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Gaming Innovation Group Inc.

08/12/2020 | Press release | Distributed by Public on 08/12/2020 05:00

Correction: Missing MAR-label in previous press release – “Gaming Innovation Group reports Q2 2020”

Correction: Missing MAR-label in previous press release - 'Gaming Innovation Group reports Q2 2020'
WED, AUG 12, 2020 13:00 CET

Gaming Innovation Group Inc. issues a correction of the press release regarding
the publication of the Company's Q2 report, which was published on 11 August
2020 at 08:05 CET. The correction relates to the absence of a MAR-label
referring to the EU market abuse regulation in the press release and to page 16
of the Q2 report appended to the press release containing a misdated MAR-label.
The corrected press release follows below.



Gaming Innovation Group reports Q2 2020

Gaming Innovation Group Inc. (GiG) reports Q2 2020 revenues of €16.7 million and
an EBITDA of €2.8 million.

'Q2 was a strong start for GiG as its first quarter as a B2B only company, and
the signings after the quarter confirm further my confidence that the Company
can continue to grow and flourish which will deliver shareholder value in the
years to come.', says Richard Brown, CEO of GiG.

Financial Highlights

  · Continued quarterly growth with revenues in Q2 2020 of €16.7m (11.3), 47%
growth Y/Y and 49% Q/Q
  · EBITDA in Q2 2020 was €2.8m (1.5), 93% growth Y/Y and 382% Q/Q. EBITDA
margin of 17.0% (13.0%)
  · Revenues in Media Services were €8.6m (8.6) in Q2 2020, EBITDA was €4.8m
(4.7) with all time high for Paid
  · Revenues in Platform Services were €8.2m (4.2) in Q2 2020, EBITDA was €-0.9m
(-1.1)
  · EBITDA for Sports Betting Services improved to €-0.9m (-1.5) due to
reduction in operating expenses by 44%
  · Cash flow from operations in Q2 2020 was €10.1m (3.2) and cash used in
investing activities was €1.5m (3.5).

Operational Highlights

  · The B2C vertical was divested to Betsson effective on 16 April 2020, with
Betsson as a new long term customer on Platform Services
  · Media Services continued its quarterly growth in both revenue and FTDs, up
5% and 22% respectively
  · SkyCity's successful online expansion in 2020 confirms GiG's ability to
transition a land based casino to online
  · Signed long-term agreement with GS Technologies Limited for the provision of
GiG's platform and front-end development to a new casino brand
  · The sales pipeline developed positively, however some of the final contract
negotiations was delayed as land based operators came to terms with actions
around COVID-19
  · Cost savings initiatives are progressing according to plan, which is
expected to further reduce operating expenses by year end 2020
  · The number of employees decreased from 709 to 487 year-on-year
  · The SEK300 million bond was repaid on 22 April 2020.

Events after Q2

  · Signed three new long-term agreements for GiG's platform including sports
and managed services, further agreements are expected to be signed before year
end
  · The positive development continues after Q2, July revenues on adjusted basis
were up 38% compared to same period last year
  · The revenue guiding for continued operations for 2020 are increased to
between €52 - 57 million, with an EBITDA expected in the range of €12 - 15
million.

Investor presentation and webcast

CEO Richard Brown will present the Q2 2020 results via livestream at 10:00 CET.
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/789011/gaming-innovation-group-live-q-report-and-qa
-2

For further information, contact:

Richard Brown, CEO of GiG, [email protected] +34 661 599 025

Tore Formo, Group CFO, [email protected] +47 916 68 678

This information is information that Gaming Innovation Group Inc. (GiG) is
obliged to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of the contact
person set out above, at 08:05 CET on 11 August 2020.

About Gaming Innovation Group (GiG)

Gaming Innovation Group is a leading iGaming technology company, providing
solutions, products and services to iGaming Operators. Founded in 2012, Gaming
Innovation Group's vision is 'To be the industry leading platform and media
provider delivering world class solutions to our iGaming partners and their
customers.  GiG's mission is to drive sustainable growth and profitability of
our partners through product innovation, scalable technology and quality of
service. Gaming Innovation Group operates out of Malta and is dual-listed on the
Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under
the ticker symbol GIGSEK. www.gig.com

Legal disclaimer

Gaming Innovation Group Inc. gives forecasts. Certain statements in this report
are forward-looking and the actual outcomes may be materially different. In
addition to the factors discussed, other factors could have an impact on actual
outcomes. Such factors include developments for customers, competitors, the
impact of economic and market conditions, national and international legislation
and regulations, fiscal regulations, the effectiveness of copyright for computer
systems, technological developments, fluctuation in exchange rates, interest
rates and political risks.