Gaming Innovation Group (GiG) has released its Q3 financial report for 2023, showcasing impressive financial performance with a revenue of €31.8 million ($33.9 million), representing a substantial increase of 38.9% year-on-year.
Revenue Growth:
GiG’s Q3 2023 results indicate significant revenue growth compared to the previous year. The company’s total revenue of €31.8 million reflects a strong 38.9% increase year-on-year, highlighting its steady progress in the iGaming industry.
Division-Wise Performance:
Both of GiG’s core business divisions, GiG Media and Platform & Sportsbook, contributed to the revenue growth. GiG Media recorded remarkable revenue of €22.5 million, representing an impressive 49% increase from the third quarter of 2022. Meanwhile, Platform & Sportsbook reported revenue of €9.3 million, up from €7.8 million in the same period the previous year.
Adjusted EBITDA and Positive Cash Flow:
Adjusted EBITDA for the third quarter of 2023 stood at €23.4 million, a substantial surge of 175.3% compared to the same period in 2022, when it was €8.5 million. The positive cash flow from operations in the third quarter of 2023 was valued at €8.3 million, demonstrating GiG’s financial strength and stability.
Operational Highlights:
GiG’s positive Q3 results can be attributed to several operational highlights during the period. The company secured two new agreements for Platform & Sportsbook, witnessed the addition of five additional brands going live on the Platform, including new market entries in Serbia and Portugal. Additionally, AskGamblers continued to grow, posting an impressive 45% increase in revenue from the run rate at takeover.
Expansion into the US Market:
GiG expanded its presence in the lucrative US market during the quarter, with its platform and sportsbook going live in the state of Maryland. This expansion marked a strategic move to tap into the growing US iGaming landscape.
New Appointments:
Notable personnel appointments in the third quarter included Jonas Warrer being appointed as Acting Group CEO and Richard Carter taking on the role of the new Platform & Sportsbook CEO. These appointments signify GiG’s commitment to strengthening its leadership team.
Chairman’s Perspective:
Petter Nylander, Chairman of GiG, expressed his delight with the Q3-2023 results, emphasizing GiG’s journey toward becoming a global leader in the iGaming industry. He highlighted the company’s unwavering focus on its core business areas, Media and Platform & Sportsbook, and noted that the third quarter of 2023 had proven to be another period of remarkable growth and achievement.
GiG’s robust Q3 2023 financial results underscore its continued growth and success in the iGaming industry. The company’s impressive revenue growth, expansion into new markets, and strong leadership appointments position it for further achievements as it strives to become a global leader in the industry. GiG’s commitment to its core business areas and responsible expansion sets the stage for a promising future.