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Annual Report 2019

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Annual Report 2019 GiG Overview iGaming solutions based on innovative technology Vision Mission “Opening up iGaming to make it “Have a stake in every fair fair and fun for all” online bet” 2012 2015 2019 GiG founded Listed on the Oslo Dual-listing on Stock Exchange Nasdaq Stockholm Offices in Malta, Licences in Malta, UK, ~600 Denmark, Gibraltar, New Jersey, Germany Employees Norway, Spain, US S-H, Sweden, Spain · Annual Report 2019 contents 04 Strategic Report 2019 Highlights page 5 Letter from the CEO page 8 We are GiG page 10 Sustainability Report page 25 Risks page 35 The Share page 37 Words from the Chairman page 38 The Market page 39 42 Board of Directors Report 53 Corporate Governance Report 61 Auditor’s Report 65 Consolidated Financial Statements 3 · Annual Report 2019 Strategic Report 4 · Annual Report 2019 2019 Highlights NASDAQ Stockholm listing New licences On 26 March, GiG listed its share on Nasdaq In January 2019 GiG was granted an affiliate Stockholm, from which date it is dual-listed vendor registration in the state of New Jersey, both on Oslo Børs and on Nasdaq Stockholm. USA. GiG was also granted two licences in The GiG share is dual-listed, carrying the same Spain, permitting the Company to offer ISIN code on both exchanges: US36467X2062. B2C online casino and sports betting in the The ticker code for the GiG share on Oslo Børs Spanish market. is “GIG”, the ticker code for the GiG share on Nasdaq Stockholm is “GIGSEK”. GiG was granted a Class II affiliate licence in Romania, allowing GiG’s Media Services to enter the regulated Romanian market with GiG Media top 5 affiliate affiliate marketing. GiG’s media services division was, in April, awarded a top 5 position in the EGR Power Affiliates Ranking, this is an improvement by ISO Certification seven places to last year. This comprehensive, In 2019, GiG´s information security processes annual ranking comprises 25 of the most were tested against the highest international successful affiliate businesses in the global standards set by the International gambling industry. Organization for Standardization via an ISO 27001:2013 audit. This certification highlights the Company’s ongoing and systematic GiG partners with Sky City for a fully approach towards protecting confidentiality, serviced omnichannel solution integrity and availability of all information GiG partnered with New Zealand’s GiG controls and processes. largest entertainment company SkyCity Entertainment Group on 21 May for the provision of a turnkey, fully managed online GiG Comply casino solution including an online gambling In 2019, GiG signed 13 new partners to licence for end-users in New Zealand, the its monitoring tool GiG Comply. The tool launch date was 8 August. helps to protect operators from promotion on websites which are not brand-safe and protects from misleading advertising in their Expanding the partnership in the US name by crawling thousands of webpages on with Hard Rock a daily basis. In December GiG extended the partnership with Hard Rock International as they went live with their sportsbook in Iowa adding on GiG signed Mr Green to the over-the-counter solution launched GiG signed a long-term agreement with SIA Mr in September. Green Latvia for the provision of its software platform licence, online casino, sportsbook and front end services for Mr Green’s brand More people take the Rizk? entry into the Latvian market. Mr Green, part Rizk had an exciting year in 2019. The brand of William Hill plc, is one of GiG’s existing launched a dedicated and branded live casino partners. studio on 11 June, powered by Evolution Gaming. Went live in India and because of relocated marketing budget grew from EUR New senior secured bond 55.4 million in revenue to EUR 58.6 million in A new SEK400m senior bond was issued in revenue, representing approximately 74% of June with a SEK 1,000m borrowing limit, NGR in the B2C vertical. refinancing part of the existing bond and credit facilities. 5 · Annual Report 2019 06/06/2019 New sportsbook launched on TIMELINE guts.com 08/08/2019 14/06/2016 01/07/2017 Launched online casino with SkyCity in New A senior secured bond secured Online gambling licenses Zealand 2019 for 400 SEK granted in Spain 13/08/2019 11/06/2019 03/07/2019 Highroller divested to affiliate and operator Rizk launched a dedicated and Affiliate license granted in Ellmount Gaming Ltd. branded live casino studio on Romania 11 June, powered by Evolution Gaming JUL AUG JAN 17/01/2019 20/09/2019 Granted affiliate vendor Partnership with Hard Rock SEP license in New Jersey JUN International is extended to include sportsbook operations in 30/01/2019 the US state of Iowa Powers Hard Rock’s omnichannel sportsbook 23/09/2019 launch in New Jersey Investments in its proprietary game studio are halted FEB MAY OCT 21/05/2019 Partnership with SkyCity signed 22/10/2019 Acquires 75% of Croatian 29/05/2019 NOV Casino Operator Top GiG Comply signs bet365 06/11/2019 Games in order to enter Gaming Innovation Group the Croatian online appoints Richard Brown as gambling market MAR APR Chief Executive Officer 05/04/2019 26/03/2019 19/11/2019 GiG Comply signs with Stockholm listing with GiG New data platform launched Kindred Group share being dual-listed on Oslo Bors and at NASDAQ Stockholm DEC 13/12/2019 GiG signed a long-term agreement with SIA Mr Green Latvia for the platform 16/12/2019 GiG goes live with the Hard Rock sportsbook in Iowa extending the partnership 6 Strategic Report · Annual Report 2019 06/06/2019 New sportsbook launched on TIMELINE guts.com 08/08/2019 14/06/2016 01/07/2017 Launched online casino with SkyCity in New A senior secured bond secured Online gambling licenses Zealand 2019 for 400 SEK granted in Spain 13/08/2019 11/06/2019 03/07/2019 Highroller divested to affiliate and operator Rizk launched a dedicated and Affiliate license granted in Ellmount Gaming Ltd. branded live casino studio on Romania 11 June, powered by Evolution Gaming JUL AUG JAN 17/01/2019 20/09/2019 Granted affiliate vendor Partnership with Hard Rock SEP license in New Jersey JUN International is extended to include sportsbook operations in 30/01/2019 the US state of Iowa Powers Hard Rock’s omnichannel sportsbook 23/09/2019 launch in New Jersey Investments in its proprietary game studio are halted FEB MAY OCT 21/05/2019 Partnership with SkyCity signed 22/10/2019 Acquires 75% of Croatian 29/05/2019 NOV Casino Operator Top GiG Comply signs bet365 06/11/2019 Games in order to enter Gaming Innovation Group the Croatian online appoints Richard Brown as gambling market MAR APR Chief Executive Officer 05/04/2019 26/03/2019 19/11/2019 GiG Comply signs with Stockholm listing with GiG New data platform launched Kindred Group share being dual-listed on Oslo Bors and at NASDAQ Stockholm DEC 13/12/2019 GiG signed a long-term agreement with SIA Mr Green Latvia for the platform 16/12/2019 GiG goes live with the Hard Rock sportsbook in Iowa extending the partnership 7 · Annual Report 2019 Letter from the CEO Richard Brown Dear shareholders, decision to focus on fewer brands and shift marketing spend away from traditional TV-based marketing towards digital, in 2019 has been a truly transformative and significant year, not conjunction with significant operational improvements. This only for GiG but for the entire gambling industry. The regulation resulted in the EBITDA moving from EUR 1.4 million to EUR 8.1 of the gambling landscape provided opportunities, while also million year over year. This is a testament to GiG’s ability to presenting a challenging period for what were some of our adapt quickly and perform. largest markets in 2018. The changes to GiG’s business model and structure that we made in 2019 and in Q1 2020 are setting Our Media segment demonstrated robust performance with us on track for full focus and dedication towards future- only a marginal decline in earnings, despite the decline in proofing our business and positioning it for growth over the player values across Scandinavia which impacted growth. coming years. All-time high earnings in H1 were mitigated by a search ranking update by Google and the market conditions in Sweden and Norway which were felt more in H2. We have put a new Year in review structure and management team in place, who worked on several key initiatives to return the segment back to growth with In 2019 our B2C organisation demonstrated the ability to better products and new market entries. Progress has also been improve its operational capacity in the face of industry made with our US project, WSN.com, which received its license headwinds and a decline in revenue. We made the strategic for affiliation in several US states and continues to gain traction. Our B2B platform business continued to enhance its technology offering with a significant release in Q4 of GiG Data, the first and demonstrable big win of the new technology stack. A new management team which was put in place during H2 continues to drive a modernised, flexible, stable and user-centric tech that will support the business for the years to come. We signed our first managed service client, SkyCity (New Zealand’s largest land-based casino group), and towards the end of the year, we signed Mr Green to take that brand into the regulated Latvian market. In January 2019 we terminated a large client. Since this coincided with a market decline for some of our white labels in Scandinavia, we saw impacted revenue and earnings growth which is, of course, disappointing.
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