GiG Software CEO praises “transformational” Q4 display despite revenue fall 

Gaming Innovation Group (GiG) Software has reported revenue of €8.8m for Q4 2024, a year-on-year (YoY) decline of 3%, in the business’s first full quarter as a standalone entity.

Management said the 3% dip was due to Q4 2023 including a €1m contribution generated from the sale of GiG Enterprise Solution. 

Additionally, Q4 2024 saw GiG generate just €0.2m from clients leaving the business, a figure that sat at €2m in the final quarter of 2023. 

Excluding the impact of both, GiG said underlying revenue growth was 44% for Q4 2024. Bosses have attributed the underlying revenue rise largely to new customers signed throughout the year. 

Adjusted EBITDA was posted at €100,000, marking a significant 90% YoY slump, down from €1.1m the year prior, with an EBITDA margin of 1% for the three months ending 31 December. 

The supplier also reported operating losses of €6.1m, in what was its first quarter as a standalone business following October’s strategic split into two separate entities that saw its affiliate arm rebrand as Gentoo Media. 

GiG incurred a cost of €100,000 as part of the spin-off process, which included securing a listing on the Nasdaq Stockholm, share-based compensation of a further €100,000 and other exceptional items. 

Over the course of the quarter, GiG secured six new partnerships, as well as extending its existing deal with Betsson, with the operator identitied as an “extremely important customer” by management. 

Alongside the new additions, GiG concluded the quarter with a record high of €75m in total contract value, €16m of which has already been tied down to long-term contracts. 

During the quarter, GiG launched The Pools’, formerly The Football Pools, revamped online gambling offering in the UK . 

The supplier has also identified potential expansion opportunities, such as the Philippines, Finland and France, due to potential legislative changes regarding its igaming licensing rules, as well as the recently regulated market of Brazil.

GiG’s full-year 2024 performance included revenue of €31.8m, down from the prior year’s total of €37.8m.

The slump was attributed to the sale of GiG Enterprise Solution in 2023, which contributed €7.8m that same year compared to just €1.3m in 2024. 

There was a steep decline in adjusted EBITDA, which was recorded at a loss of €3m for 2024 and a corresponding margin of –10% in notable contrast from the €11.1m and 29% margin posted in 2023. 

The opening exchanges of 2025 has already seen GiG launch with both Betzone and social sweepstakes casino operator Primero, with more commercial activity touted for later in the year. 

The supplier has reaffirmed its full-year 2025 financial guidance, which anticipates revenue of €44m and adjusted EBITDA of at least €10m. 

Richard Carter, GiG CEO, explained: “I am delighted with the progress made across the business, including product development, contract renewals and additional customer deployments.  

“The renewal of our partnership with Betsson, one of our most significant customers, is testament to the strength of our product offering, and I am delighted that we were able to launch the iconic Pools brand in the UK, utilising both our market-leading platform and our first-class sportsbook.”

Reflecting on the supplier’s record client contract value, he added: “This demonstrates the strength of our commercial appeal and underpins our confidence in delivering significant growth in 2025.” 

“Q4 2024 marked a transformational quarter both in the growth delivered and the foundations laid for 2025, and I am confident as I look to 2025 and beyond of GiG’s ability to deliver the desired results and growth accordingly.” 

GiG’s share price has climbed 1.2% to SEK4.64 following the release of its Q4 and full-year 2024 results. 

Carter spoke to EGR following the spin-off, noting that the process should help both businesses achieve “faster and deeper shareholder value over the medium term”.