Gaming Innovation Group (GiG) has released its Q3 financial report for 2023, posting revenue of €31.8m ($33.9m), representing an increase of 38.9% year-on-year.
Revenues for both GiG Media and for Platform & Sportsbook saw increases year-on-year. GiG Media posted an arevenue of €22.5m, up 49% from the third quarter of 2022, while Platform & Sportsbook posted revenue of €9.3m, up from €7.8m for the same period last year.
Adjusted EBITDA was €23.4m in the third quarter of 2023, an increase of 175.3% year-on-year from €8.5m for the same period last year. Positive cash flow from operations was valued at €8.3m for the third quarter of 2023.
Some of the operational highlights from the quarter that contributed to the positive results include signing two new agreements for Platform & Sportsbook, five additional brands going live on the Platform during the quarter; including new market entries in Serbia and Portugal, and AskGamblers continuing to grow, posting an increase of 45% in revenue from run rate at take over.
GiG’s platform and sportsbook also went live in the US state of Maryland and FTDs for GiG Media were 113,800, up 31% year-on-year. There were also some new personnel appointed with Jonas Warrer appointed Acting Group CEO and Richard Carter becoming the new Platform & Sportsbook CEO.
Chairman of GiG, Petter Nylander, commented on the results: "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.”
