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GiG Q2 revenue up 37%

Gaming Innovation Group (GiG) has reported revenue of €22.1m ($26.6m) for the second quarter of 2022, a 37% increase from the prior-year period.

gig q2

Adjusted EBITDA climbed by 47% year-on-year to €8.3m, with the group reporting positive net profit of €1.3m, and positive cash flow from operations of €9.5m.

Revenue in GiG Media was at an all-time high of €14.8m, up 35% year-on-year, and an all-time high adjusted EBITDA of €7m. Revenue for Platform & Sportsbook increased by 43% to €7.3m, with an adjusted EBITDA of €1.3m.

GiG listed many operational highlights for the period, including the acquisition of Sportnco on 1 April, signing with tier 1 retail operator Aspers in the UK, and signing a head of terms agreement with US-based sports betting brand Crab Sports to provide Platform and Sportsbook solution in Maryland.

The group added that the number of live brands at the quarter end was 58.

“The strong momentum that we carry forward in Q2 and the exciting milestone of completing the acquisition of Sportnco on April 1st, position our business for continued growth and escalating profitability levels”, said GiG CEO Richard Brown.

GiG also noted many highlights after Q2 2022, including signing an agreement for Betsson Group in Colombia, an extension with Grupo Boldt in Latam for two additional regulated markets for its Bplay brand, and being granted a supplier licence for Ontario.

The company added that three brands have gone live so far in Q3 2022, while July revenue is up 37% from the prior-year period.

Last week, iGaming supplier NeoGames published a 64% increase in Q2 revenue to $21.1m, with Bragg Gaming Group reporting a 34% increase to €20.8m.

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