Tougher regulation rules within Sweden and the removal of a large contract has seen a decline in total revenue for Gaming Innovation Group, as the company reported H1 2019 revenue of €63.4m (£58.7m/$70.1m) and a net loss of €9m, which is up 152% from last year’s net loss of €3.6m.
Chief executive Robin Reed noted that it had been a quarter that saw them take strain due primarily to a much tougher market in Sweden.
A large portion of the decline in revenue came from the operator’s B2C services, where revenue for the six months to the end of June had fallen from €49.6m in 2018 to €39.8m. The operator and supplier have stated that tough operating conditions in the newly regulated Swedish market for the decline. Their in house brand, Rizk, represented 73% of their B2C revenue, which has grown by 17% as compared to the previous year.
Revenues for their B2B side fell from 30.9m to €27.3m, which saw a decline in earnings before interest tax depreciation and amortisation from €8.6m to €5.1m. GiG has stated that most of this decline is due to the termination of a B2B contract with a large, unnamed, client in the fourth quarter of 2018. For their Q4 2018 report, GiG said the decision to terminate this contract was due to their current priority of growing in regulated markets long term, and that the contract could potentially hurt this development over the next few years.
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