{"id":284,"date":"2024-06-29T00:11:32","date_gmt":"2024-06-28T21:11:32","guid":{"rendered":"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/29\/gigs-business-to-business-makeover-drives-q3-revenue-growth\/"},"modified":"2024-06-29T00:11:32","modified_gmt":"2024-06-28T21:11:32","slug":"gigs-business-to-business-makeover-drives-q3-revenue-growth","status":"publish","type":"post","link":"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/29\/gigs-business-to-business-makeover-drives-q3-revenue-growth\/","title":{"rendered":"GiG&#8217;s Business-to-Business Makeover Drives Q3 Revenue Growth"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/kn8bmmPIQpc\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>GiGs business-to-business makeover yielded gains in the final quarter of 2020, with their platform services division seeing a substantial rise in earnings. The sale of their business-to-consumer holdings enabled them to significantly cut their net deficit for the quarter.<\/p>\n<p>The business-to-business transformation aided GiG&#8217;s revenue growth in the third quarter. Revenue for the three months ending September 30 was \u20ac17.9 million (\u00a316.1 million\/$20.9 million), a 77.2% increase from \u20ac10.1 million in the same period a year ago.<\/p>\n<p>GiG stated that the reported revenue for the quarter includes all profit and loss from white-label customer SkyCity, a subsidiary of New Zealand&#8217;s SkyCity Entertainment Group. However, SkyCity&#8217;s contribution was partially offset by related cost of sales and venue management expenses.<\/p>\n<p>Adjusted revenue was \u20ac14.2 million, up 42.0% year-on-year.<\/p>\n<p>Platform services continued to be the primary source of revenue for GiG in the third quarter, accounting for \u20ac9.1 million of total revenue in the quarter, up 151.8% year-on-year.<\/p>\n<p>A total of six new platform service agreements were signed in the third quarter, bringing the total number of agreements signed in 2020 to date to 10. Companies that signed with GiG in the quarter include Tipwin, Casumo subsidiary Mill of Magic, Argentina&#8217;s Grupo Slots and Hungary&#8217;s Casino Win.<\/p>\n<p>However, GiG noted that adjusted platform services revenue was \u20ac5.4 million, up 50%. <\/p>\n<p>Income remained stable in comparison to the same time frame last year.<\/p>\n<p>Conversely, media services (partner marketing) income increased by 7.5% to \u20ac8.6 million. GiG stated the division benefited from the easing of COVID-19 restrictions in key markets and the return of athletic events.<\/p>\n<p>In the third quarter, approximately 65% of income originated from revenue-sharing agreements, 9% from cost per acquisition; 25% from listing fees, and 1% from other services.<\/p>\n<p>GiG indicated its US-facing World Sports Network (WSN) site performed well and has been granted a license in West Virginia. Following the conclusion of the quarter, GiG also received a permit to operate in Tennessee, signifying its presence in nine US states.<\/p>\n<p>Sporting wagering services income remained steady at \u20ac200,000. Its sports betting is currently active in New Jersey and Iowa, while a strategic partnership with Genius Sports&#8217; Betgenius will expand its operations into new states and regions, including Latin America.<\/p>\n<p>Examining the quarter&#8217;s expenditures, cost of sales surged 350.0% year-over-year to \u20ac900,000, while marketing expenses rose 246.2% to \u20ac4.5 million. Other operational expenses increased slightly by 3.3% to \u20ac9.3 million.<\/p>\n<p>Earnings before interest, taxes, depreciation and amortization (EBITDA) came in at \u20ac3.2 million, compared to a loss of \u20ac425,000 in the third quarter of 2019. Depreciation and amortization costs were \u20ac3.3 million, with \u20ac1.6 million of that related to the amortization of acquired partner assets, resulting in a loss of \u20ac1.6 million in earnings before interest and taxes (LBIT). <\/p>\n<p>GiG reported a pre-tax deficit of \u20ac2.6 million in the third quarter, contrasted with \u20ac10.8 million in the equivalent period last year, considering \u20ac1.2 million in financial expenses and other charges.<\/p>\n<p>After settling \u20ac11.1 million in taxes, GiG&#8217;s loss from ongoing operations was \u20ac2.7 million, compared to \u20ac2.5 million in the same period a year ago.<\/p>\n<p>However, after removing the effect of the B2C business, which GiG sold to Betsson in April, the deficit for the period was \u20ac5 million.<\/p>\n<p>The B2C costs included in the previous year&#8217;s financial statements amplified the loss for the third quarter of 2019 to \u20ac8.4 million, indicating a substantial reduction in losses.<\/p>\n<p>Including foreign exchange gains, GiG&#8217;s total comprehensive loss for the third quarter of 2020 was \u20ac4.2 million, contrasted with \u20ac8.5 million in the equivalent period a year ago.<\/p>\n<p>\u201cRegulation in the gaming industry is generating long-term opportunities and success for us,\u201d said Richard Brown, Chief Executive Officer of GiG. \u201cThere might be short-term impacts as markets like Germany shift to regulation.<\/p>\n<p>\u201cHowever, GiG is confident that in the long term, new partners moving from retail to online, such as our recent signing of Tipwin, will drive growth beyond GiG&#8217;s current market opportunities, due to local regulation of online gambling and sports betting.\u201d<\/p>\n<p>From the nine-month performance to September 30, revenue increased by 36.3% to \u20ac45.8 million, surpassing the supplier&#8217;s total revenue for the entirety of 2019 of \u20ac44.1 million.<\/p>\n<p>EBITDA increased by 94.1% to \u20ac6.6 million, while the pre-tax deficit was \u20ac8.5 million, less than half of the \u20ac17 million. <\/p>\n<p>The organization experienced a financial setback of $3 million in the previous year.<\/p>\n<p>The cumulative deficit for the initial nine months amounted to \u20ac13.7 million, a decrease from \u20ac17.6 million during the equivalent timeframe the preceding year.<\/p>\n<p>&#8220;I am deeply impressed by the diligent efforts and commitment displayed by every individual within the organization throughout the past year. Their contributions have been instrumental in driving revenue and profitability expansion, and we are now poised to embark on the subsequent stage of growth,&#8221; remarked Brown.<\/p>\n<p>&#8220;Our primary focus is on transitioning into a purely business-to-business entity, a strategic move that positions us favorably to sustain results and growth trajectory.&#8221;<\/p>\n<p>Subscribe to the iGaming news bulletin. <\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"text-justify mb-2\" >GiGs business-to-business makeover yielded gains in the final quarter of 2020, with their platform services division seeing a substantial rise in earnings. The sale of their business-to-consumer holdings enabled them to significantly cut their net deficit for the quarter. The business-to-business transformation aided GiG&#8217;s revenue [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GiG<\/title>\n<meta name=\"description\" content=\"GiG\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/29\/gigs-business-to-business-makeover-drives-q3-revenue-growth\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"GiG&#039;s Business-to-Business Makeover Drives Q3 Revenue Growth\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"GiG\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/29\/gigs-business-to-business-makeover-drives-q3-revenue-growth\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Your Trusted Source for Secure Online Casino Games &amp; News\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T21:11:32+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/29\/gigs-business-to-business-makeover-drives-q3-revenue-growth\/\",\"url\":\"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/29\/gigs-business-to-business-makeover-drives-q3-revenue-growth\/\",\"name\":\"GiG\",\"isPartOf\":{\"@id\":\"https:\/\/dreamscasinobonusnodeposit.icu\/#website\"},\"datePublished\":\"2024-06-28T21:11:32+00:00\",\"dateModified\":\"2024-06-28T21:11:32+00:00\",\"author\":{\"@id\":\"https:\/\/dreamscasinobonusnodeposit.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"GiG\",\"breadcrumb\":{\"@id\":\"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/29\/gigs-business-to-business-makeover-drives-q3-revenue-growth\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/29\/gigs-business-to-business-makeover-drives-q3-revenue-growth\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/29\/gigs-business-to-business-makeover-drives-q3-revenue-growth\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/dreamscasinobonusnodeposit.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GiG&#8217;s Business-to-Business Makeover Drives Q3 Revenue Growth\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/dreamscasinobonusnodeposit.icu\/#website\",\"url\":\"https:\/\/dreamscasinobonusnodeposit.icu\/\",\"name\":\"Your Trusted Source for Secure Online Casino Games &amp; News\",\"description\":\"Indulge in the excitement of licensed online gambling with our up-to-date news, in-depth reviews, and expert articles. 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