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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.

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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."

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