the following:
a) Media division had all-time high revenues of €30.3 million, up 39% YoY (18% organic growth).
b) EBITDA increased by 43% to €14.8 million, with an EBITDA margin of 48.7% (47.4%).
c) EBIT reached €7.8 million, with a margin of 25.8% (32.3%).
d) Cash and balance sheet bolstered by a €9 million equity raise and a €15 million bond tap.
e) GiG Media rebranded to Gentoo Media.
f) FTDs for Gentoo Media were 121,900 (109.400), up 11% YoY Q2-23.
g) AskGamblers and KaFe Rocks thrive post-acquisition showing strong growth.
h) Strategic acquisition of Casinomeister, an online casino advocacy and review platform.
i) Signed Head of Terms to acquire Titan Inc. Limited, a premier supplier of SEO and content services, significantly enhancing Gentoo Media’s operational efficiency.
j) Revenues for Platform & Sportsbook were €7.3 million (9.3), a decrease of 21%, with an adjusted EBITDA of €-1.6 million (3.7).
k) Platform & Sportsbook signed two new agreements, two additional Head of Terms and one contract extension in Q2 2024.
l) 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.
m) 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 October 1st, 2024.
Later today, the company will host a presentation of the Q2 2024 results. Participants will be Mikael Riese Harstad, Chairman of the Board; Jonas Warrer, CEO Media and Group CEO, and Richard Carter, CEO Platform & Sportsbook. The presentation will be followed by a Q&A-session.
