Gaming Innovation Group (GiG) lauds the continuous record-breaking momentum of its standalone media business operating under the new identity of Gentoo Media.
Q2 accounts show that Gentoo Media generated all-time high revenues of €30m, up 39% from 2023 comparatives of €22m.
As detailed to investors, “The quarter marks the 14th consecutive quarter with all-time high revenue for Gentoo Media.”
Period trading saw the standalone Gentoo Media business generate 121,000 (+11%) new depositing customers (NDCs) for GiG clients, with year-to-date revenues standing at €58m (YTD2023: €40m).
Gentoo’s performance thrives on the successful M&A integrations of the new affiliate media assets of AskGamblers and KaFe Rocks, completed during Q2.
H2 trading will see a standalone Gentoo further strengthened by the new M&A assets of Titan SEO and the heritage online gambling player community CasinoMeister.
GiG underscored the operational resilience of Gentoo, achieving peak results during a transformative H1 period in which management divested GiG’s Sportsbook and Platform business to the ownership of shareholders.
Transformation aside, an uninterrupted Gentoo achieved an ‘all-time high’ adjusted EBITDA of €14.3m, up 43% on 2023 results of €10m, with results reflecting an operating margin of 48%.
A standalone Gentoo tracks a YTD EBITDA of €28m (YTD2023: €18.5m). Q2 accounts recorded a net loss of €5m, attributed to increased M&A amortisation costs and €3.2m paid on bond and FX expenses.
GiG Chairman Mikael Riese Harstad stated: “It is with this confidence that I am happy to announce the finalisation of our strategic split into two separate listed entities: Gentoo Media (formerly GiG Media) and GiG Platform. This split is now set to be completed by the end of September 2024.”
“I am fully confident that both companies will flourish as independent entities, each continuing to lead and innovate within their respective areas of focus.”
Q2 accounts provided a snapshot overview of the performance of GiG’s divested Platform & Sportsbook business, which registered a 21% decline in revenues to €7.3m (Q2 2023: €9m).
Revenue declines were anticipated as the divested Platform & Sportsbook business has changed its auditing structure under IFRS rules.
Q2 trading saw Platform & Sportsbook register an adjusted EBITDA loss of €1.6m (Q2 2023: €3m), with the operating margin declining to 22% (from 33%).
GiG highlights a positive outlook for its divested Platform & Sportsbook, which secured two new agreements, signed two additional Heads of Terms, and extended one contract. Of significance, during the quarter, four additional brands were launched, with two more going live so far in Q3 2024, bringing the total number of active brands to 72 as of H1 trading.
Chairman Mikael Riese Harstad concluded: “The second quarter of 2024 has truly been one of significant achievement and strategic progress. As we move forward with the final steps of our strategic split, Petter Nylander, Chairman of Platform & Sportsbook, and I are confident that both Gentoo Media and Platform & Sportsbook will continue to grow, innovate, and deliver value to our shareholders like never before.”
“Despite the many changes in external market conditions and internal organisation, GiG has always remained steadfast in its commitment to its core values.
At the heart of our company lies a deep passion for iGaming – we live and breathe the excitement, strategy, and dynamics of this ever-evolving industry. While others may chase trends, we have always trusted that our deep expertise, state-of-the-art technical infrastructure, and data-driven approach will yield long-term success.”
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