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Gaming Innovation Group reports 49% increase in Q1 revenue

Updated:2024-03-30 07:30    Views:144

Gaming Innovation Group (GiG) has reported its Q1 2023 results.

Founded in 2012 in Malta, GiG is an iGaming technology supplier providing products and services to operators. 

For Q1, GiG reported revenue of €28.4m ($31.4m), which is an increase of 49% year-on-year, as well as the company’s all-time high revenue.

Revenue from GiG Media was also at an all-time high of €18.4m, an increase of 31%, with an adjusted EBITDA of €8.1m. Revenue for platform and sportsbook were also at the company’s peak with €10.0m, an increase of 100%, where 52% was organic,Play Casino Online with an adjusted EBITDA of €3.6m.

Alongside overall revenue increase was an adjusted EBITDA of €11.7m – up 75%.

Making a stern effort of going global, GiG has expanded its commercial partnership with News Corp UK & Ireland, to enter the Irish market with casino and sports betting content.

Its platform and sportsbook have been awarded licences in Pennsylvania and Maryland, US, and its platform and sportsbook also signed eight new agreements in the quarter; including three in Europe, four in LatAm and one in North America.

GiG CEO Richard Brown said: “The first quarter of 2023 had a multitude of successful and impressive steps forward for the Gaming Innovation Group. Many of which are contributing to create excitement within the business of further potential of the companies within the Group.”

In December 2022, GiG agreed to acquire AskGamblers from Catena Media for €45m ($47.9m).

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