Gaming Innovation Group Reports Strong Q3 2023 Results
Gaming Innovation Group Inc. (GiG) has announced its Q3 2023 revenues of €31.8 million and an adjusted EBITDA of €23.4 million. The company continues to focus on its core business areas, Media and Platform & Sportsbook, and aims to become a leading player in the iGaming industry.
Financial Highlights
– GiG achieved record-high revenues of €31.8m in Q3 2023, a 39% YoY increase.
– Adjusted EBITDA reached €23.4 million, with an adjusted EBITDA margin of 42.8%.
– EBIT ex. earn-out reversal rose to €6.8 million, with an EBIT margin of 21.2%.
– Revenues in GiG Media reached an all-time high of €22.5 million, with organic growth of 23%.
– Revenues for Platform & Sportsbook amounted to €9.3 million, all organic.
Operational Highlights
– Jonas Warrer appointed acting group CEO, replacing Richard Brown.
– Richard Carter appointed as new Platform & Sportsbook CEO.
– GiG Media’s FTDs increased by 31% YoY.
– Ask Gamblers achieved a 45% revenue growth since its takeover.
– Signed two new agreements for Platform & Sportsbook.
– Five additional brands went live on the Platform in Q3 2023, including market entries in Serbia and Portugal.
– GiG’s platform and sportsbook are now live in Maryland, USA.
Events after Q3
– Acquisition of KaFe Rocks, strengthening GiG’s position as a lead generator in the online casino market.
– One additional brand has gone live in Q4 2023, bringing the total number of live brands to 63.
– Andrew Cochrane, former SBTech and DraftKings executive, appointed as new Chief Business Officer for Platform & Sportsbook.
Investor presentation and webcast:
Chairman of the Board, Petter Nylander, will host a livestream presentation of the Q3 2023 results at 10:00 CET. The presentation will be conducted in English and will include Jonas Warrer, CEO Media; Richard Carter, CEO Platform & Sportsbook; and a Q&A session for investors, analysts, and journalists.
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