GiG or the Gaming Innovation Group has reported its financial results for the second quarter of the year. It shows a 39% year-on-year increase in revenue within its media division. Moreover, it now operates under the name Gentoo Media.
The revenues of the division reached €30.3 million or $33.8 million. Eighteen percent organic growth drives it. For Gentoo Media, the EBITDA also rose by 43% to €14.8 million. It achieves an EBITDA margin of 48.7%.
GiG’s Platform & Sportsbook segment faced challenges in spite of this growth in the media division. They have revenues falling by 21% to €7.3 million.
The adjusted EBITDA of the segment showed a significantly decline. It records a loss of €1.6 million compared to a positive €3.7 million in the same period last 2023.
However, The Platform & Sportsbook division did manage to sign two new agreements, and secure two additional Heads of Terms, as well as extending one contract during the quarter.
Furthermore, four new brands went live during the second quarter. Two more follow in early third quarter and brings the total number of live brands to 72.
GiG also completed a €9 million equity raise and a €15 million bond tap during the quarter. This measures aimed at bolstering its financial position ahead of the planned split of its business segments.
The split would see the Platform & Sportsbook division begin trading independently. We expect it to happen on October 1, pending regulatory and shareholder approvals.
Recently, GiG finalized the purchase of Titan for €3.2 million. It is a supplier of SEO and content services. Gentoo Media announced the purchase in mid-June of this year. We expect it to enhance operational efficiency by significantly reducing SEO and content costs.
The previous purchases of the company include the integration of AskGamblers and KaFe Rocks. It also includes the recent purchase of Casinomeister, and have contributed to Gentoo Media’s performance.
