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%.
A SOFTSWISS report into the use of cryptocurrencies for gambling has shown that altcoins could be a preferable option for crypto bettors as opposed to Bitcoin.
Bitcoin’s market value has fluctuated significantly this year, though its value still remains far higher than in 2022 and 2023 when the crypto market as a whole felt the impact of scandals like the FTX collapse.
The approval of Bitcoin ETFs in the US and Bitcoin halving event drove value up beyond $70,000 in early 2024 but it subsequently dipped again during the summer to around $58,000.
This decline has driven altcoin’s popularity as a payment for igaming, according to the gaming software solutions provider’s report.
The firm found that altcoins – meaning all cryptocurrencies other than Bitcoin – accounted for 47% of crypto bets placed during the first nine months of 2024.
This is a significant increase on the 25.1% altcoins accounted for in the same period last year. Meanwhile, Bitcoin’s share dropped 22% during this period, whilst Tether, Litecoin and Ethereum saw growth of 8%, 7.8% and 4.9%, respectively.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, stated: “Integrating crypto payments allows igaming businesses to operate globally, delivering greater speed and convenience.
“With igaming’s naturally borderless reach, this expands platforms’ access to a wider international audience, boosting their global growth potential.”
Overall, SOFTSWISS states that there is ‘stable interest’ in crypto from igaming customers.
The firm found that the crypto bet sum rose 15.2% in the first nine months of the year, though Q3 saw a 9% decline from Q2, in line with the decline in exchange rates of Bitcoin, Litecoin and Ether. Its report added that the crypto bet count rose 15.2%.
SOFTSWISS remains confident that crypto engagement with betting will continue, with 58% of its 2025 survey respondents identifying crypto as a ‘primary driver’ of growth in new markets.
The Malta-based firm further shows that the total bet sum, including both fiat currency and crypto, during the first nine months of this year, rose 43.1% and the bet count rose 44.5%.
It is important to note though that the fiat bet sum rose 50.4%, more than the crypto bet sum, with SOFTSWISS observing a ‘slower pace’ for the latter compared to the former.
