Oslo-listed online gambling firm Gaming Innovation Group (GiG) is confident of achieving its full year 2018 expectations, as the company reports strong interim results, driven by growth across its B2C and B2B verticals
Year-to-date, GiG has recorded corporate revenues of €74 million (H1 2017: €50 million), as the gambling group continues to strengthen its commercial pipeline combining organic and acquired assets.
In its update, GiG governance details that the company is making headway on its corporate mandate of becoming the leading industry platform servicing all core functions of igaming/betting’s value chain (technology, media services, games development, operations).
Closing a busy Q2 2018 trading period, in which GiG has launched its new sports betting division, expanded its footprint in Germany and secured its first US partnership with Hard Rock International GiG records a group year-to-date profits of €61 million (H1 2017: €41 million).
Updating the market, GiG governance declares an H1 2018 period EBITDA of €6 million, with the Oslo enterprise confident of achieving its €16-20 million full-year guidance target.
GiG CEO Robin Reed details a strong outlook for the company, as it prepares to launch its first in-house developed games, as well as securing new further contracts (Veikkaus – Finland) and licences (Sweden) within regulated European markets.
“GiG has invested significantly to achieve this vision. We are now approaching the home straight. In Q3, we will put our first in-house developed casino game live; we are then present with an offering across the entire value chain. While we have pursued this vision, we have reached several strategic milestones.
In Q2, we entered the largest category in iGaming: Sports betting, with a portfolio full of products. These were launched with good results at our internal brand Rizk.com. Subsequently, we are in the process of reaching agreements to sell these B2B services to the first external customers.”