Parting Is Such Sweet Sorrow At Valentine’s GiG

GiG, Gaming Innovation Group, had nothing but kind words for stakeholders and iGaming lovers as it unveiled its Q4 and Full Year 2023 on Valentine’s Day, its last joint financials following the recent decision to “consciously uncouple” its two principal verticals.

All’s good in the amicable corporate divorce of its mainbody B2B sportsbook platform and thrusting B2C media unit, confirmed the dual Oslo- and Stockholm Nasdaq-listed, Malta-headquartered player; as the record-breaking Financial Results testify.

In Q4, for example, GiG hit record revenues of €35.6 million (£30.36m), up 37 percent year-on-year.

And FY 2023 revenue–the very last year that GiG will be declaring as a combo–was up by a super impressive 41 percent to €126 million (£107.46m); while Adjusted EBITDA was noted at €61 million (£52.02m), up from 2022’s €34 million (£29m).

AskGamblers, prestige lynchpin of the media division, led the Q4 charge with sales up 90 percent, notably across Africa and Australia world markets.

GiG Media, alone, generated revenues of €26.5 million (£22.6m) in the quarter and revenue of €89 million (£75.9m), up from €62 million (£52.87m), across the year.

Strategic Split

“We remain committed to our strategic objectives, including the planned split of the company into two separate entities, GiG Media and Platform & Sportsbook,” said Executive Chair Petter Nylander.

“This strategic move will unlock new growth opportunities and maximize value for our shareholders.

“As we approach the split in 2024, we are confident in setting new long-term financial targets for both GiG Media and Platform & Sportsbook.

“With our strong performance, diversified earnings, and robust growth prospects, we are well-positioned for success in the years to come.”
With its acquisition of KaFe Rocks in December, the new soon-to-be standalone GiG Media has affirmed the booming Americas market as its new “enamorata”.

“[It] aligns strongly with our ambition to maintain our position as the leading casino affiliate in the industry,” added Nylander.

“We are confident in the quality of the acquired assets, and see significant potential for growth, particularly in the North American and LatAm markets.”

Divorce is usually a messy affair.

But this is one parting filled with sweetness and light – at least for now.

Published on:

Editorial Tags: