GiG announces record Q3 with €32m in revenue
Malta-based firm posts adjusted EBITDA of €23.3m following announcement of Time2Play Media acquisition
Gaming Innovation Group (GiG) has posted an all-time high Q3 revenue of €31.8m (£27.7m), representing a 39% year-on-year (YoY) increase for the firm.
Adjusted EBITDA was up 8.9% YoY to €23.4m, with an adjusted EBITDA margin of 42.8%, up from 37% in Q3 2022.
EBIT (excluding an earn-out reversal of €9.8m) was up 173% YoY to €6.8m, with an EBIT margin of 21.2%.
Breaking financial performance down by division, GiG Media revenue was also at an all-time high of €22.5m, up 49% YoY, while adjusted EBITDA landed at €10.4m, up 53% YoY.
First time depositors jumped from 86,900 in Q3 2022 to 113,800, representing a 32% YoY increase, as GiG continued to reap the rewards of its AskGamblers acquisition.
Platform and sportsbook revenue saw an increase of 20% YoY to €9.3m, while adjusted EBIDTA stood at €3.2m, a 90% YoY increase.
Record revenue was achieved despite poor sports results in September causing an estimated €0.9m revenue hit.
Geographically, revenue from the Americas increased 33% YoY while revenue from the Nordics and Europe increased 27%.
Positive cash flow stood at €8.3m in Q3, with GiG anticipating full-year revenues between €125-€130m.
Addressing the results, Petter Nylander, GiG chair, said: “I am delighted to share with you the strong Q3 2023 results for Gaming Innovation Group as we continue our journey towards becoming world leaders in the igaming industry, focusing on our two core business areas – media and platform and sportsbook.
“The third quarter of 2023 has proven to be another period of growth and achievement.
“As we reflect on the strong results of Q3 2023, we are enthusiastic about the future. Our ambition to become and create world leaders in both media and platform and sportsbook segments we believe is well within reach.
“The dedication and hard work of our team, combined with the strength of our strategy, have positioned GiG for an exciting journey ahead,” he concluded.
The firm acquired Time2Play Media, formally known as KaFe Rocks, for €35m on Tuesday night (7 November) while board member Hesam Yazdi purchased 6,500 shares in GiG at SEK29.35, taking his total to 946,500 shares.