Formerly known as GiG Media, Gentoo Media has announced record-breaking Q2 2024 revenues of €30.3 million, representing a 39% year-over-year gain, with 18% of this growth coming from organic sources. Additionally, the company’s EBITDA increased by 43% to reach €14.8 million, with an EBITDA margin of 48.7%. With a 25.8% margin, EBIT was €7.8 million. An €15 million bond tap and a €9 million equity offering considerably bolstered the company’s cash reserves and balance sheet.
Alongside its recent rebranding, Gentoo Media has made a number of strategic acquisitions. Notable examples of these include AskGamblers and KaFe Rocks, both of which have experienced rapid post-acquisition growth. To bolster its position in the market, Gentoo Media also bought Casinomeister, a website that advocates for and reviews online casinos. In an effort to improve operational effectiveness, the business has also inked a Head of Terms to purchase Titan Inc. Limited, a top supplier of SEO and content services.
In the second quarter of 2024, the media sector recorded 121,900 First-Time Depositors (FTDs), up 11% from 109,400 in the previous year. This expansion demonstrates the company’s ability to successfully integrate its acquisitions and keep broadening its market reach.
Platform & Sportsbook Developments
In contrast to the media division’s success, the Platform & Sportsbook division experienced a 21% decline in revenues, reporting €7.3 million. The division also faced an adjusted EBITDA loss of €-1.6 million. Despite these challenges, the division signed two new agreements, secured two additional Head of Terms, and extended one contract during Q2 2024. As of today, 72 brands are live on the platform, with four new brands going live in Q2 and two more already launched in Q3 2024.
It is projected that the Platform & Sportsbook section of Gentoo Media will be split by the end of September 2024, and that trading will begin on October 1st of that same year. This is a calculated strategic decision meant to improve both divisions’ prospects for growth and focus.
The Chairman of the Board, Mikael Riese Harstad, will deliver Gentoo Media’s Q2 2024 results live on a webcast starting at 10:00 CET today. The CEOs of Platform & Sportsbook, Richard Carter, and Media, Jonas Warrer, will also be present. Investors, analysts, and media are welcome to participate in the Q&A session that will take place after the presentation. There will be English spoken during the event.
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