Completing its first full-year on the Oslo Stock Exchange (listed July 2015), Gaming Innovation Group (GIG) has recorded a 202% increase in corporate revenues to €53 million (FY 2015: €17.8 million).
Updating investors, GIG governance stated that its performance had been driven by its effective M&A strategy which had seen the firm increase its presence in lucrative Nordic markets.
Closing its full-year 2016 corporate performance, GIG would record an operating EBITDA of €5.8 million, reversing FY 2015 losses of – €2.1 million. The firm achieved a positive EBITDA despite doubling group marketing spend to €19 million for FY 2016.
GIG governance noted that acquisitions undertaken in 2015 had been successfully incorporated as the firm ‘significantly strengthens its core organisation’.
Following its integration of acquired Betit Holding assets (June 2016), GIG has at present 25 brands active on its IGC platform. GIG governance stated that moving forward its acquired assets performance would be supported by new ‘organic brands’ such as recently launched igaming asset RIZK.
Commenting on 2016 performance Robin Reed CEO of Gaming Innovation Group stated;
“In 2016 Gaming Innovation Group truly entered the iGaming scene. At the beginning of the year, three brands were live on the iGC-platform, while we had 25 brands operational by the end of December. Rizk.com has been one of the most successful iGaming launches in 2016 and we have completed several acquisitions. All this illustrates how the company has emerged during the year. In order to create a leading iGaming company, focus for 2017 will still be on building volumes”.
Issuing a 2017 update, at present GIG governance targets full-year 2017 revenues to be ‘above €120 million’, as the company seeks to establish its IGC-platform as a marker leader in igaming and betting services.
