GiG posts all-time high revenue of $22.7M in Q3; driven by record media services performance and organic growth

iGaming technology company Gaming Innovation Group (GiG) shared Wednesday its financial results for the third quarter of the year. For the period ended September 30, the business delivered all-time high revenues of €22.9 million ($22.7 million), an increase of 35% year-over-year from €16.9 million, whereof 24% was attributed to organic growth.

"I am pleased with the development and performance of GiG over the third quarter. The business delivered another record quarter with revenue growth up 35% year-over-year", said Richard Brown, CEO of GiG. 

Richard Brown, CEO of GiG

The company has also posted an EBITDA of €8.5 million ($8.4 million), up 47% from the comparable period last year, while the EBITDA margin increased to 37.5%. Meanwhile, EBIT was €2.5 million ($2.4 million), and a positive net profit of €0.6 million ($0.5 million) was delivered.

Breaking down revenues by segment shows that Media Services posted an all-time quarterly high of €15.1 million ($15 million), an increase of 35%, with an Adjusted EBITDA of €6.8 million ($6.7 million). Revenue for Platform and Sportsbook Services were up by 36% to €7.8 million ($7.7 million).  

GiG stand at ICE London 2022

Among highlights for the period, in July GiG signed an agreement with Caravel Entertainment Limited, best known for operating the Moosh brand, to provide it with its sportsbook and platform in Portugal. The agreement was signed between GiG’s subsidiary Sportnco Gaming and Caravel for an initial period of three years, which could be further renewed for additional periods. 

In August, GiG inked a new deal with operator Betsson Group to provide its platform in Colombia. Furthermore, the company expanded its reach in Latin America as it has signed an additional agreement with existing partner Grupo Boldt, to cover a fourth and fifth regulated region under the bplay brand over the coming months. 

During the same month, the group also signed an agreement with brand new strategic partner Kings Media Ltd, best known for operating the ‘King Billy’ casino brand across .com markets, marking its arrival into the newly regulated Ontario province in Canada. 

In September, the group received interim authorization from the Pennsylvania Gaming Control Board (PGCB), allowing it to do business in the US state as an interactive gaming manufacturer. Additionally, the company announced further investment in North America with the creation of a US hub led by co-founder Ben Clemes who will assume the position of President of GiG North America. And lastly, the company signed a partnership with German-based operator Merkur Gaming for the provision of its automated affiliate marketing compliance tool, GiG Comply. 

Brown said GiG is now looking to build on the positive results with plans in place to expand further in Q4 and beyond. "We delivered a strong financial performance in the third quarter and we achieved some key milestones as we saw our media business continue to rapidly expand and scale its player intake,” he said.

The group also took what Brown labeled as "a meaningful step forward" on the post-acquisition plan of Sportnco, where the technical integration of the sportsbook product was completed. The company can now turn its attention "to the next phases of the integration," the executive said.

During the quarter, the company attended the G2E Las Vegas event where it showcased its latest solutions. In an exclusive interview with Yogonet, Martin Collins, Director of Sales & Business Development at GiG, spoke of the keys behind GiG's offering. "This year, we are rolling out our multi-platform strategy, highlighting the need for every operator to have access to options to help them solve continuing regulatory transformation," he said.

See GiG's full Q3 results here.