Dedicated focus on building the B2B business
Gaming Innovation Group (GiG) have released their Q4 report for 2019 showing an increase in revenues to €29.4 million (EBITDA of €4.8 million) along with a number of operational and strategic changes to the structure of the company itself.
Other revenue totals for the final quarter of the year included €19 million for the B2C segment and €12.1 million for the B2B segment, with EBITDAs of €4.1 million and €0.8 million respectively.
The B2B Media Services also saw revenues of €7.5 million with an EBITDA of €4 million.
Operating expenses totalled €13.7 million, a reduction of 12%, with the number of employees also having decreased from 706 to 649 year-on-year.
Gaming Innovation Group Quarterly Report.GiG went through a number of noteworthy operational changes in this time including the introduction of a fixed fee platform payment model, launching Hard Rock International’s online sportsbook in Iowa, signing with Mr Green in Latvia for platform services, casino and sports book, and the renewal of the contract with B2B partner Armstrong Operations Ltd. – this including two new brands signed onto the platform with the new fixed-fee payment model.
In a press statement, it was explained by Richard Brown, CEO of GiG, that, following his appointment as CEO in November 2019, they were coming out of a “strategic review” initiated in November last year.
“I am certain the actions taken will place the Company in a truly exciting position for growth while securing the sustainability of the Company’s financial position by significantly reducing its debt and leverage.”
One of the major changes they seem to be banking on is the divestment of the B2C vertical to Betsson Group which will give the Company dedicated focus on building the B2B business.
Other notable happenings which did not explicitly take place during Q4 include the introduction of GiG’s next-generation data platform, which is to be sold to existing customers and separately to external customers, and the extension of contract with a current platform customer with the addition of two new brands on the fixed-fee model.
Revenues in January also enjoyed an 8% increase over the average in Q4 2019.
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