GiG has praised a year of growth as it continues to build on acquisitions as a period of ‘transformation’ enabled the firm to achieve record revenue for its rebranded standalone media business Gentoo Media.
Addressing investors, Group CEO Richard Carter emphasised that the firm has had major success within its strategic enablers.
In a 14th consecutive year of record revenue, Q2 revealed that Gentoo Media generated €30m of revenue, up 39% from 2023 comparatives of €22m.
Carter also detailed that he believes operation execution will continue to gain traction and recurring revenue growth will continue to elevate amidst a sea of successful enablers for the company.
One of these is the SweepX social casino platform, which according to Carter has had a major impact on the firm’s total addressable market and will begin to gain revenue in the second half of the year.
Success of the firm and the growth of the group was significantly enriched by their M&A strategy as completed AskGamblers and KaFe Rocks deals provided an uplift for the group.
This trend is set to continue for the group as it benefits from Titan SEO and the heritage online gambling player community CasinoMeister in the second half of the year.
The group updated investors that it is taking a meticulous approach when it comes to domains and new acquisitions, as it ensures it enters new markets in the most effective possible way.
The group’s dependency on ‘exotic markets’ continues to decline as well, as it bolsters growth in North America and Europe. In terms of the CasinoMeister brand, the group emphasised that the opportunity was simply too good to pass up.
There is a real belief that within the next few years, the casinomeister brand will become one of the group’s flagship brands.
GiG Chairman Mikael Riese Harstad, also provided an outlook on the state of the sweepstake market as he revealed that having signed up one of the largest land based casino operators to its SweepX platform, the group also revealed that there is a significant appetite from remote operators to be involved in the digital sweepstake space.
Harstad emphasised that the company hopes to take advantage of the ‘big opportunity’ within the sweepstake market, as it isn’t an opportunity exclusive to the US, believing that sweepstake opportunities will open up in other regions.
Harstad continued on the group’s performance: “It is with this confidence that I am happy to announce the finalisation of our strategic split into two separate listed entities: Gentoo Media (formerly GiG Media) and GiG Platform. This split is now set to be completed by the end of September 2024.”
“I am fully confident that both companies will flourish as independent entities, each continuing to lead and innovate within their respective areas of focus.”
Overall GiG’s divested Platform & Sportsbook business registered a 21% decline in revenues to €7.3m (Q2 2023: €9m).
Revenue declines were anticipated as the divested Platform & Sportsbook business has changed its auditing structure under IFRS rules.
Harstad concluded: “The second quarter of 2024 has truly been one of significant achievement and strategic progress. As we move forward with the final steps of our strategic split, Petter Nylander, Chairman of Platform & Sportsbook, and I are confident that both Gentoo Media and Platform & Sportsbook will continue to grow, innovate, and deliver value to our shareholders like never before.”
“Despite the many changes in external market conditions and internal organisation, GiG has always remained steadfast in its commitment to its core values.
“At the heart of our company lies a deep passion for igaming—we live and breathe the excitement, strategy, and dynamics of this ever-evolving industry. While others may chase trends, we have always trusted that our deep expertise, state-of-the-art technical infrastructure and data-driven approach will yield long-term success.”
The UK gambling industry has been in the midst of a period of transformation, as it awaits what’s next for the implementation of the white paper following governmental changes in the country.
Speaking to SBCNews, Chief Commercial Officer of Sky Betting & Gaming Steve Birch underlined that they share the government’s ambitions to reduce gambling harm.
The journey for improved customer care is one that Sky Bet has been on for a significant amount of time, as Birch revealed they have adjusted marketing campaigns and sought to ensure they are placing focus on the most impactful areas.
He stated: “It is definitely a good thing that, as a sector, we are looking to raise standards, which can only mean a more sustainable future. There is no doubt there are things that happened in the past that, as a sector, we cannot be proud of.
“However, we need to ensure that the debate around igaming is balanced. Sports betting and slots/casino games are responsibly enjoyed by millions in the UK and it is in the interest of operators and customers alike that the sector continues in an open and public way.
“All of us, and by that, I mean campaign groups as well as operators, have a responsibility to ensure that the debate around gambling is factual and that we have a reasonable and regulated sector. The worst outcome for everyone, especially customers, would be if the UK ends up with a significant black market.”
Birch also stated that the UK market is currently as competitive as ever, as operators draw developing tech to ensure that players have the most engaging experience possible.
Providing an analysis of the UK market’s current position, he added: “We are just in a different phase now. If you go back 15 years, UK gambling was a terrible e-commerce product with poor customer journeys, limited depth in the product offering and a lack of an end-to-end experience.
“Now, to win in the UK market, you have to be a very good e-commerce business, really look after your customers and provide innovation in the customer experience. That can only be a good thing for everyone working in a UK-facing operator.”
