GiG posts all-time high revenue of $27.8M in Q4; driven by record media services performance, organic growth

iGaming technology company Gaming Innovation Group (GiG) shared Wednesday its financial results for the fourth quarter of 2022. During this period, the business delivered all-time high revenues of €26 million ($27.8 million), an increase of 44% year-over-year, with 35% attributed to organic growth. 

Richard Brown, CEO of GiG, said: "We have delivered a stellar quarter across the business with strong growth for group revenues and EBITDA of 44% and 71%, respectively." 

The company has also posted an Adjusted EBITDA of €10.8 million ($11.5 million), up 71% from the comparable period last year, while the EBITDA margin increased to 41.4%. Meanwhile, EBIT was €4 million ($4.2 million).

Breaking down revenues by segment shows that Media Services posted an all-time quarterly high of €17.8 million ($19 million), an increase of 40%, with an Adjusted EBITDA of €8.9 million ($9.5 million). Revenue for Platform and Sportsbook Services were all-time high at €8.2 million ($8.7 million), an increase of 54%.    

Among highlights for the period, GiG Media entered into a new commercial partnership with News Corp UK & Ireland for the provision of sports betting and casino content to their premium media websites The Sun and talkSPORT. The company also signed an agreement to acquire casino affiliate websites AskGamblers.com, Johnslots.com, Newcasinos.com and several smaller domains from Catena Media in Q4.

The fourth quarter of 2022 also saw GiG launch four brands, whereof two in Ontario. The company's Platform & Sportsbook signed six new agreements in the quarter, and the number of live brands was 62 at the period's end. GiG was also awarded the ISO 20000 certification for its platform.

Subsequent to the quarter, and entering into the new year, GiG announced the launch of a strategic review for the purpose of separating the company into two independent publicly listed companies. Additionally, the previously announced acquisition of AskGamblers was completed at the end of January, "with several initiatives to grow revenue and EBITDA for the asset being identified."

Q1 of 2023 has also proven strong in terms of agreements, with three new deals for Platform & Sportsbook. January has developed positively, and revenues are up 29% compared to the same period last year, whereof 15% organic growth.

See GiG's full Q4 results here.