Gentoo Media published a 15th consecutive quarter of revenue growth for Q3 2024 following its recent split from Gaming Innovation Group (GiG).
Across the third quarter, Gentoo’s revenue grew to €30.4m to represent a 35% growth year-over-year (12% organic) on previous year’s comparatives of €22.5m in Q3 2023.
Jonas Warrer, Gentoo Media CEO, commented: “I am pleased to present our third quarterly report for 2024, marking yet another record-setting quarter for Gentoo Media, with 15 consecutive quarters of all-time high revenue.
“Our focused strategy on sustainable, long-term growth – emphasising diversification and increased revenue share earnings – continues to strengthen our business. Despite market volatility, our disciplined approach has proven resilient, driving steady success and positioning us with a competitive edge in an increasingly dynamic marketplace.
“We remain confident that our strategic path will support our continued growth and stability in the coming quarters.”
Adjusted EBITDA came in at €14.6m (Q3 2023: €10.4m) reflecting a 48% margin, while group accounts booked ‘special items’ related to the company’s September split from GiG, capped at €600,000.
With special items excluded, EBITDA witnessed an uptick of 36% YoY by growing to €14m (46% margin). Media cash flow operations were valued at €19.9m, while IFRS5 standard platform & sportsbook cash flow was €12.2m.
In total, 58% of revenues were generated from recurring revenue share agreements, an increase of 24% YoY.
Despite headwinds in Norway, Europe-centric revenue increased 51% YoY, while revenue share from the Americas grew by 52%. This growth in the Americas was headlined by more than double digit growth in North America.
Europe and the Americas stood as principal markets, contributing 59% and 21% of quarterly revenue respectively.
Gentoo’s portfolio saw non-top five websites contributing 65% of the total revenue gained across Q3, an increase of 46% YoY. Meanwhile, top five websites revenue (35% of total) also increased 14% YoY as Gentoo’s explained that “a significant increase was seen in partners generating more than €10k per quarter, up 94% YoY”.
This influx of revenue comes as a result of an update from Google launched earlier this year, which offset the search rankings of Casinotopsonline.com and other Gentoo websites.
Leadership at the company expects that momentum will continue into Q4, sticking with its 2024 guidance expecting projected revenues of €125-135m and an EBITDA margin of 45-50%.
Flutter Entertainment has offered Italian growth to ESA Gaming by agreeing to launch the studio’s online casino content via its Betfair brand.
Under the terms of the partnership, Betfair has agreed to host the supplier’s full roster of proprietary slot releases on its Italian online casino platform, in addition to the studio’s portfolio of aggregated content sourced from several supplier partners – the Game Aggregator System.
Thomas Smallwood, Chief Commercial Officer at ESA Gaming, stated: “Partnering with a major Flutter brand is an exciting moment for us as we further consolidate our position as a leading aggregator and supplier in Italy.
“With a wealth of top-performing content, it’s another milestone deal for us and we look forward to working closely together.”
The deal will see ESA Gaming gain increased visibility for its own slot content in the nation, boosting the Italian presence of slots such as Chicken Bonanza and Santastic 4.
Meanwhile, several other suppliers will also gain exposure in Italy as ESA Gaming’s GAS offering becomes integrated into Betfair’s platform.
The aggregated offering includes titles from over 70 suppliers that have partnered with ESA Gaming, including Leap Gaming and Wazdan.
ESA Gaming recently joined forces with Blueprint Gaming to strengthen its third-party content offering, adding the studio’s slot in a deal praised as “another important milestone”.
Smallwood explained: “Blueprint Gaming has a wealth of top-performing slot content, and we’re delighted to add it to our aggregation platform.
“GAS has gone from strength to strength over the last 12 months, and we’re confident that this will be yet another important milestone in its growth as a business vertical for us.”
