GiG Triumphs in Q3 2023 with Record Revenues and Strategic Growth
Gaming Innovation Group Inc. (GiG) has reported a stellar Q3 in 2023, showcasing impressive financial figures and asserting its ambition to ascend as a world leader in the iGaming industry.
Chairman Petter Nylander expresses his delight in the company’s trajectory: “I am delighted to share with you the strong Q3-2023 results for Gaming Innovation Group, as we continue our journey towards becoming world leaders in the iGaming industry, focusing on our two core business areas, Media and Platform & Sportsbook.”
Unpacking the Financial Success
GiG’s revenue surge to €31.8 million marks a significant 39% year-on-year growth, with a notable 23% of this being organic.
The adjusted EBITDA stood at a robust €23.4 million, and even with the exclusion of a substantial €9.8 million earn-out provision reversal, the EBITDA increased by 61% YoY to €13.6 million.
This performance reflects an impressive adjusted EBITDA margin of 42.8%.
Operational Excellence and Strategic Appointments
The period saw Jonas Warrer stepping in as the acting group CEO, and the welcome of Richard Carter as the new Platform & Sportsbook CEO.
The Media segment of GiG soared to an all-time high, attributing to the overall revenue boost. Additionally, the Platform & Sportsbook segment also reported an organic growth of 20%.
Expansion and Acquisition Highlights
GiG’s expansion efforts were marked by additional brands going live and the company’s entry into new markets such as Serbia and Portugal, including the strategic live presence in Maryland, USA.
Post Q3, GiG fortified its position by acquiring KaFe Rocks, a move that solidifies its dominance in the online casino lead generation market.
Our Comment on the Article
GiG’s record-breaking Q3 performance illustrates a clear strategic vision and operational excellence, underscored by Petter Nylander’s positive remarks.
The company’s financial success, coupled with strategic personnel appointments and acquisitions, indicates a robust growth trajectory. GiG’s ability to generate organic growth alongside strategic expansions into new markets positions it as a formidable force in the iGaming sector.
The company’s forward momentum, characterized by increased revenues, high margins, and significant acquisitions, signals a promising future for its stakeholders and the iGaming industry at large.