GiG posts all-time high revenue of$30.5M in Q1, driven by record media services performance

iGaming technology company Gaming Innovation Group (GiG) shared Wednesday its financial results for the first quarter of 2023. During this period, the business delivered all-time high revenues of €28.4 million ($30.5 million), an increase of 49% year-over-year, with 19% attributed to organic growth.  

Richard Brown, CEO of GiG, said: "The first quarter of 2023 had a multitude of successful and impressive steps forward for Gaming Innovation Group. Many of which are contributing to creating excitement within the business of further potential of the companies within the group."

The company has also posted an Adjusted EBITDA of €11.7 million ($12.8 million), up 75% from the comparable period last year, while the EBITDA margin increased to 41.1%. Meanwhile, EBIT was €5.6 million ($6.1 million).

Breaking down revenues by segment shows that Media Services posted an all-time quarterly high of €18.4 million ($20.25 million), an increase of 31%, with an Adjusted EBITDA of €8.1 million ($8.9 million). Revenue for Platform and Sportsbook Services were also at an all-time high at €10 million ($11 million), an increase of 100%. 

Among highlights for the period, in January, the company concluded the acquisition of casino affiliate websites Askgamblers.com, Johnslots.com, Newcasinos.com, and several smaller domains from Catena Media Plc. Furthermore, the company also expanded its commercial partnership with British newspaper publisher News Corp UK & Ireland Limited to enter the Irish market "with exclusive offers and casino and sports betting content." 

In March, the group was awarded an Online Sports Wagering Operator License in Maryland and a full Interactive Manufacturer License in Pennsylvania. Additionally, the company's Platform & Sportsbook signed eight new agreements in the quarter, and the number of live brands was 60 at the period's end. 

Subsequent to the quarter, the business completed its full agreement with Palasino Malta, part of Trans World Hotels & Entertainment. The group also successfully launched and completed the migration of all its legacy sportsbook clients to the Sportnco solution.

According to the company, the month of April has "developed positively," and revenues were up 30% compared to the same period last year.

See GiG's full Q1 results here.