Igaming solutions provider Gaming Innovation Group (GiG) has published its interim report for the first quarter of trading in 2019. Revenues for Q1 were $36.2m versus $41.7m year-on-year having been impacted, said the firm, by its native Swedish market.
Revenues for the B2B segment in Q1 2019 were $15.9m ($17.1m 2018), while EBITDA was $3.3m ($4.5m 2018). Revenues for the B2C segment in Q1 2019 were $22.6m ($28.4m 2018), with a positive EBITDA of $1.2m ($0.11m 2018).
In addition to a full update on its financials, GiG also outlined its ambitions for the fast emerging LatAm sports betting and gaming market. “Later in the year we are looking to make our Spanish launch a gateway into Latin America,” said CEO Robin Reed. “It is key to rapidly launch and market our B2C brands into high potential, low barrier markets in order to drive growth for the group. It requires marketing investments, returns should start to grow within months thereafter.”
The firm went on to offer an outlook on its B2C business, saying: “Following the tougher competition and regulation in core markets, initiatives are being taken by the company to seek to expand its geographical footprint in less mature markets such as Canada and in Asia.
“A licence application is well underway in the fast growing Spanish market, with expected launch in the second half of 2019. Spain will also serve as a gateway to the Latin American market. The establishment of our business in these markets is a key priority for profitable growth from current levels in 2019 and beyond.”