Gaming Innovation Group Inc. (GiG) Celebrates Record Q4 Revenues and Strategic Growth

Unprecedented Financial Performance

GiG’s financial achievements in the fourth quarter of 2023 have been nothing short of extraordinary, with revenues soaring to €35.6 million, a 37% increase from the previous year. This growth is attributed to both organic expansions and strategic initiatives, with GiG Media and the Platform & Sportsbook divisions contributing significantly to this success. The underlying EBITDA, adjusted for one-offs and split-related costs, also saw a commendable increase of 32%, reaching €14.2 million.

GiG Media, in particular, has demonstrated exceptional performance with a 49% increase in revenues, achieving an all-time high of €26.5 million. This success is partly due to the successful integration of AskGamblers into the business, bolstering its organic growth.

The Platform & Sportsbook division also reported an 11% increase in revenues, totaling €9.1 million, thanks to a revitalized management team and the introduction of new, well-received product offerings in the market.

Preparing for a Strategic Split

As GiG moves forward, significant strides have been made in the strategic review process, with plans to execute the separation of the Platform and Media divisions by the end of Q2-24. This strategic split is anticipated to further enhance shareholder value and streamline the company’s operations, allowing each division to focus on its core strengths and market opportunities.

The completion of bond refinancing during the quarter has provided GiG with increased financial stability, reinforcing the company’s foundation for continued growth and innovation.

Petter Nylander, Chairman of GiG, expressed his delight at the company’s performance, stating, “The positive momentum continued, with revenues soaring to €35.6 million, representing a solid 37% year-over-year increase and marks the twelfth consecutive quarter of record-breaking revenue, showcasing the resilience and strength of our business.”

Commentary: GiG’s Strategic Vision Coming to Fruition

GiG’s impressive Q4 2023 results are a testament to the company’s strategic vision, operational excellence, and commitment to innovation. With the forthcoming split into standalone businesses, GiG is poised to capitalize on specific market opportunities, enhancing its competitive edge and shareholder value.

As GiG continues to navigate the dynamic iGaming landscape, its focus on organic growth, strategic acquisitions, and operational efficiencies will undoubtedly drive its success in 2024 and beyond.