Gentoo Media recorded revenue for the second quarter of the year of €30.3m in GiG’s latest financial report ahead of the expected company split.
Gentoo Media’s revenue marked a 39% rise year-on-year and was the affiliate’s 14th consecutive quarter with all-time high revenue. 18% of the revenue increase came from organic sources.
It generated 121,900 players for its operator partners in the period, an 11% increase from Q2 2023. Meanwhile, the EBITDA margin for Q2 was up by 48.7%, from €10.3m (£8.68m/$11.49m) to €14.8m.
Marketing expenses also rose from €6m to €8.4m in the quarter with the company having acknowledged that it continues to see “an enhanced return on investment for its marketing expenses”.
AskGamblers, which was acquired in January 2023 for €45m, achieved a revenue growth of 58% year-on-year. The brand also benefited positively from the Google update rolled out earlier this year in March. The company plans to add sports and sports betting to AskGamblers and expects this to double the “addressable market of the assets” in the second half of 2024.
In June, Gentoo also purchased Casinomeister.com for €3m with the asset confirmed to operate under its respected brand to keep its “unique voice”. Gentoo expects the brand to help drive significant growth.
“This acquisition,following a thorough due diligence process and guided by a well-founded turnaround plan, positions us to replicate the successes we have achieved with previous acquisitions such as AskGamblers and KaFe Rock,” said Mikael Riese Harstad, chairman of the board.
“The second quarter of 2024 has truly been one of significant achievement and strategic progress,” added Riese Harstad. “As we move forward with the final steps of our strategic split, me and Petter Nylander, chairman of platform & sportsbook, are confident that both Gentoo Media and platform & sportsbook will continue to grow, innovate, and deliver value to our shareholders like never before.”
The company also in June acquired Titan, an SEO and content services supplier, for €3.2m and closed the deal in August. The purchase is expected to help with cost-saving and operational efficiencies.