Gaming technology firm Gaming Innovation Group (GiG), an increasingly active player in the US sports betting and igaming sectors, has published its Q4 financials for 2020, citing continued operational efficiencies during the period with group revenues ahead 66% to $21m year-on-year.
Updating investors, the firm said that it had achieved all corporate transformation objectives laid out in 2020, helping the company reach its long-term goal of becoming online gambling’s most valuable B2B technology supplier.
Q4 trading saw the group report an ‘all-time high’ December period for its Media Services division, which recorded revenues of $10.9m versus $9.1m in Q4 2019.
CEO Richard Brown, in his quarterly statement, noted that the fourth quarter showed the work and strategic actions put in place in the firm’s Sportsbook segment throughout 2020 were bearing fruit. Operating expenses were down by 49% quarter-over-quarter and an additional two new contract signings were made, he said.
Looking more specifically at GiG’s sports betting strategy, the Q4 update stated: “GiG’s sportsbook is live in two states in the US and will be used by new clients in regulated markets. Large emerging markets in regions such as Eastern Europe, Latin America and Africa, which are beginning to regulate and start transition online, will drive demand for an end to end solution including sports betting which GiG is well positioned to capitalize on. Thus, the vertical can play an important part to secure new clients in GiG future growth prospects.”
Looking at 2020 in the round, GiG’s improved commercial B2B pipeline was considered a key driver for the company’s performance, after it declared ‘normalized revenues’ of $63.2m up 19% on 2019’s $53.5m. Full-year EBITDA totaled $13m, outstripping 2019’s $4.1m figure by 212%.
GiG reduced its full-year 2020 net income loss meanwhile to $2.2m – a significant improvement on the $38.9m loss reported for FY2019.
Brown commented: “I am very excited to see the work put in throughout the teams and across the company to deliver such impressive full-year results for the new look, B2B only GiG. The revenue and EBITDA growth is a testament to what has been built up through this year, and we are looking forward towards the continued improving results and growth as the actions through the second half of the year start to be delivered in 2021 and beyond.”