GIG: Positive Net Profit & 37% Revenue Increase for Q2

Leading iGaming platform and media provider offering world-class solutions to partners and customers Gaming Innovation Group (GiG) has released the reports for the second quarter of 2022. The provider has reported a revenue boost of 37% for Q2 2022 compared to the same quarter of 2021. Out of the increase, 24% was organic, helping the group reach €22.1 million ($26.6 million) in revenue. Revenue in GiG Media hit an all-time high of €14.8 million ($15 million), signaling a 35% rise compared to Q2 2021. At the same time, revenue for the platform and sportsbook went up 43%, reaching  €7.3 million ($7.4 million).

Strong Momentum & Exciting Milestones Triggered Escalating Profits 

The group’s chief executive officer Richard Brown spoke about the “strong momentum” that the company managed to carry forward in the second quarter, along with the “exciting milestone of completing the acquisition of Sportnco” at the beginning of April. He explained these two factors along with others helped GiG position its business for ongoing growth while escalating profitability levels. The same Q2 report made public by the group displayed an adjusted EBITDA that went 47% up compared to the same quarter of 2021, reaching €8.3 million ($8.4 million). GiG also reported a positive cash flow of €9.5 million ($9.65 million) generated by operations and a net profit of €1.3 million ($1.32 million). 

Ongoing Partnerships and Expansion Opportunities for GiG

Other highlights that the GiG report emphasized for Q2 included the signed partnership with retail operator Aspers in the UK, the partnership with Betsson Group in Colombia, the head of terms agreement sealed with sports betting brand Crab Sports for Maryland, and its supplier license for the Ontario province. The company also announced additional agreements including the expansion deal signed with Betway for Sportsbook and Player Account Management solutions for the Portuguese market, as well as its fresh entries in the Colombian and Spanish markets. 

By the end of the second quarter, the group reported a total of 58 live brands. During the IGB Affiliate Awards event held in London, GiG Media received the prestigious “best casino affiliate” award. The event is the premier recognition platform for businesses part of the iGaming affiliate industry in the UK. 

Last week, Gaming Innovation Group announced a new partnership deal with Argentinian Grupo Boldt, agreeing to power the Bplay brand while strengthening its foothold in LatAm. During the same week, the group announced an extended partnership with Novibet for the supplier’s automated marketing compliance tool.