Internet casino operator Gaming Innovation Group has announced their second quarter 2016 financial results, noting a surge in operating revenues and profit margins.
Key financial indicators and highlights for the second quarter ending June 30th 2016 were:
- Operating revenue up year-on-year 23% at Euro 9.7 million;
- Gross margin up a percentage point at 85 percent;
- EBITDA positive at Euro 0.96 million, up Euro 1.93 million on the previous Q1 2016 loss of Euro 0.07 million;
- Marketing investment up at 43% of revenue (Q1-2016: 37 percent);
- First-time depositors increased to 11,400, a quarter-on-quarter rise from 4,700 on the first quarter of 2016;
- The company's iGamingCloud product signed three new clients during the quarter, boosting total clientele to 13;
- Sports betting technology revamp on track for completion in Q1-2017;
- The group acquired developer and provider of online casino services Betit Group to expand B2C business.
Commenting on the company's performance GIG CEO Robin Reed said, "I am satisfied to see that we deliver both revenue and earnings growth in the second quarter. The combination of an increasing number of FTD's, deposits and clients operational on the iGC platform, has contributed to a positive EBITDA for the quarter. During the first half of 2016 we have focused on M&A activity, adding on some of the most exciting companies within the iGaming industry. We aim to create the leading Nordic iGaming company, and in order to reach this goal we need the best technology, partners and highly qualified employees."