Oslo-based Gaming Innovation Group (GiG) has reported strong financial results for the third quarter of 2023, solidifying its position as a leader in the iGaming industry. The company achieved record-breaking revenues, reaching €31.8 million ($33.92 million), a 39% year-on-year increase, with 23% being organic growth.
Petter Nylander, GiG chairman, expressed his delight with the company’s performance, highlighting its growth and achievements. The adjusted EBITDA for the quarter stood at €23.4 million ($24.95 million), showing a 61% year-on-year increase and an adjusted EBITDA margin of 42.8%. Excluding a €9.8 million reversal of earn-out provision, EBITDA for the period was €13.6 million ($14.5 million), surpassing the previous year’s results.
GiG attributed its positive financial performance to its two core business areas: Media and Platform & Sportsbook. The Media segment saw record-high revenues of €22.5 million ($24.0 million), marking a substantial 49% year-on-year increase, with an adjusted EBITDA of €10.4 million ($11.09 million). The Platform & Sportsbook segment achieved revenues of €9.3 million with an adjusted EBITDA of €3.2 million (3.41 million).
The company made prudent investments and strategic moves in the third quarter, including appointing Jonas Warrer as acting Group CEO and Richard Carter as the new Platform & Sportsbook CEO. GiG’s Ask Gamblers platform performed well, with revenues rising by 45% compared to pre-acquisition. Additionally, the company signed two new agreements for Platform & Sportsbook and introduced five additional brands, expanding into markets such as Serbia and Portugal. Notably, GiG’s platform and sportsbook went live in the US state of Maryland, and the acquisition of KaFe Rocks expanded its presence in the online casino market.
GiG’s stellar Q3 results reflect its continued growth and focus on its core business areas, with both Media and Platform & Sportsbook segments performing well. The company’s strategic initiatives, operational achievements, and ongoing growth in various markets are driving it towards becoming a global leader in the iGaming industry.