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Gaming Innovation Group (GiG) Incorporated reports Q2 2023 revenues* of €31.1 million and an adjusted EBITDA of €14.0 million.

“The second quarter of 2023 has proven another step forward for GiG with the business reaching another all-time high in revenues,” the Chief Executive Officer for GiG, Richard Brown, said. “We now look into the second half of the year with total focus on ensuring strong growth mechanics, continued operational improvement and long-term scalability for GiG.”

Financial Highlights

• GiG achieved all-time high revenues* in Q2 2023 amounting to €31.1 million (22.1), an increase of 40% year-on-year whereof 22% organic
•  Adjusted EBITDA was €14 million (8.3), up 68%, adjusted EBITDA margin* increased to 45% (37.5%), an all-time high and strong progress towards financial target goal of 50%
• EBIT was €6.6 million (2.4), an increase of 173% year-on-year with an EBIT margin* of 21.1% (10.8%)
• Revenues in GiG Media at all-time high of €21.7 million (14.8), an increase of 47% (20% organic), with an adjusted EBITDA of €10.3 (7.0)
• Revenues* for Platform and Sportsbook were €9.3 million (7.3), an increase of 27%, all organic, with adjusted EBITDA of €3.7 million (1.3), adjusted EBITDA margin* increased to 39.7% (17.2%)
• Profit before tax was €6.6 million (2.2), an increase of 197% year-on-year EPS was €0.05 (0.01)
• Positive cash flow from operations of €9.1 million (9.5)

Operational Highlights

• FTDs for GiG Media ended at 109,400 (79,400), up 38% year-on-year
• Ask Gamblers continued positive momentum with revenues in July up 45% from run rate at take over
• Signed final agreement with Palasino, powering the online entry of Trans World Hotels and Entertainment retail business through Palasino.com
• Platform and Sportsbook awarded licenses in Pennsylvania and Maryland, United States, and the new gambling software provider license in Sweden
• Successful launch and completion of migration of all GiG legacy Sportsbook clients to Sportnco solution
• Launched two new brands and signed three new agreements for Platform and Sportsbook in the quarter
• Awarded Full-Service Platform Provider and Multi-Channel Supplier of the Year at the 2023 EGR B2B awards

Events After Q2

• Signed one new agreement and three HOTs for Platform and Sportsbook
• Five additional brands have gone live so far in Q3 2023 including new market entries in Serbia and further expansion into Latin America, number of live brands is 65 as of today
• GiG’s platform and sportsbook live in the United States state of Maryland
• Appointed Richard Carter as new Platform and Sportsbook Chief Executive Officer and Jonas Warrer as Chief Executive Officer for GiG Media
• July has developed positively and revenues are up 30% compared to the same period last year, whereof 10% 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. See Note 2 in the Q2-2023 Interim Report for more details.

Investor Presentation and Webcast

Chief Executive Officer Richard Brown will present the Q2 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 English.

Armalytix, the leading UK fintech specialising in source of funds and affordability checks, today announces the appointment of Jeremy Lever as Head of Gaming.

Lever is a compliance expert within the iGaming industry and joins from Experian, one of the UK’s largest credit reference agencies, where he worked as a Senior iGaming Identity Specialist focused on customer income and identity checks.

The seasoned gambling industry professional has been recruited to spearhead Armalytix’s growth in the sector following the fintech’s recent appointment by Buzz Bingo Group, the largest bingo operator in the UK.

Prior to Experian, Lever developed extensive iGaming experience at a number of RegTech companies which saw him work with the biggest and fastest growing operators in the industry including William Hill, Paddy Power, Entain, SkyWind Group, jumpmangaming, and MidNite.

His work in RegTech and Experian saw him develop significant expertise across the full spectrum of the customer compliance journey from Know Your Client checks to customer monitoring and safer gambling measures such as affordability checks.

Lever commented: “A few months back I was speaking to Kirsty Caldwell, William Hill’s former Head of Compliance, who now successfully runs BetSmart Consulting. She excitedly told me about an incredible new platform she’d just started working with which was making a significant difference in the competitive AML and player protection space.

This led to a conversation with founders Richard (McCall) and Mike (Ward), who showed me what Armalytix could do for the gaming industry. I’m hugely excited to get going and start demonstrating the power and potential of Armalytix’s proprietary iGaming products to the wider industry.”

Richard McCall, CEO of Armalytix, remarked: “Following the success of our work delivering financial risk checks for Buzz Bingo, demand for our affordability solution has steadily grown as the industry gears up greater regulation in the space. Therefore, I’m delighted to welcome Jeremy onboard to build on the great work done by our Gaming team here. He brings a wealth of experience in the sector and I’m confident he’ll take us to new heights.”

Lever also previously worked as an advisor to the Safer Online Gambling Group, founded by former online gambling addict David Bradford and his son Adam Bradford which previously won backing from Entain (formerly GVC Holdings) in 2019 to develop problem gambling tools. During his time at the organisation, Lever helped support the group’s efforts to raise awareness of online gambling addiction and progress new innovative mobile player protection initiaves drawing from the family’s lived experience.

Armalytix began working with Buzz Bingo earlier this year to support the completion of financial risk checks. Buzz’s adoption of Armalytix’s platform subsequently saw a two and a half times increase in completion rates and a three time increase in the speed at which the checks were completed by customers compared to their previous system.