Quarterly revenue up 23% as Gaming Innovation Group announces Q2 financial results
Period saw the company sign an agreement with PlayStar Casino to power the brand’s expansion into the state of Pennsylvania.
Gaming Innovation Group (GiG) has today announced the company’s financial results for the period ending June 30, 2021.
The second quarter of 2021 saw the company report revenue of €16.2m ($18.9m), an increase of 23%. Specifically, media services saw an all time high revenue of €11m, growing by 28%. Platform service revenue also saw growth of 9%, being reported at €5.1m.
Adjusted EBITDA was recorded at €5.3m, an increase of 32.6%. Furthermore, the iGaming technology and solutions company announced a positive cash flow from operations of €3.4m.
The period saw GiG sign a number of agreements to increase the brands global reach. The company partnered with PlayStar Casino for the provision of GiG’s iGaming platform technologies to facilitate expansion into the state of Pennsylvania. This came as GiG continued its growth, entering three new markets.
The company launched a new brand during Q2 with further brands to be launched during Q3.
In its statement the iGaming group said it expects these gains to continue into Q3. With July revenue up 10% year-on-year the company expects a total revenue increase of 26% for Q3.
“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 & expansion strategies, improving delivery and future position of the group,” said Richard Brown, CEO of GiG.
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