Betsson : Gaming Innovation Group reports Q3 2020

Gaming Innovation Group Inc. (GiG) reports Q3 2020 revenues of  Euro 17.9
million and
an EBITDA of  Euro 3.2 million.
"The growth in financial performance is complemented with strong success in the
platform sales funnel which resulted in six additional long term contracts
signed in the quarter, securing future recurring revenue growth from regulated
markets", says Richard Brown, CEO of GiG.
Financial Highlights

  · Continued quarterly growth with revenues in Q3 2020 of  Euro 17.9m (10.1),
78%
growth Y/Y and 8% Q/Q. Adjusted revenues were  Euro 14.2m (10.0), 42% growth Y/Y
and
8% Q/Q
  · EBITDA in Q3 2020 was  Euro 3.2m (-0.4), up 850% Y/Y and 12% Q/Q. Adjusted
EBITDA
margin of 22.5% (-4.3%)
  · Adjusted revenues for Platform Services were  Euro 5.4m (3.6), 51% growth
Y/Y and
14% Q/Q.
  · Platform Services had positive EBITDA in September, EBITDA for the quarter
ended at  Euro -0.1m (-2.1), a 96% improvement Y/Y and 91% Q/Q.
  · Revenues in Media Services were  Euro 8.6m (8.0) in Q3 2020, EBITDA was 
Euro 4.0m
(4.2)
  · EBITDA for Sports Betting Services improved to  Euro -0.7m (-1.8), and
includes
 Euro 0.3m in non-recurring redundancy expenses.


Operational Highlights

  · The sales pipeline developed positively, and 6 new agreements were signed
for Platform Services in the third quarter, adding to a total of 10 so far in
2020
  · Entered into a strategic partnership with Betgenius, creating a fully
integrated sportsbook and platform solution for operators in regulated markets
  · Sports Betting Services restructuring continued, with a further reduction in
operating expenses quarter over quarter, placing Sports Betting Services in a
sustainable position for growth and strategic partnerships
  · WSN.com continued to grow in the US market with ATH in September, now
present in nine US states
  · GiG's platform went live with Betsson's Rizk.com brand in two new regulated
markets, Croatia and Spain
  · The number of employees decreased from 695 to 467 year-on-year, whereof
around 40 supports the transition agreement with Betsson.


Events after Q2

  ·
Signed a long term agreement with Slotbox Limited, a creation of Ireland's
leading casino group for the provision of GiG's iGaming platform, omnichannel
solution and frontend development to launch their new online casino

  · Signed a long-term agreement with Bet Seven Online Ltd for the provision of
GiG's platform, frontend development and managed services to launch its first
brand, SuperSeven
  · As part of the strategy to end white label agreements, GiG has rescinded its
Swedish and UK licenses
  · October have remained stable and reported revenues are 48% better than the
same period last year.


Investor presentation and webcastCEO Richard Brown will present the Q3 2020
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/796108/gaming-innovation-group-liveq-presentation
-and-qa
For further information, contact:
Richard Brown, CEO of GiG, [e-mail] [phone]
Tore Formo, Group CFO, [e-mail] [phone]
This information is information that Gaming Innovation Group Inc. (GiG) is
obliged to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of the contact
person set out above, at 08:00 CET on 4 November 2020.
About Gaming Innovation Group (GiG)
Gaming Innovation Group is a leading iGaming technology company, providing
solutions, products and services to iGaming Operators. Founded in 2012, Gaming
Innovation Group's vision is 'To be the industry leading platform and media
provider delivering world class solutions to our iGaming partners and their
customers.  GiG's mission is to drive sustainable growth and profitability of
our partners through product innovation, scalable technology and quality of
service. Gaming Innovation Group operates out of Malta and is dual-listed on the
Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under
the ticker symbol GIGSEK. www.gig.com
Legal disclaimer
Gaming Innovation Group Inc. gives forecasts. Certain statements in this report
are forward-looking and the actual outcomes may be materially different. In
addition to the factors discussed, other factors could have an impact on actual
outcomes. Such factors include developments for customers, competitors, the
impact of economic and market conditions, national and international legislation
and regulations, fiscal regulations, the effectiveness of copyright for computer
systems, technological developments, fluctuation in exchange rates, interest
rates and political risks.

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