Gaming Innovation Group (GiG)

GiG looks to positive year-end as Q3 revenues reach €22.9m record high

Gaming Innovation Group (GIG) has reported a strong performance across the board in Q3, as revenue rose 35% year-on-year.

Representing organic growth of 24%, GIG’s group wide income for July-August 2022 was €22.9m (Q3 2021: €16.9m), coupled with an EBITDA Margin of 37% (34.1%), with total EBITDA increasing by 47% to €8.5m (€5.8m).

Significant developments during the three month period for the company saw its Platform and Sportsbook sign six new agreements with the likes of, Kings Media, Grupo Boldt, Betsson and Aspers Group – three in Europe, two in Latin America and one in North America.

Total revenue for these segments stood at €7.8m, a YoY growth rate of 36% on 2021 earnings of €5.7m, with adjusted EBITDA recorded at €1.7m, a substantial increase on previous year figures of €600,000.

Richard Brown, GiG CEO, said: “I am pleased with the development and performance of GiG over the third quarter. The business delivered another record quarter with revenue growth up 35% year-over-year.”

Additionally, the GiG Media division reported growth of 35% to €15.1m (€11.2), with adjusted EBITDA of €6.8m (€5.1m), marking its seventh successive all-time high in quarterly revenues and player intake.

Lastly, the group took four brands live during the quarter – the last being the PlayStar casino operator in New Jersey – and continued the rollout of its presence in the North American markets.

This included securing a licence in Ontario, Canada’s most populous province and a major betting market in the continent, as well as another licence in the US igaming stronghold of Pennsylvania.

The company closed the quarter with positive cash flow of €10m, a 20% increase on 2021’s €8m, whilst profits rose from net zero the previous year to £600,000.

Post quarter developments have included a bolstering of its LatAm standing via an agreement with a ‘leading land-based operator’ and all-time high player intake in October, whilst revenue for last month rose by 34%.

SBC News GiG looks to positive year-end as Q3 revenues reach €22.9m record high

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