GiG reveals record Q3 2022 revenue as media and platform arms post strong growth
Malta-headquartered firm maintains outlook for full-year 2022 with EBITDA jumping 47%
Gaming Innovation Group (GiG) has posted record revenue in Q3 2022 as its media and platform services arm both grew year on year (YoY).
The Malta-headquartered firm recorded revenue of €22.9m, representing a 35% YoY increase from Q3 2021’s €16.9m, with 24% of the growth being organic.
Breaking down the group’s revenue by section, GiG’s media arm returned €15.1m in revenue, up from €11.2m in Q3 2021.
The €15.1m figure was made up of €10m in publishing revenue and €5.1m in paid revenue.
Europe retained the lion’s share of the media revenue split with 60%, with the Americas and rest of the world taking 20% each.
In fact, revenue from the Americas leapt almost 200% YoY driven by its Wsn.com and Casinotopsonline.com sites.
The group’s platform services division returned revenue of €7.8m, up from €5.7m in Q3 2021, with a 10% YoY rise in clients to 43.
Elsewhere, adjusted EBITDA jumped 47% YoY from €5.8m to €8.5m, with a corresponding EBITDA margin of 37%. EBIT also increased slightly from €2.1m to €2.5m.
GiG also reported a seventh successive all-time high in player intake, with first-time depositors rising 85% from 46,700 to 86,500.
In the early stages of Q4 2022, GiG revealed October had returned a 34% rise in revenue compared to the same time period in 2021, with GiG’s media arm reaching an all-time player intake during the month.
Looking ahead, GiG noted it is maintaining its positive outlook and guidance for full-year 2022.
The firm said the combined operations for GiG and Sportnco should generate revenue of between €87m and €93m, with an EBITDA of between €30m and €35m.
Speaking on the results, GiG CEO Richard Brown said: “Despite another set of record results for GiG, we have a continued emphasis on improvement as an operating principle. We always focus on what we can do better, and how to deliver better to staff, clients and shareholders.
“Continued focus and drive towards our targets of sustainable growth and increasing profitability are central themes as we develop our plans for the years ahead. We are never satisfied and we still have so much to go out and achieve.
“Given the business’ strong position within diverse and high-value areas of the B2B supply chain in the igaming and sports betting industry, we enter the tail end of the year and into 2023 with real excitement, building on from where we stand today,” he added.
GiG’s share price was down 8.55% at the time of writing to SEK26.32.