Gaming Innovation Group has secured further global expansion in the same week that the firm commented on the “truly exciting position for growth” which the group finds itself.
The latest enhancement for GiG sees continued expansion across the United States, secured following authorisation from the Pennsylvania Gaming Control Board to provide affiliate services in the Keystone State was awarded.
Pennsylvania becomes the fourth state in which GiG’s media division is active through its US-facing websites the World Sports Network (WSN.com) and CasinoTopsOnline.com.
This latest move comes after GiG was granted an affiliate vendor registration in New Jersey in January 2019, which was followed by a certificate of registration for sports wagering in Indiana in December 2019. WSN.com is also operational in West Virginia, where there are no licensing requirements for sports betting affiliates.
Richard Brown, CEO of GiG, commented: “The Pennsylvania authorisation comes at an opportune moment for us as our flagship website, WSN.com, continues to climb in Google rankings in the US. This will provide us with more opportunities to convert visitors into players and we’re fully prepared to enter more states as they allow legal operators to start accepting customers.”
Yesterday GiG praised the previously announced €31m divestment of its B2C vertical to Betsson, as the firm looks to sustainable growth following a series of declines felt across 2019.
Publishing a financial report for 2019’s final quarter and full year, revenue fell 26.3 per cent during Q4 to €29.4 (2018: €39.9m), leading to a full-year decline of 18.7 per cent from €151.4m to €123m.
Concluding his CEO address Brown stated: “Our B2B focus will also allow us to address the capital allocation structure within the business. Further, it has become clear to me that we have over the last 18 months under-invested in our very profitable and cash generative B2B Media segment.
“While the diversification of the business, which started in 2018, has enabled us to mitigate losses in the Scandinavian markets during 2019, going forward we will ensure that projects and product development receive the required funding to return the business to profitable growth. I am inspired, confident and extremely excited to begin this new chapter in GiG’s history.”