15.02.2023

by Bartosz Burzyński

Gaming Innovation Group reports Q4 2022 revenues

Gaming Innovation Group boasts record high revenues in Q4 2022. They reached €26 million, an increase of 44 percent in comparison with €18.1 million in Q4 2021. At the same time, 35% of the overall growth was organic.

GiG’s record revenues

The group’s adjusted EBITDA was €10.8 million, up as much as 71% year-on-year (€6.3 million in Q4 2021). Adjusted EBITDA margin, meanwhile, increased to 41.4% (34.9% in Q4 2021). In the last months of 2022, EBIT amounted to €4 million (€2.2 million in Q4 2021), with a margin of 15.5% (12.4% in Q4 2021), a year-on-year increase of 80%.

Revenues of GiG Media also reached a record level, amounting to €17.8 million (€12.8 million in Q4 2021). So that’s 40 percent growth, with adjusted EBITDA of €8.9 million (€5.9 million in Q4 2021).

Platform and sports betting revenues were also exceptionally high, amounting to €8.2 million (€5.3 million in Q4 2021), an increase of 54%, of which 35% was organic growth, with adjusted EBITDA of €1.8 million (€0.4 million in Q4 2021). Cash flow from operating activities reached €8.5 million in the fourth quarter, nearly double the last quarter of 2021, when it amounted to €4.9 million.

“We have delivered a stellar quarter across the business with strong growth for Group revenues and EBITDA of 44% & 71% respectively”, says Richard Brown, CEO of GiG.

Bright future 

Gaming Innovation Group revenue growth in Q4 should not come as a big surprise. The group has had a really busy period in which it has managed, among other things, to conclude a new commercial partnership with News Corp UK & Ireland Limited for sports betting and casino content, and to complete the acquisition of affiliate portals AskGamblers.com, Johnslots.com, Newcasinos.com and several smaller domains from Catena Media.

In addition, GiG has launched four brands, two of them in Ontario, a newly regulated Canadian province. The number of the group’s active brands grew to an impressive 62 at the end of the quarter.

The first weeks of the new year also proved relatively successful for Gaming Innovation Group. This is because the commercial partnership with The Sun and talkSPORT has begun to bring significant benefits. The group has also concluded three new agreements and is increasingly establishing a strong presence in the sports betting market in the United States. This was also immediately reflected in the finances. Indeed, revenue of GiG in January 2023 increased by 29% compared to the same period last year, of which 15% was organic growth.

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