GiG records all-time high revenue of €35.6m in Q4 as chair eyes growth in Latam

Gaming Innovation Group (GiG) recorded all-time high revenue of €35.6m in Q4 2023, representing a 37% year-on-year (YoY) increase for the affiliate and supplier.

The yearly increase from €26m in Q4 2022 marked GiG’s 12th consecutive quarter of record-breaking revenue.

Adjusted EBITDA stood at €12.6m, a 17% YoY increase from €10.8m, while underlying EBITDA saw a 32% rise YoY to €14.2m, which was adjusted for one-offs and split related costs.

However, adjusted EBITDA margin decreased from 41.4% to 35.3% during the reporting period.

Breaking operations down by vertical, GiG Media revenue was also at an all-time high at €26.5m, up from €17.8m in 2022, marking a 49% YoY rise.

First time depositors (FTD) landed at 137,600, another record high for the firm and an increase of 19% YoY. The figure beat the record set at the end of 2022 which included the FIFA World Cup as a key event for that period.

Also, within the Media arm, AskGamblers continues to impress with Q4 revenue increase 32% quarter on quarter and player intake jumping 12%.

The performance of AskGamblers, which has seen EBITDA more than double since February 2023, has also seen GiG park plans to migrate the brand onto the GiG tech stack.

Additionally, the acquisition of Time2Play Media completed in December, with efforts to onboard and integrate the brand now underway.

Elsewhere, Platform and Sportsbook revenue saw an 11% jump YoY, from €8.2m to €9.1m. Adjusted EBITDA amounted to €1.1m, down from €1.8m, which the firm said was due to “the tactical step-up in sportsbook, marketing, senior hires and business development investments”.

Two brands also went live across the Platform and Sportsbook arm, including a launch in Latam during the quarter, while two contract renewals were penned which accounted for 11% of total 2023 revenue for the division.

Commenting on the Q4 figures, GiG chair Petter Nylander highlighted the record growth over the past few years and noted how both divisions are geared up for a further successful year.

He added that the firm was eyeing up growth not only in Latam but North America as well.

Nylander said: “Looking ahead, we remain committed to our strategic objectives, including the planned split of the company into two separate entities, GiG Media, and Platform and Sportsbook.

“This strategic move will unlock new growth opportunities and maximise 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 and Sportsbook. With our strong performance, diversified earnings and robust growth prospects, we are well-positioned for success in the years to come.

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

For the firm in 2023, full year revenue was €126.9m, a 41% YoY jump from €90.1m in 2022. Adjusted EBITDA stood at €61.6m, an 80% increase from €34.2m, while adjusted EBITDA margin was 48.5%, up from 38% in 2022.

Similarly to the group’s Q4 performance, GiG Media’s 2023 revenue was at an all-time high of €89.1m, which was a 44% YoY increase from €61.7m in 2022.

Revenue for Platform and Sportsbook increased 33%, from €28.3m to €37.8m, with an adjusted EBITDA of €21.5m, up from €4.6m in 2022.