Gaming Innovation Group's Fourth Quarter Performance Sags

This story was published more than 4 years ago.

Online betting firm Gaming Innovation Group has posted their fourth quarter 2019 financials, noting that revenues were down across multiple sectors.

The results come a week after GiG sold off their online casino assets to Betsson, and reveal:

  • Revenues of €29.4 million, down from €39.9 million last year
  • B2C revenues down 26.4% to €19 million
  • B2B revenues down 26.2% to €12.1 million
  • B2B media services revenues down 13.8% to €7.5 million
  • Operating expenses down 11% to €13.7 million due to cutting employment
  • EBITDA down 4% to €4.8 million

Commenting on the results GiG CEO Richard Brown said, "The dynamics in the online gambling industry, both competitive and regulatory, have changed dramatically in the last two years and we as a company are forcefully adapting to that.

"We are coming out of a strategic review initiated in November last year, I am certain the actions taken will place the company in a truly exciting position for growth while securing the sustainability of the company's financial position by significantly reducing its debt and leverage."

About the author

Therese Williams // UK Correspondent
Therese Williams
Therese is a fervent fan of slot machines and pub fruities, often trying her luck at some of the top online casinos. She covers news for Casino Listings with a focus on the UK and Europe. Therese studied arts and creative writing at university and has written for newspapers in the UK.