Malta-headquartered Gaming Innovation Group reports €26m Q4 2022 revenues

Gaming Innovation Group Inc. (GiG) on Wednesday reported Q4 2022 revenues* of €26 million and an adjusted EBITDA of €10.8 million. 

Commenting on the results, CEO Richard Brown remarked: “We have delivered a stellar quarter across the business with strong growth for Group revenues and EBITDA of 44 per cent & 71 per cent respectively.”

He will officially present the results via livestream at 10:00 CET, followed by a Q&A-session.

Financial Highlights

• The Group achieved all-time high revenues* in Q4 2022 amounting to €26.0m (18.1), an increase of 44 per cent YoY, whereof 35 per cent organic
• Adjusted EBITDA was €10.8m (6.3), up 71 per cent, adjusted EBITDA margin* increased to 41.4 per cent (34.9)
• EBIT was €4.0m (2.2), with an EBIT margin* of 15.5 per cent (12.4 per cent), an increase of 80 per cent YoY
• Revenues in GiG Media at all-time high of €17.8m (12.8), an increase of 40 per cent, with an adjusted EBITDA of €8.9 (5.9)
• Revenues* for Platform & Sportsbook were all-time high at €8.2m (5.3), an increase of 54 per cent whereof 35 per cent organic (39 per cent organic growth excluding premium fees), with adjusted EBITDA of €1.8m (0.4)
• Positive cash flow from operations of €8.5m (4.9)

Operational Highlights 

• GiG Media reached another successive all-time high in quarterly revenue and player intake, FTDs ended at 115,900 (60,600), up 91 per cent
• GiG Media entered into a new commercial partnership with News Corp UK & Ireland Limited for sports betting and casino content to their premium media websites The Sun and talkSPORT
• Agreement signed to acquire the casino affiliate websites AskGamblers.com, Johnslots.com, Newcasinos.com and several smaller domains
• Launched four brands, whereof two in Ontario, the newly regulated Canadian province
• Platform & Sportsbook signed six new agreements in the quarter
• Number of live brands were 62 at quarter end
• Awarded the ISO 20000 certification for the platform after an extensive review of internal service management system, framework and practices

Events after Q4

• Initiated strategic review for the purpose of separating the Company into two independent publicly listed companies
• Acquisition of AskGamblers was completed end of January with several initiatives to grow revenue and EBITDA for the asset being identified
• Commercial partnership with the Sun and talkSPORT delivers material results just few months into operations
• Signed three new agreements for Platform & Sportsbook
• January has developed positively, and revenues are up 29 per cent compared to the same period last year, whereof 15 per cent organic growth

*Revenues are adjusted for revenues from a platform client where GiG recognizes the full operations in its profit and loss statement, which are partly offset by related cost of sales and site overheads.