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Gaming Innovation Group

Gaming Innovation Group

GIG: Gaming Innovation Group reports Q1 2022

08:00 / 10 May 2022 Gaming Innovation Group Press release

Gaming Innovation Group Inc. (GiG) reports Q1 2022 revenues* of EUR19.1 million
and an EBITDA of EUR6.5 million.

"I am satisfied with the Company's progress in the first quarter, and we now
move toward an exciting second quarter where our global strategic position
across multiple areas of high value within the iGaming industry creates truly
exciting prospects for growth across the business units", says Richard Brown,
CEO of GiG.

Financial Highlights:
o GiG achieved all time high revenues* in Q1 2022 of EUR19.1m (15.0), an increase
of 27% YoY, all organic growth
o EBITDA was EUR6.5m (4.9), up 32%, EBITDA margin* increased to 34.2% (32.8%)
o EBIT was EUR2.9m (1.9), up 53%, EBIT margin* increased to 15.1% (12.6%)
o Revenues in Media Services at all-time high of EUR14.1m (10.0), an increase of
40%, with an all-time high EBITDA of EUR6.8m (4.6)
o Revenues* for Platform Services were EUR5.0m (5.2), a decrease of 4%, with an
EBITDA of EUR-0.3m (0.3), impacted by departure of HardRock and Dutch market in Q4
o Excluding white-labels and premium fees related to historic B2C sales,
Platform revenue increased by 20% YoY
o Positive net profit of EUR1.1m with an EPS of EUR0.01
o Positive cash flow from operations of EUR3.8m (-0.1)

Operational Highlights:
o Media Services reached a fifth successive all-time high in quarterly revenue
and player intake, FTDs ended at 69,800 (43,700), up 60%
o Signed an extension to the long-term agreement with Betsson Group for the
provision of Platform & Managed Services, taking the term of the contract to Q4
o Two new brands were launched, taking the number of live brands to 25 at
quarter end
o Three new client projects completed, all dev complete pending clients'
decision to launch

Events after Q1:
o Signed Acquisition of Sportnco completed on 1 April
o Signed a head of terms agreement with a Tier 1 retail operator in the UK for
the provision of turnkey managed service solutions
o Signed agreement with existing Sportnco partner Betway for the provision of
Sportnco's Sportsbook and PAM for Portugal
o Signed Full Game in Angola, first multi-product contract and first move into
emerging regulated African continent
o Signed an extension with SkyCity, taking the term to May 2025
o GiG Media was awarded "best casino affiliate" award at the iGB Affiliate
Awards in London
o April has developed positively, and revenues are up 42% compared to the same
period last year, whereof 28% 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. Cost of sales, marketing expenses and
EBITDA-margin are adjusted accordingly. See Note 2 in the Q1-2022 Interim Report
for more details.

Investor presentation and webcast:
CEO Richard Brown will present the Q1 2022 results via livestream at 10:00 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, +47 916 68 678
Hessi Mocca, Head of IR,, +46 737039820

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 10 May 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