{"id":283,"date":"2024-06-29T00:01:06","date_gmt":"2024-06-28T21:01:06","guid":{"rendered":"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/2024\/06\/29\/gig-sets-e65-million-pre-tax-profit-target-for-2024\/"},"modified":"2024-06-29T00:01:06","modified_gmt":"2024-06-28T21:01:06","slug":"gig-sets-e65-million-pre-tax-profit-target-for-2024","status":"publish","type":"post","link":"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/2024\/06\/29\/gig-sets-e65-million-pre-tax-profit-target-for-2024\/","title":{"rendered":"GiG Sets \u20ac65 Million Pre-Tax Profit Target for 2024"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/MWKjF63pOlM\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Gaming Innovation Group, known as GiG, has established an ambitious target for the year 2024. They aim to achieve a pre-tax profit of \u20ac65 million, a significant increase from their prior objectives. This bold move follows their acquisition of Sportnco, a provider of sports wagering services.<\/p>\n<p>GiG&#8217;s recent financial performance for the second quarter of the current year marked the first inclusion of Sportnco&#8217;s contributions. They generated a record \u20ac22.1 million in revenue, representing a 37.1% surge compared to the previous year. Notably, even excluding Sportnco&#8217;s impact, their revenue experienced a 24.0% growth.<\/p>\n<p>The cornerstone of their operations remains their affiliate brands, which contributed \u20ac14.8 million in revenue, a 35.1% increase year-over-year. They also generated revenue from paid media initiatives, such as advertising on platforms like Spotify. <\/p>\n<p>GiGs leadership indicated they will keep their focus on broadening player recruitment avenues and expanding into new territories. They will also persist in enhancing the overall profitability of the segment, which remains a central area of emphasis for the business unit.<\/p>\n<p>Platform service income also experienced a substantial year-on-year increase, fueled by the acquisition of sports betting provider Sportnco. The business generated \u20ac7.3 million in revenue from platform services, reversing the downward trend from the preceding quarter prior to the acquisition.<\/p>\n<p>GiG CEO Richard Brown stated that a key advantage of the acquisition is its provision of greater opportunities within the sports betting-dominated US marketplace. Subsequent to the agreement, the supplier has secured sports betting-driven deals with entities such as Crab Sports in Maryland.<\/p>\n<p>&#8220;Historically, our emphasis has been primarily on online gaming and casinos, which is confined to a limited number of states,&#8221; Brown remarked. &#8220;However, with the addition of high-quality sports betting, we are now able to pursue it more aggressively.&#8221;<\/p>\n<p>The GiG board declared that the acquisition has stimulated demand for GiG services.<\/p>\n<p>&#8220;Following the incorporation of Sportnco, the scope of the business has expanded, resulting in heightened interest in combined solutions from both new and existing clientele,&#8221; management stated.<\/p>\n<p>&#8220;A considerable portion of the present sales channels are concentrated on combined offerings, which constitutes a positive starting point after a quarter of complete collaboration.&#8221; <\/p>\n<p>GiG also highlighted that if all of its remaining white-label client SkyCity&#8217;s operations were factored into earnings, the provider would have \u20ac11.7 million in platform service earnings and \u20ac26.5 million in total earnings. However, GiG only calculates the percentage of earnings it receives as its own profits based on standard white-label accounting practices.<\/p>\n<p>The cost of goods sold was \u20ac227,000, resulting in a gross profit of \u20ac22.9 million. After marketing expenses and other operating expenses, GiG reported EBITDA of \u20ac7.7 million, a rise of 47.4%.<\/p>\n<p>However, depreciation and amortization increased, meaning that profit before interest and taxes only increased slightly to \u20ac2.4 million. While the company also incurred \u20ac2 million in interest expense, much of this was offset by foreign exchange, resulting in a net profit of \u20ac2 million from continuing operations, after a slight loss last year.<\/p>\n<p>**Future Prospects**<\/p>\n<p>Given GiG&#8217;s improved cash position following the release of its results, Brown stated the company may seek further acquisitions, especially considering there are many areas where deals can be made.<\/p>\n<p>&#8220;We believe there will be strong cash considerations and cash conversion in the coming years,&#8221; he said. &#8220;If there is value-added acquisition, we will pursue it. One of the strengths of GiG is that we are strong in multiple areas, so there are many areas where acquisitions may occur.&#8221; <\/p>\n<p>GiG remains dedicated to its financial goals for the current year, projecting earnings between \u20ac87 million and \u20ac90 million. However, their long-term vision has undergone a positive transformation.<\/p>\n<p>Previously, they envisioned a double-digit annual revenue expansion and a 40% EBITDA margin by 2025. Now, they are aiming for a 20% revenue increase and a 50% EBITDA margin by 2024.<\/p>\n<p>This enhanced profitability is partially attributed to cost reductions within their platform operations. They anticipate saving \u20ac8 million through these measures, with \u20ac6 million stemming from the Sportnco agreement.<\/p>\n<p>Therefore, prior to any potential acquisitions, they anticipate achieving approximately \u20ac130 million in revenue and around \u20ac65 million in EBITDA by 2024.<\/p>\n<p>GiG&#8217;s share price experienced a significant surge following the release of their financial performance. It concluded trading at SEK 19.71 yesterday, and currently stands at SEK 21.68, representing a 10% rise. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Gaming Innovation Group, known as GiG, has established an ambitious target for the year 2024. They aim to achieve a pre-tax profit of \u20ac65 million, a significant increase from&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GiG Aims for \u20ac65 Million Profit in 2024<\/title>\n<meta name=\"description\" content=\"Gaming Innovation Group (GiG) sets ambitious target for 2024, aiming for \u20ac65 million pre-tax profit following Sportnco acquisition.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/2024\/06\/29\/gig-sets-e65-million-pre-tax-profit-target-for-2024\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"GiG Sets \u20ac65 Million Pre-Tax Profit Target for 2024\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Gaming Innovation Group (GiG) sets ambitious target for 2024, aiming for \u20ac65 million pre-tax profit following Sportnco acquisition.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/2024\/06\/29\/gig-sets-e65-million-pre-tax-profit-target-for-2024\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Stay Ahead of the Curve with Our Licensed Online Casino News\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T21:01:06+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/2024\/06\/29\/gig-sets-e65-million-pre-tax-profit-target-for-2024\/\",\"url\":\"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/2024\/06\/29\/gig-sets-e65-million-pre-tax-profit-target-for-2024\/\",\"name\":\"GiG Aims for \u20ac65 Million Profit in 2024\",\"isPartOf\":{\"@id\":\"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-28T21:01:06+00:00\",\"dateModified\":\"2024-06-28T21:01:06+00:00\",\"author\":{\"@id\":\"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Gaming Innovation Group (GiG) sets ambitious target for 2024, aiming for \u20ac65 million pre-tax profit following Sportnco acquisition.\",\"breadcrumb\":{\"@id\":\"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/2024\/06\/29\/gig-sets-e65-million-pre-tax-profit-target-for-2024\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/2024\/06\/29\/gig-sets-e65-million-pre-tax-profit-target-for-2024\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/2024\/06\/29\/gig-sets-e65-million-pre-tax-profit-target-for-2024\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GiG Sets \u20ac65 Million Pre-Tax Profit Target for 2024\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/#website\",\"url\":\"https:\/\/luckycharmssweepstakescasinonodepositbonus.icu\/\",\"name\":\"Stay Ahead of the Curve with Our Licensed Online Casino News\",\"description\":\"Indulge in the excitement of licensed online gambling with our up-to-date news, comprehensive reviews, and informative insights. 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