Gaming Innovation Group Reports Revenue and Profit Growth in 2023
Date: 2024-02-15 Author: Dima Zakharov Categories: EVENTS
GiG's Business Split Plan
In a strategic move, Gaming Innovation Group (GiG) announced its decision to split into two separate entities in early 2023. This split involves separating its GiG Media affiliate and Platform & Sportsbook divisions, aiming to enhance focus and efficiency within each sector.
Preparation for the Split
Throughout 2023, GiG has diligently prepared for the impending split. This included strategic appointments, such as Richard Carter as CEO of the Platform & Sportsbook business and Jonas Warrer for GiG Media. The company has been proactive in its restructuring efforts to ensure a smooth transition.
Leadership Changes
September saw the departure of CEO Richard Brown ahead of schedule, with plans to join Glitnor Group. Despite this change, GiG has remained steadfast in its commitment to its strategic objectives, including the split, showcasing resilience amidst leadership shifts.
Acquisitions Driving Growth
GiG's acquisition strategy has been instrumental in its growth trajectory. Notably, the acquisition of KaFe Rocks in November aimed to bolster its presence in the North American market, following the purchase of AskGamblers in January 2023.
Impressive Financial Results
GiG reported robust financial results for 2023, with a substantial increase in both revenue and net profit year-on-year. Chairman Petter Nylander expressed optimism about the company's growth potential, emphasizing its strong performance and diversified earnings.
Revenue Breakdown
Consolidated group revenue for 2023 reached €126.m, primarily driven by GiG Media. Despite higher operating expenses, the company achieved a commendable net profit, signaling resilience amid cost escalations and operational changes.
Continued Growth Prospects
As GiG progresses towards its split in 2024, it remains focused on long-term growth objectives for both GiG Media and Platform & Sportsbook divisions. With a solid financial foundation and strategic initiatives in place, GiG is poised for sustained success in the years ahead.
