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Gaming Innovation Group reports Q2 2022
Gaming Innovation Group Inc. (GiG) reports Q2 2022 revenues* of €22.1 million and an adjusted EBITDA of €8.3 million.
“The strong momentum that we carry forward in Q2 and the exciting milestone of completing the acquisition of Sportnco on April 1st, position our business for continued growth and escalating profitability levels”, says Richard Brown, CEO of GiG.
Financial Highlights
- All time high revenues* in Q2 2022 amounting to €22.1m (16.1), an increase of 37% YoY, whereof 24% organic
- Adjusted EBITDA was €8.3m (5.6), up 47%, adjusted EBITDA margin* increased to 37.5% (35.0)
- EBIT was €2.4m (2.3), with an EBIT margin* of 10.8% (14.3%)
- Revenues in GiG Media at all-time high of €14.8m (11.0), an increase of 35%, with an all-time high adjusted EBITDA of €7.0m (5.3)
- Revenues* for Platform & Sportsbook were €7.3m (5.1), an increase of 43% whereof 2% organic (12% organic growth excl. premium fees), with an adjusted EBITDA of €1.3m (0.3)
- Positive net profit of €1.3m (-0.5) with an EPS of €0.01
- Positive cash flow from operations of €9.5m (3.5)
Operational Highlights
- Acquisition of Sportnco completed on 1 April
- GiG Media reached a sixth successive all-time high in quarterly revenue and player intake, FTDs ended at 79,400 (46,800), up 70%
- Signed with Tier 1 retail operator Aspers in the UK for the provision of its turnkey managed service solutions
- First agreement combining the offering from both GiG and Sportnco was signed with Full Games in Angola for both Sportsbook, PAM and managed services, positioning GiG in the exciting emerging African markets
- Signed head of terms agreement with US based sports betting brand, Crab Sports, to provide Platform and Sportsbook solution in Maryland, the first deal for the combined offering in the US
- Four additional agreements signed in the quarter, including extension with Betway for the provision of Sportsbook and PAM for Portugal, and new market entries in Spain and Colombia
- Number of live brands were 58 at quarter end
- GiG Media was awarded “best casino affiliate” award at the IGB Affiliate Awards in London
Events after Q2
- Signed an agreement with Betsson Group for platform in Colombia
- Signed extension with Grupo Boldt in Latam for two additional regulated markets for their Bplay brand
- Granted a supplier license for Ontario, allowing GiG to partner with operators based in the newly regulated Canadian province
- Three brands have gone live so far in Q3 2022, and the remaining integration pipeline projects are progressing towards their project plans
- July has developed positively, and revenues are up 37% compared to the same period last year, whereof 24% organic growth
*Revenues are adjusted for revenues from a platform client where GiG recognizes the full operations in its profit and loss statement, which are partly offset by related cost of sales and site overheads. Cost of sales, marketing expenses and EBITDA-margin are adjusted accordingly. See Note 2 in the Q2-2022 Interim Report for more details.
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Students from three British universities will fight to become champions of UE Masters
The United Kingdom is one of the countries represented in the largest video game competition between universities across Europe. Students from University of Roehampton, Nottingham Trent University, and Staffordshire University will fight to qualify for the Grand Final and become champions of UNIVERSITY Esports Masters (UE Masters).
After demonstrating a high level in the previous qualifiers, the British universities will have four teams participating in the UE Masters Playoffs, which will be played on the following dates: Rocket League (May 11 and 12) and VALORANT (May 25 and 26). In addition to the players from the UK, opponents representing Croatia, Belgium, France, Italy, Germany, Ukraine, Ireland, Spain, and the Netherlands will also take part. The matches can be followed on the competition’s official Twitch channel (twitch.tv/uemasters).
Two teams of University of Roehampton will seek victory in Rocket League Playoffs this weekend. On the other hand, students from Nottingham Trent University and Staffordshire University will try to be the winners in the VALORANT Playoffs in the coming weeks.
The 2023/24 edition of the UE Masters, which will distribute a total prize pool of 14,000 euros, has counted with the participation of university teams from 17 European countries and the support of Riot Games, one of the world’s leading video game developers (publishers).
Beyond of a video game competition
UNIVERSITY Esports Masters is a video game competition integrated within UNIVERSITY Esports, a global esports, gaming and technology project that is present in 26 countries on four continents and has the participation of more than 100,000 universities.
The main objectives of UNIVERSITY Esports Masters are to create a sense of community among players from all over Europe, to give them the opportunity to compete in high quality international tournaments and to provide avenues for young people to develop a career within the esports world, as well as to find a place to learn and enhance their skills.
The potential of esports and gaming in the UK
Gaming and video game competitions are positioned as one of the fastest growing sectors of the entertainment industry year on year globally. According to the statistics portal Statista, “the United Kingdom is experiencing a surge in Esports popularity, with a growing number of tournaments, teams, and dedicated arenas.”
The same source forecasts that the domestic esports market in the UK will reach revenues of £183.3 million in 2024, with a penetration rate of 27.9%. By 2028, it estimates revenues of £234 million and a market share of 33.1%.
The post Students from three British universities will fight to become champions of UE Masters appeared first on European Gaming Industry News.
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BF Games Enters Czech Market with Apollo Games
BF Games, the dynamic game development studio, has entered a new market through a collaboration with Apollo Games, a major licensed online casino operator in the Czech Republic. The content deal provides Apollo Games customers with the supplier’s most engaging releases, including titles like Stunning Hot Remastered and Cave of Fortune, which are now available.
ApolloGames.cz has been entertaining Czech players since 2021 and is part of the globally known Apollo Game Group, which boasts more than 17 years of experience in online games as well as land-based operations. The commercial partnership is part of the supplier’s plans to expand across Europe and supply thrilling games to operator partners worldwide.
Rok Hribar, Head of Sales and Account Management at BF Games, said, “Our new partnership with Apollo Games is a huge milestone for us as we make a significant entrance into the growing Czech market.
“We look forward to providing some of our most popular games to Apollo Games player base and bringing our creative content to their screens.”
Stanislav Jurecka, Casino Manager at Apollo Games, said, “We are watching the rapid development of BF Games’ offerings and are thrilled to sign this deal with the studio.”
“Adding BF Games’ slots to our online casino is a great win for us and our players, providing fantastic entertainment through a great mix of classic and innovative content. We look forward to introducing further games throughout the year and growing our successful partnership.”
The post BF Games Enters Czech Market with Apollo Games appeared first on European Gaming Industry News.
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BETBY Press Release for Publication
Betby, a premium sportsbook supplier, will be restoring its busy routine of travelling to international expos with its team of experts attending SiGMA Asia, in Manila, on June 3-5.
Considered as one of the biggest igaming gatherings in the Asian part of the world, Betby will be showcasing its premium sportsbook solution and products, including its proprietary Betby Games esports feed, and AI-based sportsbook tools under the umbrella of “AI Labs”.
Kirill Nekrasov, Head of Betby Games, will also be joining a panel of leading experts discussing in detail the growth of the eSports market. Together with his peers Nekrasov will also be discussing the inclusion of eSports in major sporting events, how it aids the diversification of revenue streams for operators and the potential implications for gambling sectors.
Betby will be showcasing its products alongside its ground-breaking solution for the Asian continent on June 3-5 welcoming all visitors at Stand B804.
The post BETBY Press Release for Publication appeared first on European Gaming Industry News.
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