Guts Owner Sees Profits Dip
August 14, 2018
Gaming Innovation Group (GIG) the owner of a number of betting and gaming brands such as Guts.com has reported a drop in earnings for the three month period to the end of June 2018.
The company which is currently listed on the Oslo stock market said that operational costs and marketing expenses led to an almost 12% decline in EBITDA in the quarter compared to the same period last year, with the company “investing heavily” in new products, and enhancements to existing services, with regulatory costs associated with entry into the New Jersey and Swedish markets, and commercial activities around the World Cup.
Gaming Innovation Group is a gaming services company and provides platform services for other e-gaming operators as well as running it’s own in-house brands which include Guts.com, Thrills and Betspins.
However, Chief Executive Robin Reed is not content with the performance of the Gaming division, which includes its consumer-facing in-house brands. Revenue of €24.2m was up on Q2 2017, but down by more than €1m compared to the last two quarters.
GIG has recently converted its SuperLenny casino into an affiliate website and launched a series of new product releases, including an update to Guts, which Reed accepts had been “left behind”.
The Welcome Offer at Guts is currently a £10 free bet if your first bet loses, details see here http://matchedbets.com/free-bets/guts-free-bet/.
However, the sports betting site lacks the range of ongoing betting offers offered by its peers in the UK market and struggles to compete.
Reed has now taken over the role of Chief Marketing Officer also and admits that Guts has been somewhat left behind and that the Company has considered selling off it’s B2C division.