Gaming Innovation Group reports Q3 2023

8 November, 2023

Gaming Innovation Group Inc. (GiG) reports Q3 2023 revenues* of €31.8 million and an adjusted EBITDA of €23.4 million. 

I am delighted to share with you the strong Q3-2023 results for Gaming Innovation Group, as we continue our journey towards becoming world leaders in the iGaming industry, focusing on our two core business areas, Media and Platform & Sportsbook. The third quarter of 2023 has proven to be another period of growth and achievement”, says Petter Nylander, Chairman of GiG. 

Financial Highlights

  • Gaming Innovation Group achieved all-time high revenues* in Q3 2023 amounting to €31.8m (22.9), an increase of 39% YoY, whereof 23% organic
  • Adjusted EBITDA was €23.4m (8.5), and excluding a €9.8m reversal of earn-out provision, EBITDA was €13.6m (8.5), an increase of 61% YoY, with an adjusted EBITDA margin* of 42.8% (37.0%)
  • EBIT ex. earn-out reversal was €6.8m (2.5), an increase of 173% YoY, with an EBIT margin* of 21.2% (10.8%)
  • Revenues in GiG Media at all-time high of €22.5m (15.1), an increase of 49% (23% organic), with an adjusted EBITDA of €10.4 (6.8)
  • Revenues* for Platform & Sportsbook were €9.3m (7.8), an increase of 20%, all organic, with adjusted EBITDA of €3.2m (1.7)
  • EPS was €0.07 (0.01)
  • Positive cash flow from operations of €8.3m (10.0)9.5))

Operational Highlights 

  • Jonas Warrer appointed acting group CEO, replacing Richard Brown
  • Appointed Richard Carter as new Platform & Sportsbook CEO
  • FTDs for GiG Media were 113,800 (86.900), up 31% YoY
  • Ask Gamblers continued positive momentum with revenues up 45% from run rate at take over
  • Signed two new agreements for Platform & Sportsbook
  • Five additional brands went live on the Platform in Q3 2023, including new market entries in Serbia and Portugal
  • GiG’s platform and sportsbook live in the U.S. state of Maryland

Events after Q3

  • Acquires KaFe Rocks, cementing position as the dominant lead generator within the lucrative online casino market
  • One additional brand has gone live so far in Q4 2023, number of live brands is 63 as of today
  • Appointing former SBTech and DraftKings executive Andrew Cochrane as new Chief Business Officer (CBO) for Platform & Sportsbook

*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 Q3-2023 Interim Report for more details.

Investor presentation and webcast

Chairman of the Board, Petter Nylander will host a presentation of the Q3 2023 results via livestream at 10:00 CET with Jonas Warrer, CEO Media and acting group CEO, and Richard Carter, CEO Platform & Sportsbook, attending. 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:

For further information, contact: 
Petter Nylander, Chairman of GiG, [email protected] +46 765250955
Jonas Warrer, CEO of GiG, [email protected], +45 30788450
Tore Formo, Group CFO, [email protected] +47 91668678

This information is information that Gaming Innovation Group Inc. (GiG) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:05 CET on 8 November 2023.

About Gaming Innovation Group (GiG)
Gaming Innovation Group is a leading iGaming technology company, providing solutions, products and services to iGaming Operators. Founded in 2012, Gaming Innovation Group’s vision is ‘To be the industry leading platform, sportsbook and media provider delivering world class solutions to our iGaming partners and their customers. GiG’s mission is to drive sustainable growth and profitability of our partners through product innovation, scalable technology and quality of service. Gaming Innovation Group operates out of Malta and is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK.

Legal disclaimer 
Gaming Innovation Group Inc. gives forecasts. Certain statements in the report are forward-looking and the actual outcomes may be materially different. In addition to the factors discussed, other factors could have an impact on actual outcomes. Such factors include developments for customers, competitors, the impact of economic and market conditions, national and international legislation and regulations, fiscal regulations, the effectiveness of copyright for computer systems, technological developments, fluctuation in exchange rates, interest rates and political risks. 

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