Gaming Innovation Group (GiG) Reports Record Revenue Growth in Q1 2024
Gaming Innovation Group (GiG) has announced impressive financial results for the first quarter of 2024, showcasing substantial revenue growth and strategic advancements.
GiG reported a remarkable 27.5% year-on-year increase in revenue, reaching a record €36.2 million ($39 million) in Q1 2024, compared to €28.4 million ($30.6 million) in the same period last year. This growth underscores the company’s resilience and market strength amidst evolving industry dynamics.
Proposed Business Split
Chairman Petter Nylander expressed optimism regarding GiG’s proposed business split, aimed at enhancing operational focus and shareholder value. The split, slated for completion by Q3, will segregate GiG into two distinct segments: Media Services and Platform & Sportsbook.
Media Services Segment Surge
GiG’s Media Services segment witnessed substantial growth, with all-time high revenues of €28 million ($30 million) in Q1 2024, marking a notable 52% increase year-on-year. The acquisition of AskGamblers in February 2023 contributed significantly to this growth, driving robust revenue and First Time Depositors (FTDs) metrics.
Platform & Sportsbook Performance
While Platform & Sportsbook revenue experienced a 17% decline to €8.3 million ($8.4 million), primarily attributed to accounting treatment under IFRS, excluding the GiG Enterprise Solution revealed a 5% revenue increase. The company’s decision to distribute its Platform business to shareholders as part of the strategic split underscores its commitment to maximizing value and operational efficiency.
Strategic Initiatives and Future Outlook
Nylander emphasized GiG’s commitment to sustainable long-term growth, highlighting strategic initiatives such as acquisitions, product innovation, and operational enhancements. These efforts aim to expand market reach, capitalize on revenue opportunities, and reinforce GiG’s position as an industry leader.
