Gaming Innovation Group announces its Q4 revenues

(PRESS RELEASE) -- Gaming Innovation Group Inc. (GiG) today reported its Q4 2022 revenues* of €26.0 million and an adjusted EBITDA of €10.8 million.

“We have delivered a stellar quarter across the business with strong growth for Group revenues and EBITDA of 44% & 71% respectively”, says Richard Brown, CEO of GiG.

Financial highlights:

• The Group achieved all-time high revenues* in Q4 2022 amounting to €26.0m (18.1), an increase of 44% YoY, whereof 35% organic


• Adjusted EBITDA was €10.8m (6.3), up 71%, adjusted EBITDA margin* increased to 41.4% (34.9)


• EBIT was €4.0m (2.2), with an EBIT margin* of 15.5% (12.4%), an increase of 80% YoY


• Revenues in GiG Media at all-time high of €17.8m (12.8), an increase of 40%, with an adjusted EBITDA of €8.9 (5.9)


• Revenues* for Platform & Sportsbook were all-time high at €8.2m (5.3), an increase of 54% whereof 35% organic (39% organic growth excluding premium fees), with adjusted EBITDA of €1.8m (0.4)


• Positive cash flow from operations of €8.5m (4.9)

Operational highlights:

• GiG GiG Media reached another successive all-time high in quarterly revenue and player intake, FTDs ended at 115,900 (60,600), up 91%


• GiG Media entered into a new commercial partnership with News Corp UK & Ireland Limited for sports betting and casino content to their premium media websites The Sun and talkSPORT


• Agreement signed to acquire the casino affiliate websites AskGamblers.com, Johnslots.com, Newcasinos.com and several smaller domains


• Launched four brands, whereof two in Ontario, the newly regulated Canadian province


• Platform & Sportsbook signed six new agreements in the quarter


• Number of live brands were 62 at quarter end


• Awarded the ISO 20000 certification for the platform after an extensive review of internal service management system, framework and practices

Events after Q4:

• Initiated strategic review for the purpose of separating the Company into two independent publicly listed companies


• Acquisition of AskGamblers was completed end of January with several initiatives to grow revenue and EBITDA for the asset being identified


• Commercial partnership with the Sun and talkSPORT delivers material results just few months into operations


• Signed three new agreements for Platform & Sportsbook


• January has developed positively, and revenues are up 29% compared to the same period last year, whereof 15% 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.