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.
- 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.
- 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