Gaming Innovation Group posts strong Q2 2024 results, driven by record media arm revenues

Gaming Innovation Group (GiG) reported robust financial results for Q2 2024, with its media business achieving record revenues. The media segment, now rebranded as Gentoo Media, recorded revenues of €30.3 million ($33.69 million), a 39% increase year-on-year, driven by 18% organic growth. 

EBITDA rose by 43% to €14.8 million ($16.5 million), with an EBITDA margin of 48.7%. The company’s overall EBIT reached €7.8 million, with a margin of 25.8%. The quarter was bolstered by a €9 million equity raise and a €15 million bond tap, strengthening GiG's cash position and balance sheet.

GiG rebranded its media arm as Gentoo Media during the quarter, reflecting the division’s growing influence in the company's operatios. Gentoo Media reported 121,900 first-time depositors (FTDs), an 11% increase compared to the same period last year. 

Key acquisitions also bolstered the division's portfolio, including the purchase of Casinomeister, an online casino advocacy and review platform. AskGamblers and KaFe Rocks, which were acquired previously, continued to show growth.

In another strategic move, Gentoo Media signed a Head of Terms to acquire Titan Inc. Limited, a premier SEO and content service provider, which is expected to enhance the company’s operational efficiency. The operation was closed earlier in the week.

Revenues from GiG's Platform & Sportsbook division, however, declined by 21% year-on-year, totaling €7.3 million. The adjusted EBITDA for the segment was negative at €-1.6 million, compared to €3.7 million in Q2 2023.

Despite the decline, the division signed two new agreements, two additional Heads of Terms, and one contract extension during the quarter. Four new brands also went live, bringing the total number of live brands to 72.

GiG is set to execute the planned split of its media and platform divisions by the end of September, with the first day of trading for Platform & Sportsbook anticipated on October 1, 2024, pending final regulatory and shareholder approvals.