Gaming Innovation Group reports €30.8m in gross profit for Q2 2023
GiG is still at a loss on its platform and sportsbook, although it has seen an improvement year-on-year.
Gaming Innovation Group (GiG) has released its Q2 financial report results for 2023, showing total revenue of €31.1m ($34m), an increase of 40% year-on-year.
Breaking down the figure: revenues in GiG Media stand at an all-time high of €21.7m, an increase of 47% year-on-year. Revenues for the platform and sportsbook were €9.3m, rising 27% annually.
GiG Media also accrued €10.3m in adjusted EBITDA, up 178% compared to last year’s Q2. Meanwhile, GiG’s platform and sportsbook garnered €14m in adjusted EBITDA up 68% on Q2’s 2022 results.
However, despite gross profits increasing 38% to €6.9m for GiG Media, gross profit remains at a loss for GiG’s platform and sportsbook, totalling minus €315,000; however, this is still an improvement on last year’s Q2 gross profit of minus €2.6m.
Total gross profit for Q2 2023 was €30.8m, up 41% year-on-year.
The graph shows the company’s gross profit from Q2 2022 – Q2 2023.
Overall, EBITDA increased by 76% to €13.6m and adjusted EBITDA increased by 68% to €14m.
Meanwhile, costs increased across the board. Cost of sales slightly increased by 12% to €254,000, marketing expenses increased by 42% to €6.2m, while other operating expenses also increased by 15% to €10.7m – meaning total operating expenses were up 24% to €16.8m.
The improvement in platform & sportsbook revenue and gross profit comes as the company was awarded new US licences in Pennsylvania and Maryland, as well as a gambling software provider licence in Sweden.
Richard Brown, CEO of GiG, said: “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.”
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
