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Gaming Innovation Group reports Q1 2022

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Gaming Innovation Group reports Q1 2022
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Gaming Innovation Group Inc. (GiG) reports Q1 2022 revenues* of €19.1 million and an EBITDA of €6.5 million.

“I am satisfied with the Company’s progress in the first quarter, and we now move toward an exciting second quarter where our global strategic position across multiple areas of high value within the iGaming industry creates truly exciting prospects for growth across the business units”, says Richard Brown, CEO of GiG.

Financial Highlights

  • GiG achieved all time high revenues* in Q1 2022 of €19.1m (15.0), an increase of 27% YoY, all organic growth
  • EBITDA was €6.5m (4.9), up 32%, EBITDA margin* increased to 34.2% (32.8%)
  • EBIT was €2.9m (1.9), up 53%, EBIT margin* increased to 15.1% (12.6%)
  • Revenues in Media Services at all-time high of €14.1m (10.0), an increase of 40%, with an all-time high EBITDA of €6.8m (4.6)
  • Revenues* for Platform Services were €5.0m (5.2), a decrease of 4%, with an EBITDA of €-0.3m (0.3), impacted by departure of HardRock and Dutch market in Q4 2021
  • Excluding white-labels and premium fees related to historic B2C sales, Platform revenue increased by 20% YoY
  • Positive net profit of €1.1m with an EPS of €0.01
  • Positive cash flow from operations of €3.8m (-0.1)

 

Operational Highlights

  • Media Services reached a fifth successive all-time high in quarterly revenue and player intake, FTDs ended at 69,800 (43,700), up 60%
  • Signed an extension to the long-term agreement with Betsson Group for the provision of Platform & Managed Services, taking the term of the contract to Q4 2025
  • Two new brands were launched, taking the number of live brands to 25 at quarter end
  • Three new client projects completed, all dev complete pending clients’ decision to launch

Events after Q1

  • Signed Acquisition of Sportnco completed on 1 April
  • Signed a head of terms agreement with a Tier 1 retail operator in the UK for the provision of turnkey managed service solutions
  • Signed agreement with existing Sportnco partner Betway for the provision of Sportnco’s Sportsbook and PAM for Portugal
  • Signed Full Game in Angola, first multi-product contract and first move into emerging regulated African continent
  • Signed an extension with SkyCity, taking the term to May 2025
  • GiG Media was awarded “best casino affiliate” award at the iGB Affiliate Awards in London
  • April has developed positively, and revenues are up 42% compared to the same period last year, whereof 28% organic growth

*Revenues are adjusted for revenues from a platform client where GiG recognizes the full operations in its profit and loss statement, which are partly offset by related cost of sales and site overheads. Cost of sales, marketing expenses and EBITDA-margin are adjusted accordingly. See Note 2 in the Q1-2022 Interim Report for more details.

Investor presentation and webcast

CEO Richard Brown will present the Q1 2022 results via livestream at 10:00 CET. The presentation will be followed by a Q&A-session, and investors, analysts and journalists are welcome to participate. The presentation will be given in English.

 

Link to the livestream:

https://www.redeye.se/events/838781/live-q-gaming-innovation-group-3

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Slotmill live with ComeOn Group

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Slotmill is pleased to announce the launch of its award-winning casino games across ComeOn Group’s portfolio of brands under the Swedish licence. The first batch of Slotmill games was launched earlier in the month and there will be a sequential roll-out of the full Slotmill game portfolio to enrich the player experience of ComeOn’s brand in the Swedish market. ComeOn Group was established in 2008 and is one of the largest, tier 1 online operators in Sweden and their services are powered by their proprietary platform across sports and casino, offering their customers best in class entertainment experiences.

Andreas Ternström, Chief Commercial Officer at Slotmill commented;

”We are extremely proud that ComeOn has chosen to add Slotmill as a trusted supplier. ComeOn has a strong market position and are known for innovation, social responsibility and for providing the best possible player experience.”

Greg Kett, Director of Casino at ComeOn continued;

“We are thrilled over the partnership with Slotmill in particular as their focus on quality and innovation resonates perfectly with that of ComeOn. Slotmill has a solid reputation for providing fun and exciting games which we are convinced will be well received by our player base.”

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Embark on a Babylonian journey in Law of Gilgamesh by Elysium Studios

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Having already raised the bar in terms of what players can expect from an online casino game, this month Elysium Studios – Driven by Swintt are back with an almighty bang for what promises to be one of their most ambitious slot adventures to date in Law of Gilgamesh.

Taking players on a majestic journey through ancient Mesopotamia, Law of Gilgamesh is an exciting cluster pays slot that boasts cascading reels and maximum wins of up to 10,188.50 x the bet. Unique symbols to appear in the game include relics from the Sumerian kingdom like stone lions, rams and bulls plus the goddess Ishtar, the warrior Enkidu and the fabled king Gilgamesh himself.

Each of these last three legendary figures has the power to rain down special modifiers on the reels if enough matching symbols are collected to trigger their unique ability. Gilgamesh will add wilds to random reel positions, Enkidu will slash and remove a huge “X” of symbols and Ishtar will destroy all low value symbols and replace them with high value ones, each starting a new re-spin.

Should players be fortunate enough to land three or more free spins icons, not only will they receive a minimum of 7 Free Spins, but each spin will also begin with the one of those aforementioned abilities activated. On top of that, if they trigger another power in the same spin, their multiplier will increase by one and they can also land extra free spins to prolong the feature.

Equally as epic, if players can successfully collect three or more scatter symbols during the base game, they’ll be given the opportunity to climb the awe-inspiring Tower of Babel in the Tower Bonus. Here they’ll be prompted to select a door to reveal either a prize multiplier or an arrow that’ll move them one floor higher, with bigger and better rewards available the further they climb!

David Mann, Chief Executive Officer at Swintt, said: “Make no mistake about it, Law of Gilgamesh is a hugely ambitious entry in the Swintt’s Elysium Studios catalogue. Featuring breath-taking visuals, engaging features and a cascading reels mechanic that’ll keep players coming back for more, the game really will be an epic addition to any operator’s line-up.”

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Homa appoints Devin Radford as VP of Business Development

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Homa appoints Devin Radford as VP of Business Development
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Homa, a global mobile game publisher, is pleased to announce the appointment of Devin Radford as its new VP of Business Development. With 18 years of experience in business development in key companies in the video game, entertainment, and mobile advertising industries, Devin is set to make significant contributions at Homa.

Devin arrives at Homa after a successful 3.5-year tenure at OneTeam Partners where he served as SVP of Games leading the video game licensing business across 8 professional sports players associations, including NFLPA, MLBPA, MLSPA, NWSLPA, WNBPA, and more. Before that, he spent 8 years in executive Business Development roles at The Walt Disney Company and Twentieth Century Fox’s game division, FoxNext. During his time at Twentieth Century Fox/FoxNext, Devin served as VP of Business Development contributing to a licensed games portfolio that generated over $1b in total revenue by establishing partnerships with best-in-class developers for games like Avatar: Frontiers of Pandora, Family Guy: The Quest for Stuff, and Animation Throwdown: The Quest for Cards. Furthermore, Devin played a key role in transforming Fox’s video game business from licensed games to becoming a leader in original game development and publishing culminating in the release of Marvel Strike Force.

With his extensive expertise and proven track record, Devin will enhance and strengthen Homa’s game developer ecosystem. He will spearhead the development and execution of strategic partnerships, collaborating with world-class studios to support Homa’s mission of developing enduring games enjoyed by millions. He will also define and manage a dynamic pipeline to secure global mobile gaming publishing deals and forge new alliances with leading studios, working closely with the Product Strategy and Corporate Development teams, among others.

In the words of Henry Lowenfels, President and CBO at Homa: “We are building something massive here at Homa, and it starts with strategic partnerships and a world-class studio ecosystem. We’re excited to welcome Devin to the team and leverage his strong network and expertise to continue growing our business”.

“I’m truly excited to join Homa at this pivotal moment in its growth trajectory and to collaborate with such a seasoned team. I look forward to connecting with the best studios that can contribute to Homa’s mission of providing audiences with amazing gaming experiences,” added Devin Radford, VP of Business Development at Homa.

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