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Gaming Innovation Group

Gaming Innovation Group

GIG: Gaming Innovation Group reports Q3 2022

08:00 / 9 November 2022 Gaming Innovation Group Press release

Gaming Innovation Group Inc. (GiG) reports Q3 2022 revenues* of  Euro 22.9
and an adjusted EBITDA of Euro 8.5 million.

"I am pleased with the development and performance of GiG over the third
quarter. The business delivered another record quarter with revenue growth up
35% year-over-year", says Richard Brown, CEO of GiG.

Financial Highlights

· All time high revenues* in Q3 2022 of Euro 22.9m (16.9), an increase of 35%
whereof 24% organic
· Adjusted EBITDA was Euro 8.5m (5.8), up 47%, adjusted EBITDA margin*
to 37.0% (34.1)
· EBIT was Euro 2.5m (2.1), with an EBIT margin* of 10.8% (12.6%)
· Revenues in GiG Media at all-time high of Euro 15.1m (11.2), an increase of
with an adjusted EBITDA of Euro 6.8 (5.1)
· Revenues* for Platform & Sportsbook were Euro 7.8m (5.7), an increase of
whereof 3% organic (14% organic excl. premium fees), with adjusted EBITDA of
Euro 1.7m (0.6)
· Positive net profit of Euro 0.6m (0.0)
· Positive cash flow from operations of Euro 10.0m (8.0)

Operational Highlights

· GiG Media reached a seventh successive all-time high in quarterly revenues
and player intake, FTDs ended at 86,500 (46,700), up 85%
· Granted a supplier licence for Ontario province in Canada, first two brands
live in Q4
· Platform & Sportsbook signed six new agreements in the quarter, whereof
three in Europe, two in LATAM and one in North America
· Four brands went live in Q3 2022, and the number of live brands were 62 at
quarter end

Events after Q3

· Signed agreement to power a leading land-based operator's online expansion,
strengthening GiG's position within the large and growing LATAM market
· Three brands have gone live so far in Q4 2022
· October has developed positively, and revenues are up 34% compared to the
same period last year, whereof 22% organic growth
· GiG Media reached all-time high player intake in October 2022

*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. See Note 2 in the Q3-2022 Interim
Report for more details.

Investor presentation and webcast

CEO Richard Brown will present the Q3 2022 results via livestream at 11:00 CET.
The presentation will be followed by a Q&A-session, and investors, analysts and
journalists are welcome to participate. The presentation will be given in

Link to the livestream:

For further information, contact:
Richard Brown, CEO of GiG, +34 661 599 025
Tore Formo, Group CFO, +47 91668678

This information is information that Gaming Innovation Group Inc. (GiG) is
obliged to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of the contact
person set out above, at 08:00 CET on 9 November 2022.

About Gaming Innovation Group (GiG)
Gaming Innovation Group is a leading iGaming technology company, providing
solutions, products and services to iGaming Operators. Founded in 2012, Gaming
Innovation Group's vision is 'To be the industry leading platform, sportsbook
and media provider delivering world class solutions to our iGaming partners and
their customers. GiG's mission is to drive sustainable growth and profitability
of our partners through product innovation, scalable technology and quality of
service. Gaming Innovation Group operates out of Malta and is dual-listed on the
Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under
the ticker symbol GIGSEK.

Legal disclaimer
Gaming Innovation Group Inc. gives forecasts. Certain statements in the report
are forward-looking and the actual outcomes may be materially different. In
addition to the factors discussed, other factors could have an impact on actual
outcomes. Such factors include developments for customers, competitors, the
impact of economic and market conditions, national and international legislation
and regulations, fiscal regulations, the effectiveness of copyright for computer
systems, technological developments, fluctuation in exchange rates, interest
rates and political risks.
Oslo Børs

This information was distributed by Oslo Børs