Gaming Innovation Group Reports Q3 2018

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Nov 06, 2018, 02:49 ET

STOCKHOLM, Nov. 6, 2018 /PRNewswire/ -- Gaming Innovation Group Inc. (GiG) reports EUR 37.3 million in revenues in Q3 2018, a 21% increase over Q3 2017. EBITDA for Q3 2018 was EUR 5.0 million, a 66% increase over Q3 2017.

"In the third quarter, we have delivered the last building blocks to our ecosystem, our own games and omni-channel solution, to cover all verticals in iGaming. We have created a base from where now, with full force, we can drive forward as the full service provider which every company serious about iGaming must be part of. GiG sees strong interest for its services and products with an increasingly healthy pipeline of opportunities", says Robin Reed, CEO of GiG.

Financial highlights Q3 2018

Operating revenues of EUR 37.3 (30.8) m, up by 21% from Q3 2017
EBITDA of EUR 5.0 (3.0) m, an increase of 66% from Q3 2017
B2B revenues of EUR 15.4 (11.6) m, up by 33% from Q3 2017
B2C revenues of EUR 24.4 (21.9) m, up by 11% from Q3 2017
Marketing expenses of EUR 10.6 (11.9) m, 29% of total revenues, down from 39% in Q3 2017

Operational highlights

Initiatives taken to improve profitability and general performance in Gaming Operators led to strong improvement in B2C with an EBITDA of EUR 1.4 (-2.3) million
First external Sportsbook agreement with Latvian operator 11.lv
Mr Green signed as GiG's first external customer for its compliance tool GiG Comply
Hard Rock International signed a Letter of Intent for GiG's omni-channel Sportsbook
GiG Games launched its first in-house developed game
Sportsbook agreement with existing operator Metal Casino
Listing at NASDAQ Stockholm (main list) planned for Q1 2019

Outlook

GiG is ready to leverage on its complete ecosystem and key strengths driving revenue and market share for its partners
Attracting new customers converting from offline to online
Geographical expansion focusing on regulated and soon-to-be regulated markets
Updated full year 2018 guidance: Revenues EUR 149-152m, EBITDA EUR 16-18m

Investor presentation and webcast:

CEO Robin Reed will present the Q3 results at 10:00 CET. The presentation will be given in English and available live via webcast and via a telephone link. Questions can be asked via the webcast or the telephone link.

Link to the webcast: https://tv.streamfabriken.com/gig-q3-2018

Numbers for participation in the telephone conference:

SE: +46850556466

UK: +442034270662

US: +13473291282

NO: +4723500244 Pin code for NO: 90989264#

For further information, contact:

Robin Reed
CEO
+356-9999-0382
([email protected])

About Gaming Innovation Group (GiG):

Gaming Innovation Group Inc. is a technology company providing products and services throughout the entire value chain in the iGaming industry. Founded in 2012, Gaming Innovation Group's vision is 'To open up iGaming and make it fair and fun for all'. Through our ecosystem of products and services, we are connecting operators, suppliers and users, to create the best iGaming experiences in the world. GiG operates out of Malta and is listed on the Oslo Stock Exchange under the ticker symbol GIG.

For more information about GiG and our services also see:

https://www.gig.com/

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The following files are available for download:

http://mb.cision.com/Public/15972/2664737/9414555f825e2897.pdf	GIG Q3 2018
http://mb.cision.com/Public/15972/2664737/a209b18033d2646d.pdf	GIG Q3 2018 presentation