Source : company reports
Chart 15 : GiG Media division revenue� Q220-Q222� (€ m ) ��
15
Affiliate Monitor
20
The rest of the sector reviewed
14
14.1
14.8
13 12.8
GIG Q2 REVIEW |
€ m
12
11
|
11 |
11.2 |
AN OBJECT LESSON IN THE AFFILIATE BUSINESS
Quietly , and certainly given cover by GiG ’ s focus on other aspects of its organisation , the media business at GiG has gone about its work very effectively in the past two years . So much so that it arguably provides lessons for the rest of the sector , particularly around the current obsession at the top of the market in the US .
GiG does have a foothold in the US and Canada , with 13 state licences , but not so much that it suffers from the seasonality that affects others in the sector with a heavier sports betting focus . Indeed , as the company pointed out , compared with its listed peers which saw drops in both revenue and EBITDA profits in the second quarter , GiG powered ahead with further record revenues ( Chart 15 ).
It is also doing visibly better than rivals such as Better Collective and Catena Media in converting regularly rising revenues to a similarly positive profile for EBITDA . As can be seen in Chart 16 , other than small blips in Q3 2020 and Q3 2021 , the trend line has been positive for the past two years .
WHERE DID IT ALL GO RIGHT ?
This is , then , a story about consistency and , as the company has been keen to stress , one that
iGB Affiliate Monitor
10
10
Chart 15 : GiG Media division revenues
Q220-Q222 9
(€ m
9)
15
14.8 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222
14.1
14
Source 13
: company reports 12.8
12
Chart 16 : GiG Media division EBITDA Q220-
11.2 11
11
Q222
€ m
10 |
10 |
8 |
|
|
|
|
|
|
9
7
|
8.6 |
8.6 |
9 |
6.8 |
7 |
Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 5.7
5.3 5.1
4.8 4.6
4.3 4
Chart 5 16 : GiG Media division EBITDA Q220-Q222 (€ m )
€ m
€ m
6
4
8.6 8.6
|
7
3
6
|
6.8 |
7 |
2 |
5.7 |
|
5
1
|
4.8 |
4.6 |
5.3 |
5.1 |
4.3 |
4 |
4 |
0 |
Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222
3
Source 2 : company reports
1
Chart 17 : GiG Media division FTDs Q220-
0
Q222 ( 000s )
Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222
90 Chart 17 : GiG Media division FTDs Q220-Q222 ( 000s )
80 79.4
70 69.8
60 60.6
50 46.8 46.7
43.7
40 34.3
33.3 30
30.3
20
10
0 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222
Source : company reports
Chart 18 : GiG Media division revenue by