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Angel Hristov August 16, 2023 2 min read
GiG Posts All-Time High Q2 Revenues
In H2, GiG will focus on ensuring strong growth mechanics, continued operational improvement and long-term scalability
Gaming Innovation Group (GiG) has posted its Q2 financials, reporting all-time high revenues. The company is optimistic about the future and will do its best to maintain its momentum into H2.
As reported by the company, GiG achieved all-time high quarterly revenues at $33.9 million (all figures have been converted to USD). This represents a stellar 40% year-on-year increase, the iGaming and sportsbook solutions provider said.
Adjusted EBITDA for the period was $15.27 million, marking a 68% YOY increase. Adjusted EBITDA margin, meanwhile, increased to 45%, approaching GiG’s goal of 50%.
The GiG Media arm, meanwhile, reported all-time high revenues at $23.7 million with an adjusted EBITDA of $11.2 million. The Platform & Sportsbook division, on the other hand, reported revenues of $10.1 million with an adjusted EBITDA of $4 million.
Additionally, GiG said that profit before tax was $7.2 million, representing a spectacular YOY increase of 197%. Positive cash flow from operations, however, experienced a slight drop from $10.4 million in Q2 2022 to $9.9 million in Q3 2022.
GiG also reported earnings per share of $0.055.
Q2 Was a Productive Period for the Company
GiG also shared a few quarterly highlights concerning the favorable performances of GiG Media and Ask Gamblers.
In Q2, GiG struck a final agreement with Palasino and secured licenses in Pennsylvania, Maryland and Sweden for its Platform & Sportsbook business.
The quarter was especially productive for the supplier, which launched and completed the migration of all GiG legacy Sportsbook clients to Sportnco. Moreover, the company managed to launch two new brands and sign three new Platform & Sportsbook agreements.
As a result of its efforts, GiG secured the Full-service Platform Provider and Multi-channel Supplier of the Year award at the 2023 EGR B2B Awards.
Following the conclusion of the quarter, GiG signed one new deal and three heads of terms for Platform & Sportsbook. At the beginning of Q3, GiG also launched five additional brands and entered new markets. The number of brands powered by the operator is currently 65.
Richard Brown, Gaming Innovation Group’s chief executive officer, called Q2 “another step forward for GiG,” praising the results. He said that his company is excited to continue its growth in Q3.
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.Richard Brown, CEO, GiG
Meanwhile, GiG just named Richard Carter as CEO of the Platform and Sportsbook division.