Gaming Innovation Group reports Q2 2023
Gaming Innovation Group Inc (GiG) reports Q2 2023 revenues of €31.1m and an adjusted EBITDA of €14.0m.
“The second quarter of 2023 has proven another step forward for GiG with the business reaching another all-time high in revenues. We now look into the second half of the year with total focus on ensuring strong growth mechanics, continued operational improvement and long-term scalability for GiG”, said Richard Brown, CEO of GiG.
Financial highlights
- Gaming Innovation Group achieved all-time high revenues* in Q2 2023 amounting to €31.1m (22.1), an increase of 40% YoY, 22% of which was organic
- Adjusted EBITDA was €14.0m (8.3), up 68%, adjusted EBITDA margin* increased to 45.0% (37.5%), an all-time high and strong progress towards financial target goal of 50%
- EBIT was €6.6m (2.4), an increase of 173% YoY, with an EBIT margin* of 21.1% (10.8%)
- Revenues in GiG Media at all-time high of €21.7m (14.8), an increase of 47% (20% organic), with an adjusted EBITDA of €10.3 (7.0)
- Revenues* for Platform & Sportsbook were €9.3m (7.3), an increase of 27%, all organic, with adjusted EBITDA of €3.7m (1.3), adjusted EBITDA margin* increased to 39.7% (17.2%)
- Profit before tax was €6.6m (2.2), an increase of 197% YoY
- EPS was €0.05 (0.01)
- Positive cash flow from operations of €9.1m (9.5)
Operational highlights
- FTDs for GiG Media ended at 109,400 (79,400), up 38% YoY
- Ask Gamblers continued positive momentum with revenues in July up 45% from run rate at takeover
- Signed final agreement with Palasino, powering the online entry of Trans World Hotels & Entertainment retail business through Palasino.com
- Platform & Sportsbook awarded licences in Pennsylvania and Maryland, US and the new gambling software provider licence in Sweden
- Successful launch and completion of migration of all GiG legacy Sportsbook clients to Sportnco solution
- Launched two new brands and signed three new agreements for Platform & Sportsbook in the quarter
Events after Q2
- Signed one new agreement and three HOTs for Platform & Sportsbook
- Five additional brands have gone live so far in Q3 2023, including new market entries in Serbia and further expansion into Latin America. Number of live brands is 65 as of today
- GiG’s platform and sportsbook live in the US state of Maryland
- Appointed Richard Carter as new Platform & Sportsbook CEO and Jonas Warrer as CEO for GiG Media
- July has developed positively and revenues are up 30% compared to the same period last year, whereof 10% organic growth
*Revenues are adjusted for revenues from a platform client where GiG recognises 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 Q2-2023 Interim Report for more details.
Investor presentation and webcast
CEO Richard Brown will present the Q2 2023 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: