Gaming Innovation Group (GiG) has released its financial report for Q2 2023, showcasing impressive performance with total revenue reaching €31.1m ($34m), representing a substantial 40% year-on-year increase. This report highlights the company’s achievements across its various segments.
Revenue Breakdown:
GiG Media achieved record-high revenues of €21.7m, marking a remarkable 47% year-on-year growth.
The platform and sportsbook segment generated revenues of €9.3m, demonstrating a solid 27% annual increase.
Profitability and EBITDA:
GiG Media reported €10.3m in adjusted EBITDA, a substantial surge of 178% compared to the same quarter in the previous year.
The platform and sportsbook segment recorded €14m in adjusted EBITDA, marking a significant 68% increase over Q2 2022.
Despite challenges, GiG’s total gross profit for Q2 2023 reached €30.8m, marking a notable 41% year-on-year growth.
GiG Media saw a remarkable 38% increase in gross profits, reaching €6.9m.
While the platform and sportsbook segment reported a gross profit loss of minus €315,000, this represents an improvement compared to the previous year’s loss of minus €2.6m.
EBITDA and Cost Analysis:
Overall EBITDA surged by 76%, reaching €13.6m, reflecting the company’s strong financial performance.
Adjusted EBITDA increased by 68% to €14m.
Cost of sales increased slightly by 12% to €254,000.
Marketing expenses grew by 42% to €6.2m, supporting GiG’s growth initiatives.
Other operating expenses increased by 15% to €10.7m, contributing to total operating expenses of €16.8m, up by 24%.
Key Developments:
GiG’s growth was fueled by securing new licenses in the US, specifically in Pennsylvania and Maryland, and obtaining a gambling software provider license in Sweden.
The company is focused on growth, operational improvements, and scalability in the second half of 2023.
Gaming Innovation Group’s Q2 2023 financial report demonstrates substantial growth in revenue, gross profit, and EBITDA. With its expansion into new markets and a commitment to enhancing operational efficiency, GiG looks poised for continued success in the gaming industry.