Gaming Innovation Group Inc. (GiG) has proudly announced its third-quarter earnings for 2023, delivering a record-breaking revenue of €31.8 million. This milestone reflects a significant year-over-year increase of 39%, driven by an impressive 23% organic growth. The company’s dedication to its Media, Platform, and Sportsbook operations is bearing fruit, propelling them toward their goal of global leadership in the iGaming industry.
Financial and Operational Success
The period under review was not just about revenue; GiG also recorded an exceptional adjusted EBITDA of €23.4 million. This is a substantial leap from the previous year’s €8.5 million. Even after adjusting for a €9.8 million reversal of earn-out provision, EBITDA stood strong at €13.6 million. The firm achieved an adjusted EBITDA margin of 42.8%, up from 37.0% last year, underscoring efficient operations and strategic foresight.
On the operational front, GiG Media reached unprecedented revenue levels of €22.5 million, marking a 49% increase. Platform & Sportsbook also saw a healthy 20% revenue rise, entirely from organic sources. These financial achievements were complemented by key executive appointments, including Jonas Warrer as the acting group CEO and Richard Carter as the new Platform & Sportsbook CEO.
Strategic Growth and Expansion
GiG’s growth trajectory continued with the signing of two new Platform & Sportsbook agreements and launching five additional brands, including expansions into Serbia and Portugal. Furthermore, GiG’s U.S. footprint expanded with its platform and sportsbook going live in Maryland with Crab Sport.
Subsequent to the close of the third quarter, GiG announced its acquisition of KaFe Rocks, strengthening its position in the online casino lead generation market. They also announced the live launch of one additional brand, bringing the total to 63, and appointed industry veteran Andrew Cochrane as the new Chief Business Officer for Platform & Sportsbook.
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