GiG reports 20% revenue increase in the third quarter

Gaming Innovation Group (GiG) has reported revenue figures of €17.0 million (US$ 19.7 million), for the third quarter of 2021. This represents a 20% increase in the same period last year. Earnings before interest, taxation, depreciation, and amortization (EBITDA) came to €5.3m, which is a 65.6% increase from 2020.

Media services were the largest contributor to the revenue total, generating €11.2 million (USD $12.99 million), a 30% increase from 2020’s €8.6m total, while platform services added €5.7 million (USD $6.61 million), representing a 6% increase from the previous year.

Depreciation and amortization came to €3.4m, leaving earnings before interest and tax (EBIT) of €1.8m, following a €1.6m EBIT loss the year prior.

Additionally, cash flow from operations saw a considerable improvement from negative €0.2m to €7.9m (USD $9.16 million).

Furthermore, the company highlighted certain operational highlights, such as two long-term agreements for the provision of GiG’s platform to facilitate an operator’s multi-brand strategy and expansion into several EU markets; a long-term agreement for the provision of GiG’s platform that will support a client’s operations in certain designated markets; the launch of a new brand and the development of three additional brands, which are expected to go live in Q4, and entrance in four new markets in media and one in the platform.

Other important events highlighted by the company were the signing of a long-term agreement with a German operator that will see the migration of its existing brand to GiG’s iGaming Platform and strong continued developments in media services with both all-time high revenue and player intake for October. The month of October has developed positively and revenues are up 23% compared to the same period last year. Adjusted for terminated white-labels and Germany with revenues up 34%.

Richard Brown, CEO of GiG, said: "I am very pleased with the results and the momentum we continued to demonstrate in the third quarter across GiG's business units. The company continued to build towards its execution strategy for long-term sustainable growth over the coming years, leveraging its diverse portfolio of operations and preparing for expansion into new markets, development of products, and operational performance that will enable the company to push towards further success in the coming years."