Gaming Innovation Group (GiG) Shines in Q3 2023 Financial Results

Gaming Innovation Group (GiG) has delivered an exceptional performance in the third quarter of 2023, reaffirming its dominance in the iGaming sector. The company's impressive results, key appointments, and strategic moves are driving it towards a record-breaking year-end.

GiG reported a record-breaking Q3 revenue of €31.8 million ($33.92 million), reflecting an impressive 39% year-on-year increase, with 23% being organic growth. This remarkable achievement underscores the sustainability of GiG's operations as it focuses on its best-performing segments. Petter Nylander, Chairman of GiG, expressed his delight at the company's growth and achievements.

"I am delighted to share strong Q3-2023 results for Gaming Innovation Group as we continue our journey towards becoming world leaders in the iGaming industry," said Petter Nylander.

Adjusted EBITDA for the quarter stood at €23.4 million ($24.95 million), showing a remarkable 61% year-on-year increase with an adjusted EBITDA margin of 42.8%. Excluding a €9.8 million reversal of earn-out provision, the EBITDA for the period was €13.6 million ($14.5 million), a significant improvement compared to the previous year.

GiG's robust financial performance can be attributed to its two core business areas: Media and Platform & Sportsbook. The Media segment achieved all-time high revenues of €22.5 million ($24.0 million), marking a substantial 49% year-on-year increase. The segment's adjusted EBITDA reached €10.4 million ($11.09 million). The Platform & Sportsbook segment achieved revenues of €9.3 million with an adjusted EBITDA of €3.2 million (3.41 million).

Operational highlights in Q3 included the appointment of Jonas Warrer as acting Group CEO, taking over from Richard Brown, while Richard Carter assumed the role of the new Platform & Sportsbook CEO. GiG's Ask Gamblers platform also proved highly successful, with revenues rising by 45% compared to pre-acquisition.

The company inked two new agreements for Platform & Sportsbook and introduced five additional brands in Q3 2023, expanding into new markets, including Serbia and Portugal. Notably, GiG's platform and sportsbook went live in the U.S. state of Maryland. The acquisition of KaFe Rocks has significantly expanded GiG's presence in the online casino market and promises substantial dividends.

GiG's stellar Q3 results underscore its ongoing growth, strategic focus, and expansion in various markets, positioning the company as a global leader in the iGaming industry.