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Gaming Innovation Group reports 35% Q3 revenue increase

Gaming Innovation Group (GiG) has reported revenue of €22.9m ($23m) for the third quarter of 2022, a 35% increase from the prior-year period.

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Adjusted EBITDA for Q3 2022 climbed 47% year-on-year to €8.5m, with the adjusted EBITDA margin increasing to 37%.

The group reported all-time high revenue in GiG Media of €15.1m, while revenue for Platform & Sportsbook was €7.8m. The former enjoyed 35% year-on-year growth, with the latter posting 36% year-on-year growth.

GiG posted positive net profit of €0.6m, with positive cash flow from operations of €10m.

Operational highlights for the period include GiG Media reaching a seventh successive all-time high in quarterly revenues and player intake, with the group granted a supplier licence for the Canadian province of Ontario.

The company’s Platform & Sportsbook meanwhile signed six new agreements in the quarter; three in Europe, two in LATAM and one in North America. And four brands went live in Q3 2022, with a total of 62 live brands at quarter end.

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

GiG also noted significant events after the third quarter of 2022, including three brands going live so far in Q4 2022, with GiG Media reaching all-time high player intake in October 2022.

Furthermore, the group signed an agreement to power a “leading land-based operator’s online expansion, strengthening GiG’s position within the large and growing LATAM market.”

GiG added that October has developed positively, with revenue up 34% compared to the prior-year period.

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