After publishing its latest results, the Malta based Gaming Innovation Group showed a continued strong growth in both performance and revenues, with €14.5m (£12.8m) in the third quarter meaning it saw an increase of 201% from the same period in 2015.
With this in mind the report also noted that the group expects to exceed the guided 100% organic growth for full year revenues, and that revenues will exceed €120m (£106.7m) next year.
Part of the reason for its strong 2016 was the acquisition of Betit Holdings which added a total of three brands (Kaboo.com, SuperLenny and Thrills) to the company’s B2C gaming operations which considerably expanded its presence in the lucrative Nordic market.
This is a relatively recent acquisition, announced in late June for a fee in the region of €54m (£48m). The GiG report also detailed that its casino brands, Guts.com, Rizk.com and Betspin, have continued to perform well whilst other sectors of the business saw similar successes including the growth of the affiliate business in Innovation Labs through an increased customer base.
In addition the company’s operators saw an increase in active users from 81,645 in the second quarter to 177,587 in the third quarter. Betit was of course a significant part of this, though it would still have been an impressive increase of 95,401 without the acquisition.
Gaming Cloud (iGC) also signed two new clients in the quarter bringing its total to 18. Another announcement included in the report was that following this period of strong growth, the company will be ‘undergoing an organisational change’.
It was stated that: “A group management is being formed which will oversee the management of its subsidiaries. Mikael Ångman commenced as Chief Operation Officer in September. Mr. Ångman’s former role was CEO of Mobile Sportsbook provider and Playtech subsidiary, Mobenga AB. The Company expects additional senior hires to be made in the upcoming period.”