Gaming Innovation Group reports Q4 2022
| By Rochelle Piggot
Gaming Innovation Group Inc (GiG) reports Q4 2022 revenues* of €26.0 million and an adjusted EBITDA of €10.8 million.
“We have delivered a stellar quarter across the business with strong growth for group revenues and EBITDA of 44% & 71% respectively”, says Richard Brown, CEO of GiG.
Financial Highlights
- The group achieved all-time high revenues* in Q4 2022 amounting to €26.0m (18.1), an increase of 44% YoY, whereof 35% organic
- Adjusted EBITDA was €10.8m (6.3), up 71%, adjusted EBITDA margin* increased to 41.4% (34.9)
- EBIT was €4.0m (2.2), with an EBIT margin* of 15.5% (12.4%), an increase of 80% YoY
- Revenues in GiG Media at all-time high of €17.8m (12.8), an increase of 40%, with an adjusted EBITDA of €8.9 (5.9)
- Revenues* for Platform & Sportsbook were all-time high at €8.2m (5.3), an increase of 54% whereof 35% organic (39% organic growth excluding premium fees), with adjusted EBITDA of €1.8m (0.4)
- Positive cash flow from operations of €8.5m (4.9)
Operational Highlights
- GiG Media reached another successive all-time high in quarterly revenue and player intake, FTDs ended at 115,900 (60,600), up 91%
- GiG Media entered into a new commercial partnership with News Corp UK & Ireland Limited for sports betting and casino content to their premium media websites The Sun and talkSPORT
- Agreement signed to acquire the casino affiliate websites AskGamblers.com, Johnslots.com, Newcasinos.com and several smaller domains
- Launched four brands, whereof two in Ontario, the newly regulated Canadian province
- Platform & Sportsbook signed six new agreements in the quarter
- Number of live brands were 62 at quarter end
- Awarded the ISO 20000 certification for the platform after an extensive review of internal service management system, framework and practices
Events after Q4
- Initiated strategic review for the purpose of separating the company into two independent publicly listed companies
- Acquisition of AskGamblers was completed end of January with several initiatives to grow revenue and EBITDA for the asset being identified
- Commercial partnership with the Sun and talkSPORT delivers material results just few months into operations
- Signed three new agreements for Platform & Sportsbook
- January has developed positively, and revenues are up 29% compared to the same period last year, whereof 15% 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 Q4-2022 Interim Report for more details.