Gaming Innovation Group (GiG) reported a 19.7% year-on-year increase in third quarter revenue, with its media services unit accounting for €11.2m (65.9%) of the €17.0m total.
GiG’s media services unit experienced a 30.2% improvement on Q3 2020, setting a new record for the division.
Raketech, another player in the industry, reported revenue of €9.6m for the same quarter.
Despite traditionally being a quieter period with fewer sporting events, GiG has performed exceptionally well.
Chief executive Richard Brown aims to challenge for top place in the industry and the affiliate market.
GiG’s impressive growth has been achieved organically.
The team’s dedication to product development, technology enhancements, paid media strategy, and market identification has driven their success.
GiG’s platform business saw a 5.6% year-on-year revenue growth to €5.7m in Q3.
Despite being smaller, there is a clear path for future expansion with long-term software-as-a-service revenue building.
The company’s long-term earnings before interest, tax, depreciation and amortization (EBITDA) target for the platform business is 40%.
Group EBITDA for Q3 was €5.3m, with media reporting a 45% margin during that period.
GiG’s platform business currently has a 6% EBITDA margin, but improvements are expected in the future.
The re-regulation in Germany had a negative impact, reducing platform revenue by €0.8m in Q3.
The German market still holds great potential despite the challenges faced.
GiG remains optimistic about the industry’s future and emphasizes the importance of working with regulators to ensure a healthy regulated market.
While certain European markets initially seemed difficult, they have now become significant growth markets.
GiG is pleased with its current positioning in the market and sees great potential for growth in the coming years.
The company is focused on new market launches for both its platform and media divisions, as well as providing exceptional service to existing customers.
GiG is excited about the future and confident in its ability to execute its strategic plans.
