SBC News Voice of the Sports Betting Industry
Gaming Innovation Group (GiG) has achieved record-breaking financial results as the tech group moves to split its platform and media units into standalone businesses in 2024.
Publishing its Q4 and full-year 2023 results this morning, GiG concluded its final quarter as a combined sportsbook platform and igaming media supplier, achieving ‘all-time high’ revenues of €35.6m, up 37% on the corresponding Q4 2022 results of €26m.
Declaring a “twelfth consecutive quarter of revenue growth,” on a year-end basis, GiG achieved FY2023 revenues of €126m, up 41% on 2022 comparative results of €91m, with the firm’s adjusted EBITDA standing at €61m (FY2022: €34m).
Q4 trading saw GiG Media generate standalone revenues of €26.5m (+49%), as the unit declared a further “all-time-high achievement.”
Media income was bolstered by a revamped AskGamblers generating record-breaking sales (+90%), and GiG expanded its publisher partnership with News UK within the markets of Australia, Niger, and South Africa.
Ahead of GiG Media’s break-off, the unit declared FY2023 standalone revenues of €89m (FY2022: €62m), combined with EBITDA growth to €40m (FY2022: €29m).
Strong commercial prospects were underlined for GiG Media as its business was enhanced by the acquisition of Kafe Rocks to bolster its online casino media and lead generation business for North and South American markets.
As cited by Chairman, Petter Nylander: “The finalization of the KaFe Rocks acquisition in December 2023 aligns strongly with our ambition to maintain our position as the leading casino affiliate in the industry.
“We are confident in the quality of the acquired assets and see significant potential for growth, particularly in the North American and LatAm markets.”
Standalone results for GiG’s Platform & Sportsbook saw the unit achieve an 11% increase in Q4 revenues to €9m, as year-end income stood at €38m (FY2022: €29m).
The Platform and Sportsbook unit registered a Q4 decline in adjusted EBITDA to €1.1m (Q4 2022: €1.8m) – attributed to expansion costs for senior management hires and the integration of SportnCo assets.
GiG highlighted the strong prospects of its Platform & Sportsbook unit, which concluded 2023 trading by launching 10 new brands to market: “As of today, the number of live brands is 62 with an additional 19 brands in the integration pipeline. The geographical diversification covers a total of 35 markets, including the current pipeline.”
Key developments for GiG’s standalone platform business saw its management team strengthened by the new hires of Andrew Cochrane as Chief Business Officer (CBO), James Coxon as Chief Operating Officer (COO), and Matt Saxton as Chief Technology Officer (CTO).
Presenting its final accounts as a platform and media business, GiG declared net profits of €15m, a fivefold increase on FY2022 results of €3m – as GiG is confident that its forthcoming business split will reward shareholders.
Chairman Petter Nylander concluded: “We remain committed to our strategic objectives, including the planned split of the company into two separate entities, GiG Media and Platform & Sportsbook. This strategic move will unlock new growth opportunities and maximize value for our shareholders.
“As we approach the split in 2024, we are confident in setting new long-term financial targets for both GiG Media and Platform & Sportsbook. With our strong performance, diversified earnings, and robust growth prospects, we are well-positioned for success in the years to come.”
