Platform services growth drives Q2 revenue growth for GiG

Platform services growth drives Q2 revenue growth for GiG

Gaming Innovation Group (GiG) has reported a year-on-year increase in revenue for the second quarter, primarily due to growth within its platform services arm.

Published 11th August 2020

Revenue in the three months to 30 June amounted to €16.7m (£15.0m/$19.6m), up 32.3% from €11.3m in the same period last year. This figure includes revenue from the New Zealand-facing SkyCity business, which went live in August last year.

GiG reported year-on-year growth across a number of its business sectors, including its platform services arm, which comprises the technical platform and the front end and other managed services. Revenue here almost doubled from €4.2m in 2019 to €8.2m.

According to GiG, while sales developed positively, the novel coronavirus (Covid-19) pandemic slowed some contract negotiations, as land-based operators dealt with lockdowns. However, while talks were delayed, GiG said that on a longer-term basis, this will accelerate the transition to online.

Elsewhere, revenue from media services remained level at €8.6m, despite the impact of Covid-19. Historically, revenue from sports has made up around 20% of media services revenue, and while this was hit by Covid-19, performance in casino and GiG’s ability to switch paid media to casino ensured the division grew in Q2.

Read the full story on iGB.