GiG well-positioned for World Cup run in following strong Q1 results

GiG well-positioned for World Cup run in following strong Q1 results

Friday, May 4, 2018 Posted by Michael Lawson
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GiG revenue increased by a sizeable 62% from Q1 2017.

Gaming Innovation Group (GiG) has set its sights on this summer’s Russia World Cup after recording strong Q1 2018 interim results across the board.

GiG revenue increased by a sizeable 62% from Q1 2017, coming in at 37.2 million compared to €23.1 million the year previous. 46% of which was organic growth.

With the runup to the World Cup gaining momentum, the firm also detailed its new proprietary sportsbook offering.

With a view to “empowering the operator to individually tailor its front end look and feel, risk management, number of events and user experience, as well as odds and marketing features”, it is hoped that GiG Sports will see the company achieve full control of the sports betting value chain through proprietary products.  

As well as GiG Sports, there is also GiG Sports Connect, GiG Trader and GiG Goal, giving GiG one of the most comprehensive sportsbook offerings on the market.

Furthermore, the Malta-headquartered firm recorded a positive EBITDA, up to €4.3 million from €-0.4 million in Q1 2017.

“For the first time, we report a positive EBITDA for our gaming business, and we are very excited to launch our new sportsbook with Rizk.com ahead of FIFA World Cup in June,” said GiG’s CEO Robin Reed.

“I am very satisfied with the underlying performance and the shape of the business. We have a healthy pipeline and I look forward with great confidence.”

GiG also outlined advanced plans for a casino games development studio, entitled GiG Games, set to be launched in Q3 2018.  

The report read: “GiG has developed a games engine on top of the remote gaming server, which allows GiG to rapidly produce innovative casino games such as table games and slots.

“These games will be distributed and sold using the remote gaming server to any operator in the industry. There are currently three games under development, which will be launched in Q3 2018 and by the end of 2018 there will be in total six – eight games launched.”

Totally Gaming says: A number of reasons to be cheerful for GiG, with the Q1 2018 results illustrating a firm firmly in the ascendancy. With the World Cup just around the corner, a solid sportsbook offering will reinforce this growth and ensure GiG enjoys further successes for the remainder of 2018.

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