Gentoo Media Achieves Record Q2 2024 Revenues Amid Strategic Acquisitions
Gentoo Media, formerly GiG Media, has announced a record-breaking financial performance for Q2 2024, with revenues soaring to €30.3 million, marking a 39% year-over-year increase.
Strong Financial Performance in Q2 2024
Gentoo Media, previously known as GiG Media, has reported record-breaking financial results for the second quarter of 2024.
The company achieved revenues of €30.3 million, marking a significant 39% increase compared to the same period last year.
Notably, 18% of this growth was attributed to organic sources, highlighting the company’s robust performance in its core operations.
The company’s EBITDA also saw a substantial rise of 43%, reaching €14.8 million, with an impressive EBITDA margin of 48.7%.
Additionally, EBIT stood at €7.8 million, reflecting a margin of 25.8%. To further strengthen its financial standing, Gentoo Media successfully executed a €15 million bond tap and a €9 million equity offering, significantly boosting its cash reserves.
Strategic Acquisitions Bolster Market Position
Gentoo Media has made several strategic acquisitions as part of its growth strategy, further solidifying its presence in the iGaming sector.
The acquisitions of AskGamblers and KaFe Rocks have proven particularly fruitful, with both entities experiencing rapid growth post-acquisition.
In a move to enhance its market position, the company also acquired Casinomeister, a well-known platform that reviews and advocates for online casinos.
Furthermore, Gentoo Media has signed a Head of Terms to acquire Titan Inc. Limited, a leading provider of SEO and content services, aiming to improve operational efficiency and expand its service offerings.
Growth in First-Time Depositors
The media sector of Gentoo Media has also shown strong performance in terms of customer acquisition.
In Q2 2024, the company recorded 121,900 First-Time Depositors (FTDs), an 11% increase from 109,400 in the previous year.
This growth underscores Gentoo Media’s ability to effectively integrate its acquisitions while continuing to expand its market reach.
Challenges in Platform & Sportsbook Division
In contrast to the media division’s success, Gentoo Media’s Platform & Sportsbook division faced challenges in Q2 2024.
The division reported a 21% decline in revenues, amounting to €7.3 million, and an adjusted EBITDA loss of €-1.6 million.
Despite these setbacks, the division managed to secure two new agreements, sign two additional Heads of Terms, and extend one existing contract.
Currently, 72 brands are live on the platform, with four new brands launched in Q2 and two more already live in Q3 2024.
Planned Division of Platform & Sportsbook Operations
Gentoo Media plans to split its Platform & Sportsbook division by the end of September 2024, with trading expected to commence on October 1st of the same year.
This separation is designed to allow both divisions to focus on their respective markets and enhance their potential for growth.
