Matt Bastock

The Danish Gambling Authority, Spillemyndigheden, has reported a 6.9 percent increase in total Gross Gambling Revenue for 2024, up to DKK 7.27 billion from DKK 6.8 billion.

Revenue growth was primarily driven by a 14.7 percent increase in revenue generated from online casinos, which comprised 48.6 percent of the total market in 2024. Revenue from online casinos was DKK 3.53 billion, rising from DKK 3.1 billion the year prior. 77 percent of online casino GGR was made up from slot play. 

Betting and Land-Based Casinos See Modest Growth

Both the betting and brick-and-mortar casino segments showed revenue upturns from 2023. Betting GGR rose 1.2 percent from DKK 2.18 billion in 2023 to DKK 2.21 billion. Land-based casinos rose 1.7 percent, reporting DKK 368 million in 2024.

The only segment showing an overall percentage decrease in GGR was gaming machines (outside of casinos), which reported DKK 1.16 billion in revenue, a 1.2 percent decrease from DKK 1.18 billion in 2023. 

Online betting (through mobile and computer) dominates the market share. In 2024, mobile and desktop betting accounted for 77 percent, or DKK 1.70 billion, with retail bookies taking DKK 508 million. 

There was a slight channel shift within the digital realm, with mobile growing to 63.88 percent of total digital GGR from 61.41 in 2023. 

Problem Gambling in Denmark: Key Data from 2024

Spillemyndigheden also posted comprehensive data on the register of self-excluded gamblers (ROFUS) and StopSpillet, the compulsive gambling helpline. 

When Danish customers opt to self-exclude, they are given the options of one, three, six-month, or permanent exclusion. The number of self-excluded individuals in the Scandinavian country rose from 46,152 in 2023 to 55,899 in 2024, representing a 21 percent increase.

Nearly two-thirds of people who opted to self-exclude chose to do so permanently, with six months being the next most popular, followed by three. The demographic trend of those self-excluded remains consistent with prior years, with 78 percent of ROFUS users being male. 

In 2024, there were 544 StopSpillet-related conversations, up marginally from 520 in 2023. The majority of conversations were with the player directly (57 percent), with over a third being conducted with a relative. 3.9 percent of total StopSpillet-related conversations were undertaken with a consultant. 

By far, the most significant proportion of gamblers by age and gender per StopSpillet data was the 18-25 bracket, making up just over 40 percent. These were almost all male gamblers. Most women contacted StopSpillet at the 26-35 age boundary.  

Data from the scheme’s inception shows that nearly half of all people who have had StopSpillet-related conversations first started gambling before the age of 18. A quarter of users had debt, and 21.3 percent had debt and payday loans. 

The most selected ‘weekly hours spent on gambling’ was six to ten hours, with 24.1 percent. This was followed by 20.5 percent stating five hours or less and 15.5 percent between 11 and 15 hours. 1.9 percent of StopSpillet users admitted spending over 70 hours a week wagering. 

Written By

Matt Bastock

Matt is a casino and sports betting expert with over two decades’ writing and editing experience. He loves getting into the nitty gritty of how casinos and sportsbooks really operate in order to make solid recommendations based on real experiences. His favourite games are blackjack and poker, and he loves watching NFL and soccer in his spare time.

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The Malta-based company revealed on LinkedIn that it has been granted a licence by the Danish Gambling Authority, Spillemyndigheden. There are 44 active licensed gaming firms in Denmark, including prominent players like Betsson, 888 and Betfair.

“Wazdan will now be able to deliver its full suite of games to licensed gaming operators active in the Danish market,” the firm’s statement on LinkedIn read.

“Wazdan puts great emphasis on cooperating with the largest casino licensors to provide secure, transparent and rewarding partnerships with operators from all over the world.

“We’re proud to announce that our games are now fully licensed by Spillemyndigheden, bringing the true value of Online gaining to Denmark.

“What a way to finish off this rewarding year.”

The licence builds on an active year for Wazdan. Just before Christms, the company’s CEO, Michał Imiołek, highlighted how it had released 26 new titles while securing 700 integrations throughout the year in an interview with CasinoBeats.

“Wazdan has continued to gain ground throughout 2024, solidifying our market position in already established territories as well as the commencing of new ventures,” he said.

“We are proud to have entered four new markets, including Croatia, via one of the nation’s leading operators, PSK, while also debuting in the Philippines with SG8. 

“September also marked our successful entry into the Pennsylvania market, enhancing our presence in North America with our offerings that players across New Jersey, Michigan, and West Virginia already enjoy.”

With the Spillemyndigheden licence, Wazdan enters the Nordics’ most competitive market as  Spillemyndigheden reported overall gambling spend of DKK 553m (€74.2m) in September 2024, for example, though this did mark a slight year-over-year decline.

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Valid from 1 January, the licence from the Danish Gambling Authority, Spillemyndigheden, will enable Thunderkick to continue distributing its games to Danish operators until 2029.

Wan Kim, Chief Compliance Officer at Thunderkick, commented: “Thunderkick continually strives to amplify its position in Europe, partnering with leading operators across target markets to enhance brand visibility and increase our player base.”

The move follows recent regulatory developments in Denmark as the country’s regulator announced that all online casino suppliers would require an official supplier licence from the beginning of next year. 

Thunderkick is amongst one of the first online casino suppliers to secure a licence from the Danish Gambling Authority as a result of the new regulations. 

Kim added: “Obtaining a B2B licence has been a focus since the Danish Gambling Authority announced the new regulations earlier this year, and our application’s success emphasises the quality of Thunderkick products and our unwavering commitment to adhering to consistently updating regulations.

“The licence will facilitate our continued growth in Denmark, where some of the country’s biggest operators offer our unique content to local players.”

Thunderkick continues to focus on European growth in recent moves, securing a deal with CasinoMania last month to bolster the position of its slot content in the Italian market.  

On that deal, Andrea Brioschi, Key Account Manager at Thunderkick, commented: “While there has been a lot of focus on the Ontario and US sweepstake launches, Thunderkick remains committed to fortifying its brand on the European igaming scene.

“CasinoMania is a respected operator in Italy that has cultivated a catalogue of entertaining games from industry leaders. We are sure the addition of Thunderkick’s unique, cutting-edge titles will only strengthen this offering further.”

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In regards to statistics per vertical, the authority noted that online casino spend has increased, but has declined in land-based casinos, gaming machines and betting.

For September, Spillemyndigheden stated that total gambling spend for the Danish market stood at DKK 553m (€74.2m), down 2.8% year-over-year (DKK 569m).

September’s figure is also down in comparison to August’s overall gambling spend amount of DKK 571m.

Within its report, the authority said that online casino was the only vertical to see its spend increase in comparison to the same month the previous year. The vertical’s spend rose by 12% YoY to DKK 287.9m (2023: DDK 256.9m).

All other verticals across the Danish market – land-based casinos, gaming machines and betting – saw their spend fall when compared to September 2023.

Spillemyndigheden noted that land-based casino spend declined by 9.7% YoY to DKK 29.06m (2023: DKK 32.17m), while gaming machines spend decreased by 3.5% YoY to DKK 92.23m (2023: DKK 96.61m).

Betting spend in the Danish market dropped the most in comparison to the same month the previous year, falling by 22% YoY to DKK 143.5m (2023: DKK 183.9m).

Elsewhere across the Nordics region, Finland’s Ministry of the Interior confirmed earlier this week that the country’s gambling system will become a licensing system no later than the beginning of January 2026.

A legislative project was created by the country’s government in October 2023 to reform its current gambling market, moving away from the monopoly system with state-owned Veikkaus to a licensing system.

In addition, Norway’s Government has recently made amendments to its gambling regulations, introducing “more responsible frameworks” across bingo halls and electronic bingo games, ushering in changes related to operator and supplier registration, as well as player loss limits.

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While hailing the Scandinavian nation as a “key market”, partnering with Danske Spil will see Push Gaming reach a “wider audience” across Europe as the operator’s players gain access to its catalogue of in-house slots. 

Fiona Hickey, Chief Business Development Officer at Push Gaming, said: “Danske Spil is synonymous with the Danish market, being the leading operator within the region. This partnership sets a precedent for our growth ambitions, both locally and internationally.

“Players at Danske Spil have come to expect the best titles on the market and can now experience the thrill of our immersive games, bringing our renowned slots to a wider audience.”

Following the partnership, players will be able to spin the reels on established Push Gaming slots such as Razor Shark and Fat Rabbit, as well as the studio’s new releases Razor Ways and Retro Sweets. 

“We’re thrilled to once again be able to collaborate with Push Gaming and offer their innovative and exciting games to our player base,” added Simon Hoffmann Riis, Senior Games & Analytics Manager at Danske Spil.

“It’s been almost two years since Danske Spil customers last were able to indulge in fan favourites like Razor Shark and Jammin’ Jars, and until now, Push Gaming has been the primary missing piece in our otherwise impressive content offering.”

“Being a market leader within Denmark means offering our players the biggest and best titles available and finally partnering with Push Gaming again encompasses these goals.”

European growth continues to be a key focus for Push Gaming as this deal adds to a busy period of expansion across the continent for the studio. Last week, the company entered an agreement with Ambassadoribet to reach more players in Georgia.

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According to data from the Danish gambling authority, betting saw the biggest increase year-over-year, rising by over 75%, but online casinos led the way in GGR with more than DKK 300m.

Publishing the market’s figures for June, Spillemyndigheden stated that total GGR for the month stood at DKK 703m (€94.2m), a 37% increase on the same period last year (June 2023: DKK 513m).

Although growth occurred across all four game sectors, the gambling authority noted that the overall increase was “mainly driven by an increase in the gambling spend of bets, although it should be noted that the repayment proportion for bets was lower in June 2024 compared to June 2023”.

June 2024’s total GGR of DKK 703m was also higher than the DKK 571m reported by the gambling authority for May.

Per game sector, online casinos generated 43.03% of the total GGR during the month, followed by betting with 38.59%, gaming machines with 13.76% and land-based casinos with 4.62%.

Online casino GGR for June was DKK 303m, up 27.22% in comparison to the same month the previous year (2023: DKK 238m).

Gaming machines generated the most GGR during the month with a 76.84% share of the vertical’s total, followed by roulette with 6.88%, blackjack with 6.71%, other with 3.72%, commission with 3.13% and bingo with 2.72%.

For betting, GGR in June rose by 75.71% YoY to DKK 271m (2023: DKK 154m). Mobile produced the most GGR with a 72.98% share of the vertical’s total during the month, followed by computer with 16.11% and land-based with 10.9%.

As for gaming machines, Spillemyndigheden noted that the vertical’s GGR grew by 6.61% YoY in June to DKK 97m (2023: DKK 91m). By location, gaming arcades had an 80.41% share of the vertical’s total GGR for the month, followed by restaurants with 19.59%.

Taking a look at land-based casinos, the vertical’s GGR for June came in at DKK 32m, up 7.1% (2023: DKK 30m) with an average daily GGR of DKK 1.1m

As of 30 June, Spillemyndigheden noted that the ROFUS self-exclusion service had 50,403 registered persons, with 33,511 permanently registered and 16,892 temporarily registered.

During June, the authority stated that its gambling helpline, StopSpillet, had 32 related conversations and 170 other conversations. Of these related conversations, 50% were with a player, 43.8% were with a relative and 6.3% were with a consultant.

Last month, Spillemyndigheden formed a new agreement with the country’s Consumer Ombudsman Forbrugerombudsmanden, as well as its gambling advertising board Spilreklamenævnet, to coordinate efforts against illegal gambling marketing.

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According to a statement by Forbrugerombudsmanden, the three parties will work together when they have to take action against illegal gambling marketing in Denmark to avoid the duplication of efforts and to improve their cooperation.

In terms of operation, if a gambling company does not comply with criticism by Spilreklamenævnet, or if rules are found to be broken, cases will be forwarded by the advertising board to the ombudsman or the gambling authority. 

Forbrugerombudsmanden and Spillemyndigheden can also inform complainants that they can complain to the advertising board if a company breaks the industry’s code of conduct, but not rules handled by the ombudsman or the gambling authority.

Torben Jensen, Consumer Ombudsman, commented: “Our new cooperation agreement with the Gambling Authority and the Gambling Advertising Board strengthens our supervision of gambling companies’ marketing. 

“The agreement involves better internal communication, ensures coordination and prevents duplication of work, which benefits consumers.”

Forbrugerombudsmanden checks a gambling company’s compliance with the Marketing Practices Act and other consumer protection rules, while Spillemyndigheden supervises compliance with the marketing of gambling rules in section 36(1) of the Gambling Act, as well as the rules on sales promotion measures in relevant executive orders on gambling.

Spilreklamenævnet handles gambling marketing complaints that breach the industry’s code of conduct, a code for the social responsibility of the industry’s marketing to protect vulnerable groups and children, as well as limit gambling addiction.

All three parties will hold annual meetings and regularly inform each other of relevant cases.

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Although overall GGR declined, online and land-based casinos improved, but betting and gaming machine figures fell in comparison to the same month the previous year.

Posting figures for May 2024, the Danish gambling authority reported a GGR of DKK 571m (approximately €76.6m), down 3.4 per cent when compared to May 2023’s DKK 591m.

May’s figure was also a decline in comparison to the DKK 595m reported by the market the previous month.

By game sector, Spillemyndigheden stated that online casino generated 48.69 per cent of the total GGR during the month, followed by betting with 28.82 per cent, gaming machines with 16.85 per cent and land-based casinos with 5.64 per cent.

Online casino GGR rose by 10.35 per cent YoY to DKK 278m (2023: DKK 252m) with gaming machines leading the way with 76.76 per cent of the total GGR for the vertical during the month.

Elsewhere in the vertical, the authority said that blackjack produced a 6.88 per cent share of the vertical’s total GGR, followed by roulette at 6.19 per cent, commission at 3.87 per cent, other at 3.43 per cent and bingo at 2.86 per cent.

Meanwhile, betting GGR in May fell by 21.5 per cent in comparison to the same period the previous year to DKK 164m (2023: DKK 209m). Mobile had the biggest share of the total GGR with 67.41 per cent, followed by computer at 16.5 per cent and land-based at 16.09 per cent.

Spillemyndigheden noted gaming machines GGR in May dropped by 2.14 per cent YoY to DKK 96m (2023: DKK 98m) with an average daily GGR of DKK 3.21m.

By location, gaming arcades had a 79.62 per cent share of the vertical’s total GGR for the month, while restaurants had a 20.38 per cent share.

Land-based casinos GGR improved by 3.03 per cent when compared to the same period the previous year to DKK 32m (2023: DKK 31m) with an average daily GGR of DKK 1.07m.

As of May 30, 2024, Spillemyndigheden noted that the ROFUS self-exclusion service had 50,700 registered persons, with 33,173 permanently registered and 17,527 temporarily registered.

StopSpillet, the authority gambling helpline, had 51 conversations related to StopSpillet during May, as well as 160 conversations related to other information. Of the StopSpillet-related conversations, 54.9 per cent were with a player, 39.2 per cent were with a relative and 5.9 per cent were with a consultant.

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Reporting figures for April 2024, the authority stated that GGR amounted to DKK 595m (€79.8m), down from the DKK 640m GGR during the same month last year.

In terms of GGR by sector, online casinos led the way with 45.85 per cent, followed by betting with 32.79 per cent, gaming machines with 16.11 per cent and land-based casinos with 5.26 per cent.

Online casinos in April generated DKK 273m in GGR, up 6.04 per cent from the DKK 257m reported during the same month the previous year. 

Within the vertical, gaming machines had the largest share of total GGR at 76.26 per cent, followed by roulette at 7.27 per cent, blackjack at seven per cent, commission at 3.66 per cent, other at 3.17 per cent and bingo at 2.64 per cent.

Spillemyndigheden noted that betting operations in April produced DKK 195m in GGR, down 20.92 per cent in comparison to DKK 247m reported in April 2023.

Mobile betting led the way with a 70.18 per cent share of the vertical’s total GGR, followed by land-based at 15.06 per cent and computer at 14.76 per cent.

Gaming machine GGR fell by 7.36 per cent YoY in April to DKK 96m (April 2023: DKK 104m) with an average daily GGR of DKK 3.3m. 

Gaming arcades generated a 79.65 per cent share of the vertical’s total GGR during the month, while restaurants produced 20.35 per cent.

Land-based casinos reported an April GGR of 31m, down 1.63 per cent YoY (April 2023: DKK 32m) with an average daily GGR of DKK 1.1m.

As of April 30, 2024, Spillemyndigheden noted that the ROFUS self-exclusion service had 50,740 registered persons, with 32,823 permanently registered persons and 17,914 temporary registered persons.

During April, the authority’s helpline StopSpillet had 66 related conversations and 181 other information conversations. Of the related conversations, 65.2 per cent were with players, 31.8 per cent were with a relative and 3.03 per cent were with a consultant.

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49%

Publishing its first quarter results, Catena declared revenue from continuing operations of €16m, down 49 per cent year-over-year (Q1 2023: €31.5m).

North America revenue, which makes up 90 per cent of the company’s total revenue from continuing operations during the period, was again affected by market headwinds, dropping by 50 per cent YoY to €14.3m (2023: €28.9m). 

Catena cited challenging comparatives, competition intensity and operator marketing budget in sports betting, as well as ongoing brand improvement programs for casino as the reasons for the dip in North America revenue.

Across the quarter, 86 per cent of the total revenue came from cost-per-acquisition agreements, followed by revenue share at 12 per cent and fixed at two per cent.

NDCs from continuing operations declined by 41 per cent YoY to 44,077 (2023: 74,186) during Q1. 81 per cent of NDCs came from CPA deals, while 19 per cent came from revenue share agreements.

Adjusted EBITDA from continuing operations for the quarter decreased by 90 per cent YoY to €1.9m (2023: €18.7m) with a margin of 12 per cent (2023: 59 per cent margin). EBITDA from continuing operations, including items affecting comparability of €1m, totalled €909,000 (2023: €17.9m), corresponding to a margin of six per cent (2023: 57 per cent).

Earnings per share from continuing operations totalled minus €0.03 (2023: €0.15) before dilution and minus €0.03 (2023: €0.11) after dilution.

As of March 31, cash and cash equivalents were €23.4m (2023: €52.4m), outstanding shares totalled 78,773,422 and outstanding warrants were 27,022,940.

Interim CEO Pierre Cadena said: “Operational outcomes during the period were again unsatisfactory, especially in North American sports. Stronger competition, tightened marketing spending by operators, and challenging comparables with Q1 2023 – when online sports betting went live in Ohio and Massachusetts – combined to push revenue and EBITDA lower.

“The legalisation of online sports betting in North Carolina on March 11 came after the Super Bowl but in time for the March Madness college basketball tournament, which provided a positive uplift. Despite being in play for less than one-third of the period, North Carolina was our strongest performing US state in Q1.”

15%

Brazil has introduced the tax framework applied to player prizes and winnings for the well-awaited launch of its regulated market, including betting, lotteries and online gambling. 

Earlier this week, the Federal Revenue Service (RFB) of Brazil confirmed its ruling on personal income tax (IRPF) that will be applied to ‘net prizes’ obtained via betting, lotteries and online gambling.

The RFB approved the government’s modality to impose a 15 per cent personal income tax on prizes and winnings above BRL 2824 (around €530).

For net winnings/prizes below BRL 2824, the RFB will exempt the 15 per cent tax charge. The figure is reported to be equivalent to two average monthly wages for Brazilian consumers.

Net prizes of the Bets market will be determined as the difference between the prize amount won and the total amount wagered by the customer.

Replicating the same mechanisms as state lotteries, the 15 per cent tax charge will be applied ‘at source’ by operators when crediting customer winnings. 

The framework will apply changes to Brazil’s federal tax laws on the Income Tax on Individuals (IRPF) and the Declaration of Income Tax Withheld at Source (DIRF), having gained authorisation from RFB General Secretary Robinson Sakiyama Barreirinhas.

The tax charge applied to player prizes has been viewed as a point of conflict in the pending launch of the Bets market.

The measure was imposed by President Lula da Silva upon signing Bill No. 3,626/2023 into law, authorising the legislative framework for Brazil to launch its federal sports betting and online gambling marketplace.

€23.8m

For Q1 2024, Bragg Gaming Group declared a 4.2 per cent increase in revenue in comparison to the same period last year, reaching €23.8m (Q1 2023: €22.9m).

CEO Matevž Mazij noted that the YoY increase was attributed to organic growth from its current client base, the addition of new customers in multiple markets, as well as “impressive results” from its in-house Wild Streak Gaming casino games studio.

However, as previously mentioned, the group’s gross profit and adjusted EBITDA declined in comparison to the previous year. 

Gross profit dropped by 2.8 per cent to €11.9m (2023: €12.2m) with a margin of 49.9 per cent (2023: 53.5 per cent), while adjusted EBITDA fell by 12.4 per cent to €3.4m (2023: €3.9m) with a margin of 14.3 per cent (2023: 17 per cent).

Mazij commented: “Although gross profit and adjusted EBITDA saw modest decreases in the first quarter, stemming from the extension and renegotiation of our agreement with Entain Plc to provide our PAM platform to BetCity.nl through 2025, we maintain a strong belief in our ability to achieve long-term growth and profitability. 

“Our proprietary and exclusive third-party content continues to gain ground with an increasing number of top-tier operators globally, and we introduced a total of 19 new exclusive titles worldwide in the first quarter of 2024.

“Additionally, as we continue to make encouraging progress on our strategic alternatives review process, it’s important to emphasise that we are operating the business as usual and remain laser-focused on capitalising on growth opportunities.”

4.6%

Denmark’s Gambling Authority, Spillemyndigheden, has reported a year-over-year GGR improvement of over four per cent across the country’s gambling market for March. 

Publishing data for the month, Spillemyndigheden reported that the total GGR came in at DKK 627m (€84.06m), up 4.6 per cent in comparison to March 2023’s DKK 599m (€80.2m). 

This figure also represents consecutive months of growth for Denmark’s gaming ecosystem, rising by 6.63 per cent from February 2024’s DKK 588m (€78.83m). 

March GGR was driven by growth across online casinos, land-based casinos and gaming machines, but the nation’s betting segment did decline slightly in comparison to the same month in 2023.

Looking at GGR share, online casinos took the majority with a 49.41 per cent share, followed by betting with 29.01 per cent, gaming machines with 16.95 per cent and land-based casinos with 4.5 per cent.

Online casino GGR in March came in at DKK 310m, an uptick of over 20 per cent YoY (March 2023: DKK 257m). Of the vertical’s GGR, 76.4 per cent of GGR came from slots, followed by 6.74 per cent from roulette and 6.57 per cent from blackjack.

As the only vertical to witness a decline, betting GGR in March fell by 14.8 per cent to DKK 183m (March 2023: DKK 214m). For this segment, 62.53 per cent of GGR came from mobile, with land-based betting contributing 23.23 per cent and computers contributing 14.24 per cent.  

Land-based casino’s GGR in March rose by 12 per cent to DKK 28m (March 2023: DKK 25m) with an average daily GGR during the month of DKK 900,627.

Gaming machines GGR also increased, reaching DKK 106m to gain a 2.91 per cent advantage on the previous year’s DKK 103m. The segment’s average daily GGR came in at DKK 3,244,115. 

As for the authority’s self-exclusion programme ROFUS, Spillemyndigheden noted that the number of people registered in March was 50,070, with 32,261 permanently registered. 

€379.3m

Super Group declared a 12 per cent increase YoY in revenue to €379.3m (Q1 2023: €338.5m) as it revealed its financial results for Q1. 

The operator stated that revenue improvements occurred following “growth from Africa and North America (predominantly Canada) markets partially offset by declines from the Middle East and Asia-Pacific market”.

Per region, North America alongside Africa and Middle East tied at 37 per cent of the total revenue share during Q1, followed by Europe at 15 per cent, Asia-Pacific at nine per cent and South/Latin America at two per cent.

Excluding US operations, total revenue for the quarter stood at €374m, up 13 per cent YoY or 17 per cent in constant currency.

Per brand, Betway reported €222m in revenue during the quarter (2023: €198.3m), while Spin had €157.3m in revenue (2023: €140.2m).

Per vertical, online casino revenue stood at €292.2m (2023: €243m), sports betting revenue was €76.9m (2023: €81.5m), brand licensing revenue was €5.9m (2023: €8.8m) and other revenue was €4.3m (2023: €5.24m).

Super Group reported profit for the period was €41m (2023: €1.9m loss), which included “a gain on disposal of the B2B division of Digital Gaming Corporation Limited of €40.1m” in addition to “a non-cash charge of €13.1m related to the increase in fair value of option liability”.

Adjusted EBITDA improved by 29 per cent YoY to €46.5m (2023: €36.1m). Excluding US business, adjusted EBITDA stood at €69m, up 29 per cent YoY (2023: €53m) with a margin of 18 per cent.

While active in nine states, Super Group stated that it is still assessing its US operations, with the region reporting an adjusted EBITDA loss of €22m (2023: €16.5m loss). 

Monthly active customers for the quarter rose by 33 per cent to 4.7 million in comparison to 3.5 million during the same period last year.

Menashe commented: “We’ve had a phenomenal start to the year, continuing our momentum from a strong end to 2023.

“This robust performance has been delivered by our global team’s ongoing focus and investment into core markets that are yielding strong returns, providing us with a solid foundation for the remainder of the year.”

€36.2m

Publishing record Q1 results, GiG announced all-time high revenues of €36.2m, up 28 per cent in comparison to the same period last year (Q1 2023: €28.4m). 

Media revenues were positive, but Platform & Sportsbook fell against previous year comparisons, although underlying Software-as-a-Service revenue did increase.

Marketing expenses grew by 32 per cent year-over-year to €7.5m (2023: €5.7m), corresponding to 21 per cent of revenues (2023: 20 per cent). Other operating expenses increased by 45 per cent to €15.5m (2023: €10.7m).

Adjusted EBITDA for the company rose by eight per cent YoY to €12.6m (2023: €11.7m) with a margin of 34.8 per cent (2023: 41.1 per cent).

At the end of Q1, depreciation and amortisation amounted to €7.3m (2023: €5.6m), of which €3.2m (2023: €1.1m) was related to the acquisitions of AskGamblers, KafeRocks and other acquired affiliate assets. 

As of March 31, GiG reported a profit from continuing operations of €3.7m (2023: €4m) and a positive cash flow from operations of €10.3m, (2023: €13.2m) with a cash balance of €10.4m (2023: €10.7m).

Commenting on the Q1 performance, GiG Chair Petter Nylander said: “I am pleased to present to you our first quarterly report for the year 2024, outlining the significant strides and promising developments within our company.

“Since 2019, our GiG Media business has been on an upward trajectory, marked by robust cash flow and increased earnings diversity. The acquisition of AskGamblers in February 2023 has proven fruitful, driving solid revenue growth and First Time Depositors. 

“Moreover, the successful integration of KaFe Rocks in December 2023 has further diversified our business portfolio, contributing positively to our EBITDA margin.”

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