As Record Breaking Revenue Surges In Q2/H1, It’s All Looking GiG

Moving resolutely to cleave its booming business into two independent strategic entities, Scandi B2B iGaming pathfinder GiG, Gaming Innovation Group, has posted a super impressive H1, underlining the adage that less can be more.

The Oslo and Stockholm-listed, Malta-headquartered mini Omnichannel, that counts AskGamblers and Sportnco among its top brands, has previously revealed that it plans to separate its Platform and Sportsbook from its GiG Media offering by the first quarter of next year.

But meanwhile during Q2 and H1 of this year, ending June 30, it has produced results of which many a bigger outfit would be proud.

Group revenues surged 40 percent, year-on-year, to €31 million (£26.56m) during Q2.

Adjusted EBITDA for the quarter was €14 million (£11.99m), compared to €8.3 million (£7.11m) in Q2 2022.

This all-time high saw GiG Media–bolstered by the acquisition of AskGambers from Catena Media in Q1–publish second quarter revenue of €21.7 million (£18.59m), up 47 percent, year-on-year.

Brown’s Belief

Concurrently, GiG’s Platform and Sportsbook vertical enjoyed revenue of €9.3 million (£7.96m) during the quarter, an increase of over 27 percent compared to Q2 last year.

Turning to H1, with GiG pulling in earnings of €64.8 million (£55.52m), up by almost 37 percent compared to the first six months of 2022, the group is now looking to hit total year revenue of some €130 million (£111.38m).

Net profit during the half was posted as €11.5 million (£9.85m), an astonishing near-300 percent vault on H1 2022. Adjusted EBITDA, likewise, also jumped, by over 70 percent to €25.7 million (£22.01m).

Buoyed by the mid-year results, outgoing GiG Group CEO Richard Brown, affirmed: “Progress towards the strategic review has moved well.

“We believe operationally the group will be ready to execute the planned spin off by year end, targeting execution, dependent on market conditions, in the first half of 2024.

“I truly believe there is a strong and clear path to continued success for the business units both operationally and strategically and we are fixated on achieving it,” Brown said.

GiG’s Platform and Sportsbook, meantime, will be bolstered by the imminence of acquiring new licences to operate in Pennsylvania and Maryland in the United States and by securing a B2B supplier licence for Sweden, where the company is registered on the Nasdaq Exchange.

Certainly as the countdown to Q1 2024 gathers pace, it’s all looking GiG.