Gaming Innovation Group reports Q1 2023

Gaming Innovation Group Inc. (GiG) reports Q1 2023 revenues* of €28.4 million and an adjusted EBITDA of €11.7 million.

“The first quarter of 2023 had a multitude of successful and impressive steps forward for Gaming Innovation Group. Many of which are contributing to create excitement within the business of further potential of the companies within the group.”, says Richard Brown, CEO of GiG.

Financial Highlights

• GiG achieved all-time high revenues* in Q1 2023 amounting to €28.4m (19.1), an increase of 49% YoY, whereof 19% organic
• Adjusted EBITDA was €11.7m (6.7), up 75%, adjusted EBITDA margin* increased to 41.1% (35.1%)
• EBIT was €5.6m (2.9), an increase of 94% YoY, with an EBIT margin* of 19.7% (15.1%)
• Revenues in GiG Media at all-time high of €18.4m (14.1), an increase of 31%, with an adjusted EBITDA of €8.1 (6.9)
• Revenues* for Platform & Sportsbook were all-time high at €10.0m (5.0), an increase of 100%, whereof 52% organic, with adjusted EBITDA of €3.6m (-0.2)
• Positive cash flow from operations of €13.2m (3.8)

Operational Highlights

• Acquisition of AskGamblers was completed end of January, month-on-month growth after takeover
• FTDs for GiG Media ended at 110,800 (69,700), up 59% YoY
• Expanded the commercial partnership with News Corp UK & Ireland Limited to enter the Irish market with casino and sports betting content
• Platform & Sportsbook signed eight new agreements in the quarter, whereof three in Europe, four in LATAM and one in North America
• Launch of Enterprise Solution and first contract entered into
• Platform & Sportsbook awarded licences in Pennsylvania and Maryland, US
• Number of live brands were 60 at quarter end

Events after Q1

• Signed final agreement for the online entry of Trans World Hotels & Entertainment’s retail business through Palasino.com
• Successful launch and completion of migration of all GiG legacy sportsbook clients to Sporntco solution
• April has developed positively, and revenues are up around 30% compared to the same period last year

*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. See Note 2 in the Q1-2023 Interim Report for more details.