Gaming Innovation Group (GiG) has announced its Q2 2021 financial results, showing revenue growth during what was described as a rewarding quarter for the igaming technology platform provider.
Q2 revenues of $18.9m were cited by the firm as representing an ‘all organic’ increase of 23% when compared to Q2 2020’s $15.5m.
During the period, the company strengthened its position in the US by making its entry into the Pennsylvanian gaming market after agreeing to a new partnership with PlayStar Casino, following on from its launch into the market earlier in the year in New Jersey.
Richard Brown, CEO of GiG, commented: “Another rewarding quarter for GiG, with meaningful growth in revenues, EBITDA and EBIT as well as underlying business dynamics. The company is progressing towards our business growth and expansion strategies, improving delivery and future position of the group.”
GiG’s revenues in Media Services reached an all-time high of $12.8m, a 28% increase when compared to the corresponding period last year (Q2 2020: $10m), with an all-time-high EBITDA as well of $6.2m (Q2 2020: $5.6m).
Revenues for its Platform Services came in at $5.9m for the quarter (Q2 2020: $5.5m), an increase of 9%, with a positive EBITDA of $0.2m (-$1m)
GiG emphasized that there is still high demand for its platform services, having launched two new clients during Q2.
Maintaining group operating expenses at $8.6m (Q2 2020: $9.9m), the company’s EBITDA for the quarter was $6.2m, up 86% year-over-year (Q2 2020: $3.3m), while EBITDA margin increased to 32.6% (Q2 2020: 21.6%).
Providing a year-to-date outlook, GiG group revenues track at $37m (YTD2020: $27.8m) – with its corporate YTD EBITDA already at $11.5m, and close to outperforming full-year 2020 results of $12.5m.
Entering H2 trading, the company cited strong commercial prospects for its media services and platform unit, which have entered a further three new marketplaces.
Further positives saw it detail an improved outlook for its nascent sportsbook unit, which is reported to be ‘close to breaking even’ servicing five brands on its platform.
Brown added: “GiG will continue its focus on cost control and global expansion and the company has a sound cost base for its operations which will drive results going forward.
“Client onboarding is picking up and the company is set to continue to expand in both Platform and Media. GiG is very pleased with the overall development and expects to continue to grow going forward.
“We continue to complete the development of projects for new client launches. There has been an increase in velocity in project completions, with the number of SaaS clients live increasing from 14 in the same period of 2020 to 22 by the end of June.
“We also continue to make progress towards our short and long term integration pipeline and expansion into new and ever-growing lists of regulated markets, which will be a key to an expanding business over the next years as a multitude of markets regulate online casino and sportsbook.”