GiG Reports Robust Q3 2023 Revenues and Growth across Core Verticals

Oslo-based Gaming Innovation Group (GiG) announced impressive financial results for Q3 2023, showcasing its leadership position in the iGaming industry. The company’s Q3 revenues reached an all-time high as it heads to a record-breaking year-end. Several high-profile appointments bolstered GiG’s leadership team, helping to manage its growing international footprint.

Metrics Are Up across the Board

GiG’s Q3 revenue reached an all-time high of €31.8 million ($33.92 million), reflecting a 39% year-on-year increase, with a substantial 23% being organic. This result demonstrates the long-term sustainability of the company’s operations after it shifted its primary focus to its best-performing segments. Petter Nylander, GiG chairman, was impressed with the company’s performance, lauding its 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.

Petter Nylander, GiG chairman

Adjusted EBITDA for the quarter stood at €23.4 million ($24.95 million), showcasing sustained growth. The figure represents a 61% year-on-year increase, with an adjusted EBITDA margin of 42.8%. Excluding a €9.8 million reversal of earn-out provision, EBITDA for the period was €13.6 million ($14.5 million), significantly surpassing 2022’s results.

GiG’s positive financial performance can be attributed to its two core business areas: Media and Platform & Sportsbook. The Media segment saw 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).

Prudent Investments Set the Stage for Further Success

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

The company signed two new agreements for Platform & Sportsbook and introduced five additional brands in Q3 2023, including market entries in Serbia and Portugal. Notably, GiG’s platform and sportsbook went live in the US. state of Maryland. The group’s acquisition of KaFe Rocks expanded its footprint in the online casino market and should pay significant dividends.

GiG’s stellar Q3 results reflect its continued growth and focus on its core business areas, with both Media and Platform & Sportsbook segments performing well. The company’s strategic initiatives, operational achievements, and ongoing growth in various markets are propelling it towards becoming a global leader in the iGaming industry.