Gaming Innovation Group (GiG) cites full confidence in achieving its 2023 financial and commercial objectives, as tech units achieve all-time-high results.
Publishing its Q1 2023 trading update, GiG announced ‘impressive group-wide results’ for Q1 2023, generating all-time high corporate revenues of €28.4m, a 49% year-on-year increase on 2021 results of €19m.
Peak revenue performance led the technology group to achieve a 75% surge in adjusted EBITDA, reaching €11.7m (Q1 2021: €6.7m), reflecting continuous growth and robust performance.
Richard Brown, CEO of GiG, said, “The first quarter of 2023 had a multitude of successful and impressive steps forward for Gaming Innovation Group. Many of which are contributing to create excitement within the business of further potential of the companies within the group.”
Period trading saw GiG’s Platform & Sportsbook unit deliver on an all-time-high revenue results of €10m, a 100% increase on 2021 comparatives, reflecting 52% organic growth and an adjusted EBITDA of €3.6m.
All-time-high results were matched by the GiG Media unit, which generated revenues of €18.4m, a 31% increase, and an adjusted EBITDA of €8.1m. Media and Platform growth contributed to a positive cash flow from operations for Q1 of €13.2 million.
Q1 trading saw EBITDA margin stand at 41.1% as Q1 final EBIT stood at €5.6m , a 94% YoY increase, with an EBIT margin of 19.7%.
GiG highlighted several Q1 commercial highlights including the acquisition of AskGamblers, which was completed in January and has shown month-on-month growth since the takeover.
GiG Media saw a 59% YoY increase in FTDs, reaching 110,800. The company expanded its partnership with News Corp UK & Ireland to enter the Irish market with casino and sports betting content.
Additionally, Platform & Sportsbook signed eight new agreements in the quarter, including three in Europe, four in Latin America, and one in North America.
GiG leadership has prioritised the launch of its ‘Enterprise Solution’ and the signing of its first customer. GiG received licences for Platform & Sportsbook operations in Pennsylvania and Maryland, US, and had 60 live brands by the end of the quarter.
Post-Q1 events include signing the final agreement for the online entry of Trans World Hotels & Entertainment‘s retail business through Palasino.com and the successful launch and completion of the migration of all GiG legacy sportsbook clients to the Sportnco solution.
In April, GiG saw a 30% increase in revenues compared to the same period last year, indicating a positive outlook for the rest of 2023.