Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter


Gaming Innovation Group

Gaming Innovation Group

GIG: Gaming Innovation Group reports Q3 2023

08:05 / 8 November 2023 Gaming Innovation Group Press release

Gaming Innovation Group Inc. (GiG) reports Q3 2023 revenues* of  Euro 31.8
and an adjusted EBITDA of Euro 23.4 million.

"I am delighted to share with you the strong Q3-2023 results for Gaming
Innovation Group, as we continue our journey towards becoming world leaders in
the iGaming industry, focusing on our two core business areas, Media and
Platform & Sportsbook. The third quarter of 2023 has proven to be another period
of growth and achievement", says Petter Nylander, Chairman of GiG.

Financial Highlights

· Gaming Innovation Group achieved all-time high revenues* in Q3 2023
amounting to Euro 31.8m (22.9), an increase of 39% YoY, whereof 23% organic
· Adjusted EBITDA was Euro 23.4m (8.5), and excluding a Euro 9.8m reversal
of earn-out
provision, EBITDA was Euro 13.6m (8.5), an increase of 61% YoY, with an
EBITDA margin* of 42.8% (37.0%)
· EBIT ex. earn-out reversal was Euro 6.8m (2.5), an increase of 173% YoY,
with an
EBIT margin* of 21.2% (10.8%)
· Revenues in GiG Media at all-time high of Euro 22.5m (15.1), an increase of
(23% organic), with an adjusted EBITDA of Euro 10.4 (6.8)
· Revenues* for Platform & Sportsbook were Euro 9.3m (7.8), an increase of
all organic, with adjusted EBITDA of Euro 3.2m (1.7)
· EPS was Euro 0.07 (0.01)
· Positive cash flow from operations of Euro 8.3m (10.0)9.5))

Operational Highlights

· Jonas Warrer appointed acting group CEO, replacing Richard Brown
· Appointed Richard Carter as new Platform & Sportsbook CEO
· FTDs for GiG Media were 113,800 (86.900), up 31% YoY
· Ask Gamblers continued positive momentum with revenues up 45% from run rate
at take over
· Signed two new agreements for Platform & Sportsbook
· Five additional brands went live on the Platform in Q3 2023, including new
market entries in Serbia and Portugal
· GiG's platform and sportsbook live in the U.S. state of Maryland

Events after Q3

· Acquires KaFe Rocks, cementing position as the dominant lead generator
within the lucrative online casino market
· One additional brand has gone live so far in Q4 2023, number of live brands
is 63 as of today
· Appointing former SBTech and DraftKings executive Andrew Cochrane as new
Chief Business Officer (CBO) for Platform & Sportsbook

*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 Q3-2023 Interim
Report for more details.

Investor presentation and webcast

Chairman of the Board, Petter Nylander will host a presentation of the Q3 2023
results via livestream at 10:00 CET with Jonas Warrer, CEO Media and acting
group CEO, and Richard Carter, CEO Platform & Sportsbook, attending. 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:
Petter Nylander, Chairman of GiG, +46 765250955
Jonas Warrer, CEO of GiG,, +45 30788450
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 08:05 CET on 8 November 2023.

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