GiG records double-digit Q3 growth, despite decrease in marketing spend

Gaming Innovation Group (GiG) has recorded double-digit growth across all its core corporate metrics and performance KPIs for Q3 2018, despite decreasing its marketing spend by 11%.

Marketing expenses for the online gambling firm were 10.6 million, down from the 11.9 million reported for Q3 2017.

Marketing expenses decreased 19% quarter-over-quarter as a result of the marketing mix initiatives taken in the second quarter, changing from TV advertising to affiliate marketing, social media and other marketing channels.

Nevertheless, the Oslo-based enterprise detailed a diverse commercial pipeline delivering revenue growth across its B2B (€15 million + 33%) and B2C divisions (€24 million + 11%).

Confident of delivering on its full-year 2018 expectations, GiG declares a period EBITDA of €5 million, up 66% on Q3 2017’s €3 million.

Moving forward, Chief Executive Robin Reed outlined significant opportunities for GiG to become online gambling’s leading technology player.

“In the third quarter, we have delivered the last building blocks to our ecosystem, our own games and omni-channel solution, to cover all verticals in iGaming.”

During the period, GiG further expanded its international footprint, securing its first external sportsbook agreement with Latvian operator, and becoming chosen digital partner of Hard Rock International for its pending  US sportsbook launch.

“We have created a base from where now, with full force, we can drive forward as the full-service provider which every company serious about iGaming must be part of. GiG sees strong interest for its services and products with an increasingly healthy pipeline of opportunities”

Closing the trading statement, GiG governance confirmed that it will move to list the company on the Stockholm Nasdaq during the first quarter of next year.

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