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Gaming Innovation Group reports Q1 2022
Gaming Innovation Group Inc. (GiG) reports Q1 2022 revenues* of €19.1 million and an EBITDA of €6.5 million.
“I am satisfied with the Company’s progress in the first quarter, and we now move toward an exciting second quarter where our global strategic position across multiple areas of high value within the iGaming industry creates truly exciting prospects for growth across the business units”, says Richard Brown, CEO of GiG.
Financial Highlights
- GiG achieved all time high revenues* in Q1 2022 of €19.1m (15.0), an increase of 27% YoY, all organic growth
- EBITDA was €6.5m (4.9), up 32%, EBITDA margin* increased to 34.2% (32.8%)
- EBIT was €2.9m (1.9), up 53%, EBIT margin* increased to 15.1% (12.6%)
- Revenues in Media Services at all-time high of €14.1m (10.0), an increase of 40%, with an all-time high EBITDA of €6.8m (4.6)
- Revenues* for Platform Services were €5.0m (5.2), a decrease of 4%, with an EBITDA of €-0.3m (0.3), impacted by departure of HardRock and Dutch market in Q4 2021
- Excluding white-labels and premium fees related to historic B2C sales, Platform revenue increased by 20% YoY
- Positive net profit of €1.1m with an EPS of €0.01
- Positive cash flow from operations of €3.8m (-0.1)
Operational Highlights
- Media Services reached a fifth successive all-time high in quarterly revenue and player intake, FTDs ended at 69,800 (43,700), up 60%
- Signed an extension to the long-term agreement with Betsson Group for the provision of Platform & Managed Services, taking the term of the contract to Q4 2025
- Two new brands were launched, taking the number of live brands to 25 at quarter end
- Three new client projects completed, all dev complete pending clients’ decision to launch
Events after Q1
- Signed Acquisition of Sportnco completed on 1 April
- Signed a head of terms agreement with a Tier 1 retail operator in the UK for the provision of turnkey managed service solutions
- Signed agreement with existing Sportnco partner Betway for the provision of Sportnco’s Sportsbook and PAM for Portugal
- Signed Full Game in Angola, first multi-product contract and first move into emerging regulated African continent
- Signed an extension with SkyCity, taking the term to May 2025
- GiG Media was awarded “best casino affiliate” award at the iGB Affiliate Awards in London
- April has developed positively, and revenues are up 42% compared to the same period last year, whereof 28% organic growth
*Revenues are adjusted for revenues from a platform client where GiG recognizes the full operations in its profit and loss statement, which are partly offset by related cost of sales and site overheads. Cost of sales, marketing expenses and EBITDA-margin are adjusted accordingly. See Note 2 in the Q1-2022 Interim Report for more details.
Investor presentation and webcast
CEO Richard Brown will present the Q1 2022 results via livestream at 10:00 CET. The presentation will be followed by a Q&A-session, and investors, analysts and journalists are welcome to participate. The presentation will be given in English.
Link to the livestream:
https://www.redeye.se/events/838781/live-q-gaming-innovation-group-3
Latest News
Esports World Cup Foundation Renews Partnership with Albaik

The Esports World Cup Foundation (EWCF) has announced the renewal of its partnership with Albaik for a second consecutive year, aimed at enriching the experience of both visitors and players participating in the Esports World Cup (EWC). With a deep-rooted history in Saudi Arabia since 1974, Albaik will continue supporting the Kingdom’s gaming and esports sector through this prestigious partnership, aligned with its broader mission to empower youth and foster local talent in line with Saudi Vision 2030.
This partnership is built on a shared commitment to the future – bringing diverse entertainment offerings to the largest esports and gaming event in history. With audiences attending from across the globe, EWC 2025 offers visitors an exciting mix of competitive matches, immersive experiences and cultural programming.
Albaik’s continued involvement in EWC 2025 reflects its long-standing commitment to social, sporting and economic development in the Kingdom. It also reinforces the company’s belief that meaningful community impact is a core part of doing business – a principle that shapes its contributions to national development and youth empowerment.
Returning to Riyadh, Saudi Arabia, from July 7 to August 24, 2025, the Esports World Cup will unite global gaming communities for a celebration of esports culture. With 25 tournaments across 24 games, 2000 elite players and 200 Clubs from over 100 countries, the EWC will feature the largest prize pool in esports history, over $70 million. Fans can expect exclusive experiences, from high-stakes competition to live music, anime cafes, retro arcades, cosplay and more, drawing millions of fans online and in person.
The post Esports World Cup Foundation Renews Partnership with Albaik appeared first on European Gaming Industry News.
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Stoiximan Appoints Nikos Fligos as Chief Executive Officer

OPAP announced the appointment of Nikos Fligos as Chief Executive Officer of Stoiximan. Since November 2024, Nikos Fligos has been serving as Managing Director of Stoiximan.
Previously, he held the position of Commercial Director at Kaizen Gaming from 2022. He has over 20 years of experience in senior leadership roles, having previously served as Director of Commercial Operations at Papastratos S.A., and holding senior managerial positions at prominent Greek and multinational enterprises, including Coca-Cola HBC and Diageo PLC.
Mr. Fligos succeeds George Daskalakis, who steps down as Stoiximan’s CEO. As a co-founder of Stoiximan, Mr. Daskalakis played a pivotal role in order for the company to gain a leading position in the online gaming markets of Greece and Cyprus.
The post Stoiximan Appoints Nikos Fligos as Chief Executive Officer appeared first on European Gaming Industry News.
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Evoplay stokes the flames with Belfry Bliss Hold and Win

Evoplay, the award-winning game development studio, has launched Belfry Bliss Hold and Win, a fiery 5×3 slot that blends retro-inspired visuals with a darker twist on the fan-favourite Hold and Win mechanic.
Set against a backdrop of flames and ringing bells, the game reintroduces Evoplay’s mischievous Devil character, not as a foe, but as a Wild symbol, lighting the way to potential wins. Classic slot icons like sevens, bars and cherries return, but the real action begins when the bells drop.
Landing six or more bonus symbols triggers the Hold and Win Bonus Game, initiating three spins, where the goal is to collect 15 special symbols to win the ULTRA jackpot, offering 1,000x the bet.
Additionally, the title comes with two smaller jackpots, SUPER and MINOR, adding to the excitement and win potential.
For those eager to jump straight into the action, a Bonus Buy feature provides direct access to the Bonus Game.
With its bold design, atmospheric soundtrack and fast-paced gameplay, Belfry Bliss Hold and Win adds a distinctive edge to Evoplay’s growing Hold and Win portfolio.
Ivan Kravchuk, CEO at Evoplay, said: “Belfry Bliss Hold and Win takes the familiar charm of classic slots and turns up the heat. We’ve given it a bold, fiery personality that blends nostalgia with a darker, more playful twist.
“The Hold and Win mechanic coupled with the three jackpots takes this game to the next level, with all features designed to keep the energy high and the experience engaging.”
The post Evoplay stokes the flames with Belfry Bliss Hold and Win appeared first on European Gaming Industry News.
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