Industry News

Gaming Innovation Group reports Q3 2023

Published

3 weeks ago

November 9, 2023

Hunor Pal

Reading Time: 2 minutes

Gaming Innovation Group Inc. (GiG) reports Q3 2023 revenues* of €31.8 million and an adjusted EBITDA of €23.4 million.

“I am delighted to share with you the strong Q3-2023 results for Gaming Innovation Group, as we continue our journey towards becoming world leaders in the iGaming industry, focusing on our two core business areas, Media and Platform & Sportsbook. The third quarter of 2023 has proven to be another period of growth and achievement”, says Petter Nylander, Chairman of GiG.

Financial Highlights

Gaming Innovation Group achieved all-time high revenues* in Q3 2023 amounting to €31.8m (22.9), an increase of 39% YoY, whereof 23% organic
Adjusted EBITDA was €23.4m (8.5), and excluding a €9.8m reversal of earn-out provision, EBITDA was €13.6m (8.5), an increase of 61% YoY, with an adjusted EBITDA margin* of 42.8% (37.0%)
EBIT ex. earn-out reversal was €6.8m (2.5), an increase of 173% YoY, with an EBIT margin* of 21.2% (10.8%)
Revenues in GiG Media at all-time high of €22.5m (15.1), an increase of 49% (23% organic), with an adjusted EBITDA of €10.4 (6.8)
Revenues* for Platform & Sportsbook were €9.3m (7.8), an increase of 20%, all organic, with adjusted EBITDA of €3.2m (1.7)
EPS was €0.07 (0.01)
Positive cash flow from operations of €8.3m (10.0)9.5))

Operational Highlights

Jonas Warrer appointed acting group CEO, replacing Richard Brown
Appointed Richard Carter as new Platform & Sportsbook CEO
FTDs for GiG Media were 113,800 (86.900), up 31% YoY
Ask Gamblers continued positive momentum with revenues up 45% from run rate at take over
Signed two new agreements for Platform & Sportsbook
Five additional brands went live on the Platform in Q3 2023, including new market entries in Serbia and Portugal
GiG’s platform and sportsbook live in the U.S. state of Maryland

Events after Q3

Acquires KaFe Rocks, cementing position as the dominant lead generator within the lucrative online casino market
One additional brand has gone live so far in Q4 2023, number of live brands is 63 as of today
Appointing former SBTech and DraftKings executive Andrew Cochrane as new Chief Business Officer (CBO) for Platform & Sportsbook

*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. See Note 2 in the Q3-2023 Interim Report for more details.

Investor presentation and webcast

Chairman of the Board, Petter Nylander will host a presentation of the Q3 2023 results via livestream at 10:00 CET with Jonas Warrer, CEO Media and acting group CEO, and Richard Carter, CEO Platform & Sportsbook, attending. 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/948097/liveq-gaming-innovation-group-2

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Kindred Group Announces North America Exit and Actions to Accelerate Profitable Growth

Published

10 hours ago

November 30, 2023

GamingAmericas.com

kindred-group-announces-north-america-exit-and-actions-to-accelerate-profitable-growth

As part of its strategic review, Kindred Group will exit the North American market with the expectations to have fully exited operations in the market by the end of Q2 2024, subject to the regulatory process. The Group also announced decisive actions to drive growth on core markets and dedicated cost reduction initiatives, which includes a reduction of over 300 employees and consultants during 2024. In total, these initiatives are expected to result in annualized gross cost savings of approximately GBP 40 million.

Kindred Group announced an interim update on the strategic review initiated by the Board of Directors on 26 April 2023. As part of the strategic review, Kindred will immediately start an exit process from the North American market with the expectations to have fully exited operations by the end of Q2 2024, subject to the regulatory process. The re-allocation of financial and tech resources towards existing core markets will improve ability to capitalize on core market potential and gain market share.

The re-allocation of financial and tech resources enables Kindred to initiate growth initiatives across its core market footprint. These initiatives include, but are not limited to;

Additional brand extensions of hyper local casino brands in selected markets
Re-allocation of marketing investments and tech resources to selected markets and strategic projects with convincing growth opportunities
Continued product differentiation through exclusive content.

Additionally, Kindred introduces further cost reduction initiatives. In addition to non-headcount opex savings, Kindred has also addressed its organizational structure with the intent to achieve a leaner and more efficient organization focused on selective growth initiatives. This will include a reduction of over 300 employees (including employees in North America) and consultants during 2024. The cost reduction initiatives are expected to result in annualized gross cost savings (opex and capex) of approximately GBP 40 million.

“The cost reduction actions announced today are both necessary and decisive. While it is never a desire to inform valued colleagues of redundancies, this puts us in a stronger position to secure long-term growth for Kindred across our locally regulated core markets. We can now focus our resources and tech capacity towards strategic initiatives and selected markets where we see clear potential to grow our market share,” Nils Andén, Interim CEO of Kindred Group, said.

Industry News

PIN-UP Global Launches New Business Line Named PIN-UP.INVESTMENTS

Published

2 days ago

November 29, 2023

Niji Narayan

pin-up-global-launches-new-business-line-named-pin-up.investments

Reading Time: < 1 minute

The international ecosystem PIN-UP Global, representing a set of businesses in various segments of the gaming industry, has launched a new business line named PIN-UP.INVESTMENTS.

PIN-UP.INVESTMENTS was created to stimulate the development of technologies and products for the gambling market and related industries by providing financial and expert resources, high-value industry contacts, the opportunity to enter new markets and integrate into the ecosystem.

PIN-UP.INVESTMENTS invests in projects and products in gambling, traffic, software development, customer service, payment systems, advertising platforms, arbitrage teams, artificial intelligence based products.

INVESTMENTS provides funding, training and consulting opportunities through in-house ecosystem experts, practice on PIN-UP product and business model testing, accelerated product growth and entry into new markets, access to a network of industry contacts, strategic planning support and possible integration into the ecosystem.

“PIN-UP.INVESTMENTS is a logical step for our ecosystem, which always supports the passion and drive to succeed. Our new direction is aimed to help projects and teams both to develop independently and to successfully integrate into PIN-UP Global. We believe in daring solutions and new technologies that can be effective,” Marina Ilyina, CEO of PIN-UP Global, said.

Industry News

Valley View Casino & Hotel Earns Prestigious Top Workplaces 2023 Award and Two National Awards by The San Diego Union-Tribune

Published

2 days ago

November 29, 2023

Niji Narayan

valley-view-casino-&-hotel-earns-prestigious-top-workplaces-2023-award-and-two-national-awards-by-the-san-diego-union-tribune

Reading Time: < 1 minute

Valley View Casino & Hotel in San Diego has received the Annual Top Workplaces Award and national honours for “Employee Appreciation” and “Professional Development”, as presented by The San Diego Union-Tribune.

The accolades are the result of an engagement survey. With a 62% response rate and an 82% satisfaction rating, Valley View Casino & Hotel’s team members echoed their positive experiences within the organisation.

Joe Navarro, President and Chief Executive Officer of the San Pasqual Casino Development Group, said: “Our tribe has worked hard to create a trusted environment for team members and guests, and we are proud to be recognized with this prestigious award, as well as recognized nationally.”

Judy Wright, Vice President of Human Resources at Valley View, said: “Being recognized with the Top Workplaces Award and the two national awards validate all the best practices and benefits we’ve put in place for our team members over the past 22 years. It truly is an honor to receive this award and a privilege to work for a company as great as Valley View Casino & Hotel.”