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.”
SOFTSWISS has further enhanced the SOFTSWISS Jackpot Aggregator solution by adding crash and live casino games to the offering.
The update works as a seamless integration between the firm’s Jackpot Aggregator and Game Aggregator solutions, allowing clients in the latter’s back office to set up jackpot campaigns specifically for crash and live casino games.
Tatyana Kaminskaya, Head of SOFTSWISS Game Aggregator, commented: “This year, we are focused on providing online casinos with user-friendly and effective tools to engage players across the globe.”
“Live games have a loyal fan base, while crash games are gaining traction, especially in emerging markets and among younger audiences. Why not offer them the same exciting opportunities to win big, just like players of more widely established slots?”
SOFTSWISS has aimed to gamify the crash and live offerings of its clients previously by adding the two verticals to its Tournament Tool.
The move to offer jackpots on these games follows the success of SOFTSWISS’ Jackpot Aggregator, as the firm reported that after implementing jackpots using the tool, its clients have witnessed an average bet count increase of 40% and average bet sum growth of 68%.
Additionally, the continued growth of crash games in specific markets supported the move, with SOFTSWISS explaining that “crash games accounted for 3.9% of all games in Latin America in Q2”.
‘We are excited about how the SOFTSWISS Jackpot Aggregator is expanding its reach, and we are confident that even more players will join this thrilling jackpot experience,” added Angelina Stasiuk, Head of Business Line at SOFTSWISS Jackpot Aggregator.
“Our clients will find it technically simple to customise the mixed jackpot campaigns to suit their goals and objectives.”
