Gaming Innovation Group Inc. (GiG) reported third quarter 2022 revenues of €22.9 million and adjusted EBITDA of €8.5 million. “I am satisfied with the company’s development and performance in the third quarter. The business delivered another record quarter with 35% year-over-year revenue growth,” said GiG CEO Richard Brown.
Financial Highlights
- All-time record revenues: Q3 2022 €22.9 million (16.9), up 35%, with 24% organic
- Adjusted EBITDA was €8.5million, an increase of 47%, adjusted EBITDA margin up 37%
- GiG Media revenues at an all-time high of €15.1 million, up 35%
- Platform & Sportsbook revenues were €7.8 million, up 36%
- Positive cash flow from operations of €10 million
Operational highlights
- GiG Media hit seventh all-time high in quarterly revenue and player entry
- Vendor License Obtained for the Province of Ontario, Canada
- Platform & Sportsbook signed six new deals in the quarter, three in Europe, two in Latin America and one in North America
- Four brands were launched in Q3 2022, and the number of active brands reached 62 at the end of the quarter.
Events after the third trimester
- Agreement signed to drive the online expansion of a leading land operator, strengthening GiG’s position in the large and growing Latin American market
- Three brands have been launched so far in Q4 2022
- October evolved positively and revenues grew 34% compared to the same period last year, with an organic increase of 22%
About Gaming Innovation Group
Gaming Innovation Group is a leading iGaming technology company, providing solutions, products and services to operators in the industry. The group’s intention is to be the industry’s leading platform, sports betting and media provider, offering world-class solutions to our iGaming partners and their customers.
GiG’s mission is to drive sustainable growth and partner profitability through product innovation, scalable technology and quality of service. Gaming Innovation Group operates in Malta and is listed on the Oslo Stock Exchange.