{"id":260,"date":"2024-06-27T12:47:53","date_gmt":"2024-06-27T09:47:53","guid":{"rendered":"https:\/\/slotsgardennodepositbonuscodes.icu\/2024\/06\/27\/gigs-b2b-transformation-fuels-q3-revenue-growth\/"},"modified":"2024-06-27T12:47:53","modified_gmt":"2024-06-27T09:47:53","slug":"gigs-b2b-transformation-fuels-q3-revenue-growth","status":"publish","type":"post","link":"https:\/\/slotsgardennodepositbonuscodes.icu\/2024\/06\/27\/gigs-b2b-transformation-fuels-q3-revenue-growth\/","title":{"rendered":"GiGs B2B Transformation Fuels Q3 Revenue Growth"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/86cmsxHMLjc\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>GiGs B2B makeover was a triumph in the final quarter of 2020, with a substantial surge in income from its platform services division. The disposal of its B2C holdings enabled the organization to significantly lessen its net loss for the period.<\/p>\n<p>Gaming Innovation Group (GiG) reaped the benefits of its B2B transformation in the third quarter of 2020, with a notable increase in revenue from its platform services division. The divestiture of its B2C assets allowed the company to significantly reduce its net loss for the period.<\/p>\n<p>GiGs B2B Transformation Fuels Q3 Revenue Growth<\/p>\n<p>Revenue for the three months ending September 30 reached \u20ac17.9 million (\u00a316.1 million\/$20.9 million), a 77.2% jump from \u20ac10.1 million in the same period the previous year.<\/p>\n<p>GiG stated that the reported revenue for the quarter encompassed all profits and losses from its SkyCity white label client, a subsidiary of New Zealand&#8217;s SkyCity Entertainment Group. However, SkyCity&#8217;s contribution was partially offset by associated cost of sales and site indirect expenses.<\/p>\n<p>Adjusted revenue amounted to \u20ac14.2 million, a 42.0% year-over-year increase.<\/p>\n<p>Platform services remained the primary source of income for GiG in the third quarter, accounting for \u20ac9.1 million of total revenue for the quarter, a 151.8% year-over-year rise.<\/p>\n<p>Six new platform service agreements were inked in the third quarter, bringing the total number of agreements signed in 2020 to 10. Companies that signed up with GiG in the third quarter include Tipwin, Casumo subsidiary Mill of Magic, Argentina&#8217;s Grupo Slots, and Hungary&#8217;s Casino Win.<\/p>\n<p>However, GiG noted that when adjusted for the division&#8217;s revenue, the contribution of platform services reached \u20ac5.4 million, a 50% increase. <\/p>\n<p>Income from media services (partner marketing) climbed by 7.5% to \u20ac8.6 million. GiG stated that the division benefited from the loosening of COVID-19 regulations in key markets and the return of athletic contests.<\/p>\n<p>Roughly 65% of income in the third quarter originated from revenue-sharing agreements, 9% from cost per acquisition, 25% from listing charges, and 1% from other services.<\/p>\n<p>GiG mentioned that its US-facing World Sports Network (WSN) site performed well and has secured a permit in West Virginia. Following the conclusion of the quarter, GiG also obtained a permit to operate in Tennessee, signifying its presence in nine US states.<\/p>\n<p>Sports betting services income remained at \u20ac200,000. Its sports betting is currently active in New Jersey and Iowa, while a strategic alliance with Genius Sports&#8217; Betgenius will see its business expand into new states and areas, including Latin America.<\/p>\n<p>Examining expenses for the quarter, cost of sales surged 350.0% year-over-year to \u20ac900,000, while marketing expenses increased 246.2% to \u20ac4.5 million. Other operating expenses rose slightly by 3.3% to \u20ac9.3 million.<\/p>\n<p>Earnings before interest, taxes, depreciation and amortization (EBITDA) was \u20ac3.2 million, compared to a loss of \u20ac425,000 in the third quarter of 2019. Depreciation and amortization costs were \u20ac3.3 million, with \u20ac1.6 million of amortization of acquired intangible assets, leading to a loss before tax (LBIT) of \u20ac1.6 million. <\/p>\n<p>Taking into account other expenditures, including \u20ac1.2 million in financial costs, GiG reported a pre-tax deficit of \u20ac2.6 million in the third quarter, compared to \u20ac10.8 million in the same period a year earlier.<\/p>\n<p>After paying \u20ac111,000 in taxes, GiG&#8217;s loss from continuing operations was \u20ac2.7 million, compared to \u20ac2.5 million the previous year.<\/p>\n<p>However, the deficit for the period reached \u20ac5 million due to the effect of the divested B2C business (which GiG sold to Betsson in April).<\/p>\n<p>In the third quarter of 2019, B2C expenses were included in last year&#8217;s figures, resulting in a larger loss of \u20ac8.4 million, indicating a substantial reduction in losses.<\/p>\n<p>After taking into account foreign exchange gains, GiG&#8217;s total comprehensive loss for the third quarter of 2020 amounted to \u20ac4.2 million, compared to \u20ac8.5 million the previous year.<\/p>\n<p>&#8220;The regulation of the gambling industry is creating long-term opportunities and success for us,&#8221; said GiG CEO Richard Brown. &#8220;As markets like Germany transition to regulation, there may be short-term impacts.<\/p>\n<p>&#8220;However, GiG believes that in the medium to long term, new partners (such as our recent agreement with Tipwin) will move from retail to online, as local regulation of igaming and sports betting will drive growth beyond current market possibilities.&#8221;<\/p>\n<p>From the nine-month results ending September 30, revenue increased by 36.3% to \u20ac45.8 million, exceeding the supplier&#8217;s total revenue for the entirety of 2019, which was \u20ac44.1 million.<\/p>\n<p>EBITDA increased by 94.1% to \u20ac6.6 million, while the pre-tax loss was \u20ac8.5 million, more than half of the \u20ac17 million. <\/p>\n<p>The firm reported a deficit of 3 million euros in the previous year. <\/p>\n<p>The total comprehensive deficit for the initial nine months was 13.7 million euros, a decrease from 17.6 million euros in the first nine months of 2019.<\/p>\n<p>&#8220;I am incredibly proud of the hard work and commitment of the entire team over the past year. They have made valuable contributions to both income and profits, allowing us to achieve year-on-year expansion. We are now embarking on a growth trajectory for the next phase of the company&#8217;s development,&#8221; stated Brown.<\/p>\n<p>&#8220;We will continue to concentrate on optimizing the company to become a pure business-to-business entity, which will empower us to continue to achieve outcomes and expansion.&#8221;<\/p>\n<p>Sign up for the iGaming News newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>GiGs B2B makeover was a triumph in the final quarter of 2020, with a substantial&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GiG B2B Transformation Fuels Q3 Growth<\/title>\n<meta name=\"description\" content=\"Gaming Innovation Group (GiG) saw strong Q3 results driven by its B2B platform services, with divestiture of B2C assets contributing to reduced losses.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/slotsgardennodepositbonuscodes.icu\/2024\/06\/27\/gigs-b2b-transformation-fuels-q3-revenue-growth\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"GiGs B2B Transformation Fuels Q3 Revenue Growth\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Gaming Innovation Group (GiG) saw strong Q3 results driven by its B2B platform services, with divestiture of B2C assets contributing to reduced losses.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/slotsgardennodepositbonuscodes.icu\/2024\/06\/27\/gigs-b2b-transformation-fuels-q3-revenue-growth\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Discover the Secrets of Casino Mastery | Tips &amp; Licensed Games\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T09:47:53+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/slotsgardennodepositbonuscodes.icu\/2024\/06\/27\/gigs-b2b-transformation-fuels-q3-revenue-growth\/\",\"url\":\"https:\/\/slotsgardennodepositbonuscodes.icu\/2024\/06\/27\/gigs-b2b-transformation-fuels-q3-revenue-growth\/\",\"name\":\"GiG B2B Transformation Fuels Q3 Growth\",\"isPartOf\":{\"@id\":\"https:\/\/slotsgardennodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-27T09:47:53+00:00\",\"dateModified\":\"2024-06-27T09:47:53+00:00\",\"author\":{\"@id\":\"https:\/\/slotsgardennodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Gaming Innovation Group (GiG) saw strong Q3 results driven by its B2B platform services, with divestiture of B2C assets contributing to reduced losses.\",\"breadcrumb\":{\"@id\":\"https:\/\/slotsgardennodepositbonuscodes.icu\/2024\/06\/27\/gigs-b2b-transformation-fuels-q3-revenue-growth\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/slotsgardennodepositbonuscodes.icu\/2024\/06\/27\/gigs-b2b-transformation-fuels-q3-revenue-growth\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/slotsgardennodepositbonuscodes.icu\/2024\/06\/27\/gigs-b2b-transformation-fuels-q3-revenue-growth\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/slotsgardennodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GiGs B2B Transformation Fuels Q3 Revenue Growth\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/slotsgardennodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/slotsgardennodepositbonuscodes.icu\/\",\"name\":\"Discover the Secrets of Casino Mastery | Tips &amp; Licensed Games\",\"description\":\"Stay informed and elevate your gambling experience with our fresh casino news, in-depth reviews, and expert articles. 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