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%.
Sky Betting & Gaming has reinforced its online casino content offering in the UK and Ireland after agreeing to partner with Hacksaw Gaming.
The Malta-based slot studio will gain increased visibility across the two nations by integrating games into the Flutter-owned operator’s online casino platform. Hacksaw Gaming praised the Sky brand as “an industry titan”.
Marcus Cordes, CEO of Hacksaw Gaming, praised the deal, stating: “We’re incredibly proud to welcome Sky, an industry titan, to our growing roster of partners. Sky’s reputation for excellence speaks for itself, and we’re confident their players will embrace our cutting-edge content and distinctive style.”
As a result of the collaboration, Hacksaw Gaming slot releases such as Wanted Dead or a Wild, Chaos Crew 2 and Le Bandit will reach further players across the UK and Ireland, providing the studio with growth in one of Europe’s legacy markets.
Additionally, the partners have already confirmed that plans are underway to add Hacksaw Gaming’s roster of Dare2Win instant games to Sky’s UK&I offering in the future.
Joseph Williams, Content Manager for Sky Betting & Gaming, added: “We’re elated about this new collaboration and can’t wait to see what the future holds. With a partner as innovative and renowned as Hacksaw Gaming, we’re confident our players will love the exciting variety these games bring to our platform.”
The move adds to a busy period of European expansion for Hacksaw Gaming after the studio entered the Swiss market for the first time last month in partnerships with Grand Casino Baden and Gamanza Group.
Following that deal, Cordes explained: “Our collaboration with Gamanza Group AG and Grand Casino Baden is a significant first step into Switzerland. It allows us to showcase our innovative games to a new audience and aligns perfectly with our global mission of delivering high-quality content.”
