Online Gambling operator and technology services provider Gaming Innovation Group (GiG) is facing new challenges after it reported a near 50 percent decline in earnings for Q3.
GIG posted a drop of 19 percent year-on-year in revenue to €30.2m in the three months ending September 30. The company reported a massive decline in earnings as it said that they have tanked 46% to just €2.7m.
While for the third quarter GIG posted a net loss of €8.35m, for the same period it had reported €2.6m loss.
While GIG’s revenue for the year-to-date has dropped by 19 percent year-on-year to €93.6m, its net loss has grown nearly 300 percent to €17.35 million.
The operator’s B2C revenue was down 17.2% to €20.2m in Q3 and its B2B media services unit reported revenue falling 4.7% to €8m.
The report hit the company’s stocks which were down nearly 20 percent to SEK6.41 by the close of Wednesday’s trading.
GiG chairman Petter Nylander said that the market was “in a bit of a storm” and that it was time for “structural change, not a structural decline.” He also said that it was time for the company to “adapt to the new reality in order to steer out of the epicenter” of this regulatory maelstrom.
Following the results of Q3 GIG quickly announced acting CEO Richard Brown as its CEO who is replacing Robin Reed.