GiG Publishes Strong Q2 Results Ahead of Strategic Split

Gaming Innovation Group (GiG) has published its financial results for the second quarter of the year (Q2). While the Media division performed well, Platform & Sportsbook struggled to catch up.  

Gentoo Media Posted Record-Breaking Results

According to GiG, its Media division reported all-time-high revenues of EUR 30.3 million ($33.7 million), marking an increase of 39% year-on-year. This figure, according to the company, also marks an organic growth of 18%.

EBITDA, GiG said, was up 43% to EUR 14.8 million ($16.5 million), with an EBITDA margin of 48.7%. EBIT, on the other hand, reached EUR 7.8 million ($8.7 million) with a margin of 25.8%.

The Media division also reported a strong cash and balance sheet bolstered by a EUR 9 million equity raise and an EUR 15 million bond tap.

Q2 also saw GiG Media rebrand to Gentoo Media, providing the company with a new identity that better reflects its purpose. FTDs for Gentoo Media were 121,900 in Q2, 2024, up 11% year-on-year.

AskGamblers and KaFe Rocks, which were both acquired by GiG posted strong post-acquisition growth.

Speaking of acquisitions, GiG signed an M&A agreement with Casinomeister, an online casino advocacy and review platform, which will boost the former company’s affiliate portfolio. GiG also set out to acquire Titan, a premier supplier of SEO and content services that will enhance Gentoo’s operational efficiency.

Platform & Sportsbook’s Financials Declined Ahead of the Split

In the meantime, the Platform & Sportsbook division reported a 21% decrease in revenue to EUR 7.3 million ($8.1 million). Additionally, the division reported an adjusted EBITDA loss of EUR 1.6 million ($1.8 million).

In the meantime, Platform & Sportsbook signed two new agreements, two additional Head of Terms and one contract extension in Q2 2024. The quarter also saw Platform & Sportsbook launch four additional brands. Two more brands have so far been launched in Q3 2024, bringing the total number of live brands to 72.

GiG announced that the business split of Gentoo Media and Platform & Sportsbook is proceeding as planned and is set to be executed by the end of September. The first day of trading for Platform & Sportsbook will be on October 1, according to the plans.

As the split draws near, Gentoo Media onboarded Christian Uhrenholt as its new chief financial officer. In this position, the appointee will oversee the company’s financial department and will play a key role in its business development.