Gaming technology company Gaming Innovation Group (GiG), an increasingly involved participant in the US sports betting and igaming industries, has released its Q4 financials for 2020, citing continued operating efficiencies with group sales up 66 percent to $21 million year-on-year during the time.
Corporate transformation targets
The company, updating investors, said it had achieved all the corporate transformation targets set out in 2020, helping the company achieve its long-term target of being the most profitable B2B technology provider for online gambling.
For its Media Services segment, which reported revenues of $10.9 million versus $9.1 million in Q4 2019, Q4 trading saw the company report a ‘all-time high’ in December.
Fruitful work and strategic measures
In his quarterly address, CEO Richard Brown noted that the fourth quarter showed the work and strategic measures placed in place during 2020 in the Sportsbook segment of the business were bearing fruit. Operating costs dropped by 49 percent quarter-over-quarter and, he said, an additional two new contract signings were made.
The Q4 update, looking more directly at the sports betting strategy of GiG, stated: “GiG’s sportsbook is live in two states in the US and will be used by new clients in regulated markets.
“Large emerging markets in regions such as Eastern Europe, Latin America and Africa, which are beginning to regulate and start transition online, will drive demand for an end to end solution including sports betting which GiG is well positioned to capitalise on. Thus, the vertical can play an important part to secure new clients in GiG future growth prospects.”
Looking at 2020 in the round, the strengthened commercial B2B pipeline of GiG was considered a key factor for the success of the group, after declaring ‘normalised sales’ of $63.2m up 19 percent on $53.5m in 2019. Full-year EBITDA totaled $13 million, outstripping 212 percent of the $4.1 million amount for 2019.
Meanwhile, GiG narrowed its full-year 2020 net sales loss to $2.2 million, a major improvement on the loss of $38.9 million posted for FY2019.
Impressive full-year results
Brown remarked: “I am very excited to see the work put in throughout the teams and across the company to deliver such impressive full-year results for the new look, B2B only GiG.
“The revenue and EBITDA growth is a testament to what has been built up through this year, and we are looking forward towards the continued improving results and growth as the actions through the second half of the year start to be delivered in 2021 and beyond.”