The division's revenues reached €30.3m ($33.8m), driven by 18% organic growth. The EBITDA for Gentoo Media also rose by 43% to €14.8m, achieving an EBITDA margin of 48.7%.
Despite this growth in the media division, GiG's Platform & Sportsbook segment faced challenges, with revenues falling by 21% to €7.3m.
The segment's adjusted EBITDA showed a significant decline, recording a loss of €1.6m compared to a positive €3.7m in the same period last year.
The Platform & Sportsbook division did, however, manage to sign two new agreements, secure two additional Heads of Terms and extend one contract during the quarter.
Additionally, four new brands went live during Q2, with two more following in early Q3, bringing the total number of live brands to 72.
During the quarter, GiG also completed a €9m equity raise and a €15m bond tap, measures aimed at bolstering its financial position ahead of the planned split of its business segments.
The split, which would see the Platform & Sportsbook division begin trading independently, is expected to occur on 1 October 2024, pending regulatory and shareholder approvals.
This month, GiG finalised the acquisition of Titan, a supplier of SEO and content services, for €3.2m. The acquisition, announced in mid-June 2024, is expected to enhance the operational efficiency of Gentoo Media by significantly reducing SEO and content costs.
The company's previous acquisitions, including the integration of AskGamblers and KaFe Rocks, as well as the recent acquisition of Casinomeister, have contributed to the performance of Gentoo Media.
However, the decline in the Platform & Sportsbook segment highlights the challenges GiG faces as it prepares for the impending business split and continues to pursue growth through strategic acquisitions.
Highlights
-Media reported all-time high revenues of €30.3m, up 39% YoY (18% organic growth)
-EBITDA increased by 43% to €14.8m, with an EBITDA margin of 48.7% (47.4%)
-EBIT reached €7.8m, with a margin of 25.8% (32.3%)
-Cash and balance sheet bolstered by a €9m equity raise and a €15m bond tap
-GiG Media rebranded to Gentoo Media
-FTDs for Gentoo Media were 121,900 (109.400), up 11% YoY Q2-23
-AskGamblers and KaFe Rocks thrives post acquisition showing strong growth
-Strategic acquisition of Casinomeister, an online casino advocacy and review platform
-Signed Head of Terms to acquire Titan Inc. Limited, a premier supplier of SEO and content services, significantly enhancing Gentoo Media’s operational efficiency
-Revenues for Platform & Sportsbook were €7.3m (9.3), a decrease of 21%, with an adjusted EBITDA of €-1.6m (3.7)
-Platform & Sportsbook signed two new agreements, two additional Head of Terms and one contract extension in Q2 2024
-Four additional brands went live in the quarter, two so far in Q3 2024, and the number of live brands is 72 as of today
-Subject to the remaining regulatory and shareholder approvals, the split is expected to be executed by the end of September, with the first day of trading for Platform & Sportsbook anticipated on 1 October 2024.
Gaming Innovation Group is a leading iGaming technology company, providing solutions, products and services to iGaming Operators. Founded in 2012, Gaming Innovation Group’s vision is ‘To be the industry leading platform, sportsbook and media provider delivering world class solutions to our iGaming partners and their customers.
GiG’s mission is to drive sustainable growth and profitability of our partners through product innovation, scalable technology and quality of service. The company operates out of Malta and is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK.
Source: GMB
