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Gaming Innovation Group

Gaming Innovation Group

GIG: Gaming Innovation Group reports Q1 2023

08:00 / 4 May 2023 Gaming Innovation Group Press release

Gaming Innovation Group Inc. (GiG) reports Q1 2023 revenues* of  Euro 28.4
and an adjusted EBITDA of Euro 11.7 million.

"The first quarter of 2023 had a multitude of successful and impressive steps
forward for Gaming Innovation Group. Many of which are contributing to create
excitement within the business of further potential of the companies within the
Group.", says Richard Brown, CEO of GiG.

Financial Highlights

· GiG achieved all-time high revenues* in Q1 2023 amounting to Euro 28.4m
an increase of 49% YoY, whereof 19% organic
· Adjusted EBITDA was Euro 11.7m (6.7), up 75%, adjusted EBITDA margin*
to 41.1% (35.1%)
· EBIT was Euro 5.6m (2.9), an increase of 94% YoY, with an EBIT margin* of
· Revenues in GiG Media at all-time high of Euro 18.4m (14.1), an increase of
with an adjusted EBITDA of Euro 8.1 (6.9)
· Revenues* for Platform & Sportsbook were all-time high at Euro 10.0m (5.0),
increase of 100%, whereof 52% organic, with adjusted EBITDA of Euro 3.6m (-0.2)
· Positive cash flow from operations of Euro 13.2m (3.8)

Operational Highlights

· Acquisition of AskGamblers was completed end of January, month-on-month
growth after takeover
· FTDs for GiG Media ended at 110,800 (69,700), up 59% YoY
· Expanded the commercial partnership with News Corp UK & Ireland Limited to
enter the Irish market with casino and sports betting content
· Platform & Sportsbook signed eight new agreements in the quarter, whereof
three in Europe, four in LATAM and one in North America
· Launch of Enterprise Solution and first contract entered into
· Platform & Sportsbook awarded licences in Pennsylvania and Maryland, US
· Number of live brands were 60 at quarter end

Events after Q1

· Signed final agreement for the online entry of Trans World Hotels &
Entertainment's retail business through
· Successful launch and completion of migration of all GiG legacy sportsbook
clients to Sporntco solution
· April has developed positively, and revenues are up around 30% compared to
the same period last year

*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 Q1-2023 Interim
Report for more details.

Investor presentation and webcast

CEO Richard Brown will present the Q1 2023 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 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 4 May 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