Gaming Innovation Group Inc. (GiG), a leading provider of igaming technology and solutions, has reported strong financial performance for Q1 2023, with all-time high revenues and an impressive increase in adjusted EBITDA.
According to the company’s financial report, GiG achieved Q1 2023 revenues of €28.4 million (£25 million, US$31.4 million), up 49% YoY, with adjusted EBITDA reaching €11.7 million, up 75% YoY. The company also saw an increase in EBIT, reaching €5.6 million, up 94% YoY, with an EBIT margin of 19.7%.
GiG’s revenue growth was driven by a significant increase in revenues for its media and platform/sportsbook segments, which saw all-time high revenues of €18.4 million and €10.0 million, respectively. GiG’s media segment saw an increase of 31%, with an adjusted EBITDA of €8.1 million, while the platform/sportsbook segment experienced a 100% increase in revenues, of which 52% was organic, with an adjusted EBITDA of €3.6 million.
In addition to its impressive financial results, GiG also achieved several operational highlights in Q1 2023. The company completed the acquisition of AskGamblers and expanded its commercial partnership with News Corp UK & Ireland Limited to enter the Irish market with casino and sports betting content. GiG’s Platform & Sportsbook segment signed eight new agreements in the quarter, including three in Europe, four in LATAM, and one in North America. The company also launched its Enterprise Solution and entered into its first contract.
Looking ahead, GiG has already achieved significant milestones since the end of Q1 2023. The company signed the final agreement for the online entry of Trans World Hotels & Entertainment’s retail business through Palasino.com and successfully launched and completed the migration of all GiG legacy sportsbook clients to Sporntco solution. April has also shown positive development, with revenues up around 30% compared to the same period last year.
GiG’s impressive financial and operational performance in Q1 2023 highlights the company’s strength and position as a leading provider of igaming technology and solutions. With continued growth and expansion into new markets and segments, GiG is poised to drive further success in the industry.
“The first quarter of 2023 had a multitude of successful and impressive steps forward for Gaming Innovation Group. Many of which are contributing to create excitement within the business of further potential of the companies within the group.”, commented Richard Brown, CEO of GiG