Gaming Innovation Group posted its second-strongest revenue quarter on record in the first quarter of 2018 and is preparing to enter the U.S. online market in new Jersey through a partnership with the Hard Rock Atlantic City casino.
CEO Robin Reed said GiG is the only group “providing services across all verticals within the iGaming value chain,” in a recent press call.
GiG made €37.3 million in revenue in the first quarter, a 62 percent year-over-year increase. The group cites growth in B2B transactions and increased activity from internal brands as the primary drivers.
“After three years of strong growth, we have invested even more in our future: new sector developments, regulatory compliance, people and technology as well as creative and collaborative office spaces, all to support the further growth and development of the Company over the coming years,” Reed said.
Reed added he was “very satisfied with the underlying performance and shape of the business.” The group reports €11 million in cash on hand at the end of the quarter.
GiG has entered into a partnership with Hard Rock International to power its online gaming platforms in New Jersey. Regulators are in the process of reviewing the license application, and Reed says they’ll be ready to go when Hard Rock Atlantic City is ready to launch. The land-based casino will open June 28, and online platforms should follow quickly.
In addition to its current offerings, GiG expects to launch six to eight propriety game titles this year, Reed said.
The company is also looking at sports betting and recently acquired Nordbet. The group has secured a license in Germany. Its first sports betting site, Rizk, will roll out as soon as the final testing is complete, Reed said. The company’s sports betting product would also be used in New Jersey should the U.S. Supreme Court uphold the state’s challenge of a federal sports betting ban.
