Provider of online gambling solutions and related services Gaming Innovation Group reported its financial results for the second quarter of the year. The company said that it has reached a new all-time high in both revenue and EBITDA during the period in review.
Operating revenue totaled €9.7 million for the three months ended June 30, 2016, up 23% from the amount of €7.9 million reported for the previous quarter. Gross margin stood at 85%, compared to gross margin of 84% for the first quarter of this calendar year.
As mentioned above, Gaming Innovation Group also posted record EBITDA. It amounted to €0.96 million, reflecting a €1.03 million increase from negative EBITDA of €0.07 million generated during the three months ended March 31, 2016.
The gambling group said that marketing expenses, represented by TV campaigns and related marketing activities, accounted for 37% of the revenue generated for the second quarter of 2016. In comparison, marketing expenses accounted for 43% of the revenue reported for the previous quarter.
Headquartered in Malta and listed on the Oslo Stock Exchange, Gaming Innovation Group specializes in the provision of services in three main fields. In the first place, it offers Cloud-based solutions. The company also provides B2B Performance Marketing. Last but not least, it delivers online casino games and sports betting options from major international providers. Guts, Rizk, Betspin, Thrills, and Kaboo are several of the casino brands managed by Gaming Innovation Group.
During the second quarter of the year, the number of the company’s first-time depositors increased to 11,400, up from a total of 4,700 in the previous three-month period. The rise was attributed to the successful integration of two new affiliate networks.
Providing an update on the complete re-write of its sports technology undertaken, Gaming Innovation Group said that the upgrade will likely be completed in the first quarter of 2017.
The cloud-based service iGamingCloud added three new clients to its portfolio during the quarter in review. As of August 17, there were 13 operational external customers on the platform; all remaining clients are to go live by the end of the year.
During this year’s second quarter, Gaming Innovation Group announced the acquisition of developer and provider of online casino services Betit Group in a bid to further expand its B2C iGaming operations.
Commenting on the results posted, Gaming Innovation Group CEO Robin Reed said that they are satisfied to be delivering both revenue and EBITDA growth and that they will remain focused on creating a leading Nordic online gambling company.
