Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Latest News

Gaming Innovation Group reports Q1 2020

Published

on

Gaming Innovation Group reports Q1 2020
Gaming Innovation Group reports Q1 2020Reading Time: 2 minutes

 

Gaming Innovation Group Inc. (GiG) reports Q1 2020 revenues of €31.1 million and an EBITDA of €2.5 million.

“GiG returns to topline growth as a group for the first time in five quarters, and many of the actions we have taken in Q4 & Q1 will enable further cost savings, optimization of the organisation and performance that will be a leaver to improved earnings in the second part of the year”, says Richard Brown, CEO of GiG.

Financial Highlights

  • Return to quarterly growth after four consecutive quarters with decline
  • Revenues in Q1 2020 of €31.1m (32.4)
  • EBITDA in Q1 2020 was €2.5m (4.1) with an EBITDA margin of 8.1% (12.7%)
  • Revenues for the B2B segment in Q1 2020 were €12.7m (14.2), EBITDA was €1.3m (3.0)
  • Revenues in Media Services were €8.2m (9.1) in Q1 2020, EBITDA was €4.5m (5.2)
  • Other operating expenses were €12.9m (13.3), the number of employees decreased from 695 to 594 year-on-year
  • Cash flow from operations in Q1 2020 was €8.1m (4.4) and cash used in investing activities was €3.0m (4.2)
  • Revenues for the B2C segment in Q1 2020 were €20.0m (20.2), EBITDA was €1.2m (1.1) with an EBITDA margin of 6% (5%)

Operational Highlights

  • Media Services return to quarterly growth in both revenue and FTDs after three quarters of decline
  • Strategic review initiated in November 2019, leading to an evolved strategic direction to reduce complexity and improve efficiency in the Company – resulted in agreement in February to divest B2C to Betsson
  • Launched MegaLotto onto the platform expanding GiG footprint across iGaming product verticals to include lottery – one of the largest markets in the industry
  • Extended the contract with a current platform customer with the addition of two new brands on the new fixed fee model.
  • The sales pipeline is developing positively, however has slowed some of the final contract negotiations as land based operators come to terms with actions around COVID-19
  • Other cost savings initiatives are progressing according to plan, which is expected to reduce operating expenses and the headcount to approximately 430 by year end 2020

Events after Q1

  • The B2C vertical was divested to Betsson effective on 16 April 2020, and the SEK300 million bond was repaid on 22 April 2020
  • Revenues from Platform Services in April were 35% higher than Q1-20 average and 40% higher than April 2019
  • Sportsbook restructuring initiated, which will lead to around €400k in monthly savings in Sports Betting Services when completed, and place it in a sustainable position for growth and strategic partnerships

Outlook and guidance

  • GiG will become one of few fully independent B2B providers after the divestment of the B2C segment – will give the Company dedicated focus on building the B2B business
  • Platform Services revenues and profitability will benefit from the increased traction several brands on the platform are experiencing from Q2 and onwards
  • GiG will continue its focus on cost control, execution and global expansion and multitude of actions taken in Q4 and Q1 will positively impact bottom line in the latter part of 2020, especially for Sports Betting Services
  • Guiding for full year 2020 remains, revenues are expected in the range of €70 – 75 million, with an EBITDA expected in the range of €14 – 17 million (including, for comparison, B2C as continued operations until completion of the transaction)

Investor presentation and webcast

CEO Richard Brown will present the Q1 2020 results via livestream at 11:00 CET. The presentation will be followed by a Q&A-session, and investors, analysts and journalists are welcome to participate. The presentation will be given in English.

Link to the livestream: https://www.redeye.se/live/gig-live-q-5-maj

 


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Gaming Innovation Group reports Q1 2020

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

Latest News

SKS365 keeps investing in people: GROW People Management Program took the next level

Published

on

Reading Time: < 1 minute

 

11 experienced people managers from the SKS365 group’s 4 locations gathered last week in Belgrade for the new GROW People Management Program. From 15 th to 19 th of April, through trainings, discussions, and social connections, people had the opportunity to further grow individually and as a team, while enjoying Belgrade’s city center and rivers.

Created in 2023 with the purpose of building foundation people management skills across the organization, GROW initiative evolved this year by including a new, advanced program for experienced people managers to further consolidate their skills and prepare for future opportunities.

Building and fostering connections, sharing experiences, and enjoying team building experiences – all these activities have been part of the GROWpmp agenda for the 11 people managers coming from Commercial, Product and Development, Finance, and Sportsbook departments of the group’s 4 locations – Malta, Italy, Austria, Serbia.

GROWpmp included a variety of topics that people managers in SKS365 recognized as the key areas for management development. Topics such as influence through communication, team effectiveness, DEI, through to presentation skills and business topics like understanding finance and management reporting, were delivered with the support of external professionals and internal experts, while designed and organized by the SKS365 People & Culture team.

 

The post SKS365 keeps investing in people: GROW People Management Program took the next level appeared first on European Gaming Industry News.

Continue Reading

Latest News

North Star Network acquires Um Dois Esportes

Published

on

Reading Time: 2 minutes

 

North Star Network are delighted to announce the acquisition of umdoisesportes.com.br, which becomes the latest addition to NSN’s global sports media portfolio.

Born from the GRPCOM merger of the editorial teams of Gazeta Do Povo and Tribuna do Paraná in 2020, Um Dois Esportes provides in-depth sports coverage and analysis for the Brazilian state of Paraná and beyond.

North Star Network co-founder Julien Josset said: “Thank you to the team at GRPCOM for their faith in us to take the brand forward. Um Dois Esportes is an established and renowned site in Paraná State, and we’re excited about the challenge of developing this asset.”

“We’re happy to maintain the collaboration with the existing editorial team, and look forward to working with them, bringing our unique NSN approach, to take UDE forward.” NSN’s signing of Um Dois Esportes is the media house’s fourth acquisition of 2024, following the recent deals to purchase UK-based SportsMole and MrFixitsTips, as well as Chilean site AlAireLibre, which was announced in March.

The latest addition to the North Star media portfolio joins existing assets including Top Mercato, Afrik-Foot, and Vringe. The Paris-based company already oversees a significant Brazilian operation, delivering over 6 million sessions per month, from the likes of Trivela, Premier League Brasil and Lakers Brasil.

NSN will retain Curitiba-based journalists from the Um Dois Esportes legacy team to maintain the asset’s unique tone and popular coverage of the Paraná sports scene across site and social.

“We were surprised by the interest, and initially had no intention of selling Um Dois, but as the conversations evolved, we realised this was a serious group with good intentions,” said GRPCOM Director Rafael Mello. “We were very happy to see our project being valued by a large international group and going global, demonstrating the quality of the content we produced.”

“We’re also proud that North Star inherited our journalists, who are truly responsible for the success of the product we offer readers every day.”

 

The post North Star Network acquires Um Dois Esportes appeared first on European Gaming Industry News.

Continue Reading

Latest News

BNXT League and PepperMill Casino join forces

Published

on

Reading Time: < 1 minute

 

BNXT League , the professional men’s basketball league played across the Netherlands and Belgium, and PepperMill Casino, the online casino licensed in Belgium, are pleased to announce their partnership centered around the BNXT League’s Belgian Play Offs.

PepperMill Casino will be a naming partner of the Belgian play offs. For the 24-25 season, PepperMill remains a partner of the BNXT League until the restrictions on gambling advertising take legal effect on January 1, 2025.

The partnership between BNXT League and PepperMill Casino aims to create engaging and customized content that engages and captivates fans on multiple fronts while increasing brand awareness.

“The basketball community is growing and buzzing with excitement and energy,” stated Anthony Rus, General Director of PepperMill Casino. “This partnership allows us to create memorable moments that build brand awareness and capture the hearts of fans.”

Wim Van de Keere, general manager of the BNXT League, adds, “The playoffs are undoubtedly the sporting highlight of the season. We are delighted to still be able to tie a dynamic partner like PepperMill Casino to us despite the restrictions coming up from 2025.”

 

The post BNXT League and PepperMill Casino join forces appeared first on European Gaming Industry News.

Continue Reading

Trending

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.