The iGaming technology company with headquarters in Malta has reported an increase in revenues for the first quarter of 2021 and attributes the optimistic results to strategic initiatives that were implemented over the past 12 months.
GiG reported revenues for Q1 2021:
- Revenues in Q1 2021 were €18.3 million (Q1 2020: €11.2 million), up 64 per cent, all organic growth
- Normalised revenues were €15.4 million (Q1 2020: €10.7 million), an increase of 44 per cent
- EBITDA in Q1 2021 was €4.6m (Q1 2020: €0.6 million), up 674 per cent, normalised EBITDA margin increased to 29.6 per cent (Q1 2020: 5.5 per cent)
- Normalised revenues for Platform Services were €5.2 million (€3.8 million), an increase of 19 per cent , with a positive quarterly EBITDA of €0.3 million (Q1 2020: €-1.6 million)
- Revenues in Media Services at all-time high of €10.0m (€8.2 million) in Q1 2021, an increase of 23 per cent, EBITDA was €4.6 million (Q1 2020: €4.5 million)
- EBITDA for Sports Betting Services was €-0.4 million (Q1 2020: €-1.7 million) an improvement of €1.3 million, driven by operating expenses reduction of 75 per cent
- Positive EBIT of €1.3 million (Q1 2020: €-4.7 million) in Q1 2021, an improvement of €6.0 million
“The first quarter of 2021 is a strong start to the year and another positive step forward for Gaming Innovation Group, with strong results driven from the work and strategic initiatives pushed through in the last 12 months. We are happy with the overall progress and look forward to continuing to grow towards our long term objectives” wrote Richard Brown, CEO of GiG.
Founded in 2012, GiG is a leading iGaming technology company, providing solutions, products and services to iGaming operators, based in Malta.
Over the past 12 months, GiG has signed two new agreements with Platform Services, finished the development of five new brands and has completed a technician infrastructure and data migration project, started in Q4 2019.
Gaming Innovation Group is dual-listed on the Oslo Stock exchange and Nasdaq Stockholm.
Featured image: GiG.com
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