Gaming Innovation Group reports Q3 2022

Gaming Innovation Group Inc. (GiG) reports Q3 2022 revenues* of €22.9 million and an adjusted EBITDA of €8.5 million.

“I am pleased with the development and performance of GiG over the third quarter. The business delivered another record quarter with revenue growth up 35% year-over-year”, says Richard Brown, CEO of GiG.

Financial Highlights

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• All time high revenues* in Q3 2022 of €22.9m (16.9), an increase of 35% YoY, whereof 24% organic
• Adjusted EBITDA was €8.5m (5.8), up 47%, adjusted EBITDA margin* increased to 37.0% (34.1)
• EBIT was €2.5m (2.1), with an EBIT margin* of 10.8% (12.6%)
• Revenues in GiG Media at all-time high of €15.1m (11.2), an increase of 35%, with an adjusted EBITDA of €6.8 (5.1)
• Revenues* for Platform & Sportsbook were €7.8m (5.7), an increase of 36% whereof 3% organic (14% organic excl. premium fees), with adjusted EBITDA of €1.7m (0.6)
• Positive net profit of €0.6m (0.0)
• Positive cash flow from operations of €10.0m (8.0)

Operational Highlights 

• GiG Media reached a seventh successive all-time high in quarterly revenues and player intake, FTDs ended at 86,500 (46,700), up 85%
• Granted a supplier licence for Ontario province in Canada, first two brands live in Q4
• Platform & Sportsbook signed six new agreements in the quarter, whereof three in Europe, two in LATAM and one in North America
• Four brands went live in Q3 2022, and the number of live brands were 62 at quarter end

Events after Q3

• Signed agreement to power a leading land-based operator’s online expansion, strengthening GiG’s position within the large and growing LATAM market
• Three brands have gone live so far in Q4 2022
• October has developed positively, and revenues are up 34% compared to the same period last year, whereof 22% organic growth
• GiG Media reached all-time high player intake in October 2022

*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 Q3-2022 Interim Report for more details.