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November 8, 2023

Gaming Innovation Group Reports Strong Q3 2023 Results: Record Revenues and Growth

Jean-Paul Uwizeye
Written byJean-Paul UwizeyeWriter
Researched byPriya PatelResearcher

Gaming Innovation Group Reports Strong Q3 2023 Results

Gaming Innovation Group Inc. (GiG) has announced its financial results for the third quarter of 2023. The company achieved all-time high revenues of €31.8 million, representing a 39% year-on-year increase. The adjusted EBITDA reached €23.4 million, with an adjusted EBITDA margin of 42.8%. GiG's success can be attributed to its focus on two core business areas: Media and Platform & Sportsbook.

Gaming Innovation Group Reports Strong Q3 2023 Results: Record Revenues and Growth

Financial Highlights

  • Revenues in Q3 2023 amounted to €31.8 million, a 39% increase compared to the previous year.
  • Adjusted EBITDA was €23.4 million, reflecting a 61% year-on-year growth.
  • EBIT ex. earn-out reversal reached €6.8 million, a significant increase of 173%.
  • GiG Media achieved all-time high revenues of €22.5 million, representing a 49% increase.
  • Platform & Sportsbook revenues amounted to €9.3 million, a 20% increase.
  • EPS was €0.07.
  • Positive cash flow from operations was €8.3 million.

Operational Highlights

  • Jonas Warrer has been appointed as the acting group CEO, replacing Richard Brown.
  • Richard Carter has been appointed as the new Platform & Sportsbook CEO.
  • FTDs for GiG Media increased by 31% year-on-year.
  • Ask Gamblers experienced a 45% revenue growth since the takeover.
  • Two new agreements were signed for Platform & Sportsbook.
  • Five additional brands went live on the Platform, including market entries in Serbia and Portugal.
  • GiG's platform and sportsbook are now live in the U.S. state of Maryland.

Events after Q3

  • GiG has acquired KaFe Rocks, solidifying its position as a leading 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, has been appointed as the new Chief Business Officer for Platform & Sportsbook.

Investors, analysts, and journalists are invited to join the livestream presentation of the Q3 2023 results hosted by Petter Nylander, Chairman of the Board, at 10:00 CET. The presentation will be followed by a Q&A session.

Click here to access the livestream

About the author
Jean-Paul Uwizeye
Jean-Paul Uwizeye
About

Born and raised in Rwanda, Jean-Paul Uwizeye seamlessly connects the world of online casinos to Rwandan enthusiasts. With a unique blend of Western gaming insights and deep Rwandan cultural roots, he's a go-to localizer for engaging and relatable content.

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