Gaming Innovation Group Inc. (GiG) reports Q2 2022 revenues* of €22.1 million and an adjusted EBITDA of €8.3 million.
“The strong momentum that we carry forward in Q2 and the exciting milestone of completing the acquisition of Sportnco on April 1st, position our business for continued growth and escalating profitability levels”, says Richard Brown, CEO of GiG.
- All time high revenues* in Q2 2022 amounting to €22.1m (16.1), an increase of 37% YoY, whereof 24% organic
- Adjusted EBITDA was €8.3m (5.6), up 47%, adjusted EBITDA margin* increased to 37.5% (35.0)
- EBIT was €2.4m (2.3), with an EBIT margin* of 10.8% (14.3%)
- Revenues in GiG Media at all-time high of €14.8m (11.0), an increase of 35%, with an all-time high adjusted EBITDA of €7.0m (5.3)
- Revenues* for Platform & Sportsbook were €7.3m (5.1), an increase of 43% whereof 2% organic (12% organic growth excl. premium fees), with an adjusted EBITDA of €1.3m (0.3)
- Positive net profit of €1.3m (-0.5) with an EPS of €0.01
- Positive cash flow from operations of €9.5m (3.5)
- Acquisition of Sportnco completed on 1 April
- GiG Media reached a sixth successive all-time high in quarterly revenue and player intake, FTDs ended at 79,400 (46,800), up 70%
- Signed with Tier 1 retail operator Aspers in the UK for the provision of its turnkey managed service solutions
- First agreement combining the offering from both GiG and Sportnco was signed with Full Games in Angola for both Sportsbook, PAM and managed services, positioning GiG in the exciting emerging African markets
- Signed head of terms agreement with US based sports betting brand, Crab Sports, to provide Platform and Sportsbook solution in Maryland, the first deal for the combined offering in the US
- Four additional agreements signed in the quarter, including extension with Betway for the provision of Sportsbook and PAM for Portugal, and new market entries in Spain and Colombia
- Number of live brands were 58 at quarter end
- GiG Media was awarded “best casino affiliate” award at the IGB Affiliate Awards in London
Events after Q2
- Signed an agreement with Betsson Group for platform in Colombia
- Signed extension with Grupo Boldt in Latam for two additional regulated markets for their Bplay brand
- Granted a supplier license for Ontario, allowing GiG to partner with operators based in the newly regulated Canadian province
- Three brands have gone live so far in Q3 2022, and the remaining integration pipeline projects are progressing towards their project plans
- July has developed positively, and revenues are up 37% compared to the same period last year, whereof 24% 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. Cost of sales, marketing expenses and EBITDA-margin are adjusted accordingly. See Note 2 in the Q2-2022 Interim Report for more details.