iGaming Cloud Inc., one of the best performing subsidiaries of GiG (Gaming Innovation Group), has won a permanent CSIE (Casino Service Industry Enterprise) license from the New Jersey’s Division of Gaming Enforcement. The license which was first sought in 2018 will be valid for five years until it is renewed.
During the five-year period, GiG will be allowed to provide gaming solutions to licensed real-money online casino operators in the state of New Jersey.
After receiving the much-coveted CSIE license, the CEO of GiG Richard Brown expressed how delighted GiG is to finally get a thumbs up from New Jersey’s gaming ombudsman. The software solutions company had waited for a long time and had been subjected to a thorough and tedious process that has finally come to fruition. Brown also indicated that the license means a lot to the GiG fraternity because it offers them a solid confirmation that their platform, operations and practices are of the highest standards out there.
At the start of coronavirus pandemic, GiG published a trading update which affirmed that their daily net gaming revenue and their usual casino proceeds would not be affected by the economic crisis caused by the virus. Despite their bold claim, their revenue still plummeted to $33.7 million, a 4% drop year-on-year. Morose, the company’s EBITDA suffered a more substantial loss of €2.5 million, recording a 39% slide. However, despite COVID-19’s impact on GiG, the company still managed to accrue €8.1 million in cash flow from their day-to-day operations for Q1 2020, which is a remarkable 84% increase.