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Gaming Innovation Group Reports Q2 2023

Gaming Innovation Group (GiG) Incorporated reports Q2 2023 revenues* of €31.1 million and an adjusted EBITDA of €14.0 million.
“The second quarter of 2023 has proven another step forward for GiG with the business reaching another all-time high in revenues,” the Chief Executive Officer for GiG, Richard Brown, said. “We now look into the second half of the year with total focus on ensuring strong growth mechanics, continued operational improvement and long-term scalability for GiG.”
Financial Highlights
- GiG achieved all-time high revenues* in Q2 2023 amounting to €31.1 million (22.1), an increase of 40% year-on-year whereof 22% organic
- Adjusted EBITDA was €14 million (8.3), up 68%, adjusted EBITDA margin* increased to 45% (37.5%), an all-time high and strong progress towards financial target goal of 50%
- EBIT was €6.6 million (2.4), an increase of 173% year-on-year with an EBIT margin* of 21.1% (10.8%)
- Revenues in GiG Media at all-time high of €21.7 million (14.8), an increase of 47% (20% organic), with an adjusted EBITDA of €10.3 (7.0)
- Revenues* for Platform and Sportsbook were €9.3 million (7.3), an increase of 27%, all organic, with adjusted EBITDA of €3.7 million (1.3), adjusted EBITDA margin* increased to 39.7% (17.2%)
- Profit before tax was €6.6 million (2.2), an increase of 197% year-on-year EPS was €0.05 (0.01)
- Positive cash flow from operations of €9.1 million (9.5)
Operational Highlights
- FTDs for GiG Media ended at 109,400 (79,400), up 38% year-on-year
- Ask Gamblers continued positive momentum with revenues in July up 45% from run rate at take over
- Signed final agreement with Palasino, powering the online entry of Trans World Hotels and Entertainment retail business through Palasino.com
- Platform and Sportsbook awarded licenses in Pennsylvania and Maryland, United States, and the new gambling software provider license in Sweden
- Successful launch and completion of migration of all GiG legacy Sportsbook clients to Sportnco solution
- Launched two new brands and signed three new agreements for Platform and Sportsbook in the quarter
- Awarded Full-Service Platform Provider and Multi-Channel Supplier of the Year at the 2023 EGR B2B awards
Events After Q2
- Signed one new agreement and three HOTs for Platform and Sportsbook
- Five additional brands have gone live so far in Q3 2023 including new market entries in Serbia and further expansion into Latin America, number of live brands is 65 as of today
- GiG’s platform and sportsbook live in the United States state of Maryland
- Appointed Richard Carter as new Platform and Sportsbook Chief Executive Officer and Jonas Warrer as Chief Executive Officer for GiG Media
- July has developed positively and revenues are up 30% compared to the same period last year, whereof 10% organic growth
*Revenues are adjusted for revenues from a platform client where GiG recognizes the full operations in its profit and loss statement, which are partly offset by related cost of sales and site overheads. See Note 2 in the Q2-2023 Interim Report for more details.
Investor Presentation and Webcast
Chief Executive Officer Richard Brown will present the Q2 2023 results via livestream at 10:00 CET. The presentation will be followed by a Q&A-session and investors, analysts and journalists are welcome to participate. The presentation will be given in English.
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