GiG Celebrates Remarkable Q3-2023 Results

GiG Celebrates Remarkable Q3-2023 Results

Petter Nylander, the Chairman of Gaming Innovation Group (GiG), expressed his delight in sharing the astounding Q3-2023 results. GiG is relentlessly pursuing its mission to become a world leader in the iGaming industry, with a strong focus on its two core business areas: Media and Platform & Sportsbook. The third quarter of 2023 has witnessed a surge in growth and achievement that has set new benchmarks in the industry.

Record-Breaking Revenues

The most significant highlight of GiG’s Q3-2023 report is the all-time high revenues, amounting to €31.8 million, a substantial increase of 39% compared to the previous year. Impressively, 23% of this increase is organic, reflecting the company’s inherent strength and resilience in the market.

A Remarkable Increase in EBITDA

The adjusted EBITDA for this quarter was €23.4 million, a remarkable leap from the previous year’s €8.5 million. Excluding a €9.8 million reversal of earn-out provisions, the EBITDA stood at an impressive €13.6 million, marking a 61% YoY increase. GiG maintained a robust adjusted EBITDA margin of 42.8%, demonstrating its unwavering commitment to efficiency and profitability.

Soaring Earnings Before Interest and Taxes (EBIT)

EBIT, excluding the earn-out reversal, witnessed a remarkable increase of 173% YoY, reaching €6.8 million, with an EBIT margin of 21.2%. These figures underscore GiG’s exceptional financial performance in the third quarter.

Media and Platform & Sportsbook Domination

GiG’s Media division reported revenues of €22.5 million, a significant 49% increase, of which 23% is organic growth. The division also achieved an adjusted EBITDA of €10.4 million, showcasing its formidable position in the iGaming media landscape.

On the other hand, Platform & Sportsbook delivered revenues of €9.3 million, marking a 20% increase, all of which is organic. The adjusted EBITDA for this division reached €3.2 million, further solidifying GiG’s dominance in the platform and sportsbook sector.

Earnings Per Share (EPS)

GiG’s Q3-2023 report also highlights an increase in earnings per share (EPS), which rose to €0.07 from €0.01 in the previous year, demonstrating the company’s ability to deliver value to its shareholders.

Strong Cash Flow

The report reveals that GiG generated a positive cash flow from operations of €8.3 million, indicating the financial stability and liquidity of the company.

Operational Highlights

New Leadership

GiG announced significant changes in its leadership team during the third quarter. Jonas Warrer was appointed as the acting group CEO, replacing Richard Brown. Additionally, Richard Carter assumed the role of the new CEO of Platform & Sportsbook.

Impressive Growth

GiG Media continued to impress with a 31% year-over-year increase in first-time depositors (FTDs), reaching 113,800 in Q3-2023. Ask Gamblers, one of GiG’s media properties, experienced a remarkable 45% revenue growth compared to the run rate at the time of acquisition.

Expanding Reach

GiG’s efforts to expand its market presence were successful, as the company signed two new agreements for its Platform & Sportsbook. Notably, five additional brands went live on the platform during the third quarter, with new market entries in Serbia and Portugal.

U.S. Expansion

GiG’s platform and sportsbook also marked a significant milestone by going live in the U.S. state of Maryland, demonstrating the company’s commitment to entering and thriving in highly competitive markets.

Post-Q3 Developments

Strategic Acquisition

In the period following Q3-2023, GiG made a strategic move by acquiring KaFe Rocks. This acquisition solidified GiG’s position as the dominant lead generator in the lucrative online casino market.

Continued Growth

As of Q4-2023, an additional brand has gone live, bringing the total number of live brands under GiG to 63, reflecting the company’s unwavering expansion and growth strategies.

Key Executive Appointment

GiG also appointed Andrew Cochrane, a former executive from prominent companies SBTech and DraftKings, as the new Chief Business Officer (CBO) for Platform & Sportsbook. This strategic appointment reflects GiG’s determination to strengthen its leadership team and enhance its expertise.

Detailed Financial Information

It’s essential to note that the revenues in this report are adjusted for revenues from a platform client where GiG recognizes the full operations in its profit and loss statement, partly offset by related cost of sales and site overheads. For more detailed financial information, please refer to Note 2 in the Q3-2023 Interim Report.

Join the Presentation

Chairman of the Board, Petter Nylander, will be hosting a presentation of the Q3-2023 results via livestream at 10:00 CET. The presentation will feature Jonas Warrer, CEO Media and acting group CEO, and Richard Carter, CEO Platform & Sportsbook. After the presentation, there will be a Q&A session, welcoming participation from investors, analysts, and journalists. The presentation will be conducted in English.

Regulatory Disclosure

This information is disclosed in compliance with the European Union Market Abuse Regulation. It was submitted for publication at 08:05 CET on November 8, 2023.

About Gaming Innovation Group (GiG)

Gaming Innovation Group is a prominent iGaming technology company, known for providing innovative solutions, products, and services to iGaming operators. Founded in 2012, GiG’s vision is to be the industry’s leading platform, sportsbook, and media provider, delivering world-class solutions to its iGaming partners and their customers. GiG’s mission centers around driving sustainable growth and profitability for its partners through product innovation, scalable technology, and quality of service. Operating from Malta, GiG is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK. For more information, visit

Forward-Looking Statements

GiG’s reports contain forward-looking statements, and actual outcomes may materially differ from the statements provided. Besides the factors discussed, other elements can impact actual outcomes, such as developments for customers, competitors, economic and market conditions, national and international legislation and regulations, fiscal regulations, copyright effectiveness for computer systems, technological advancements, fluctuations in exchange rates, interest rates, and political risks.


What were GiG’s Q3-2023 revenues?
GiG reported all-time high revenues of €31.8 million in Q3-2023, reflecting a remarkable 39% YoY increase.

How did GiG’s EBITDA perform in Q3-2023?
GiG’s adjusted EBITDA reached €23.4 million, an increase of 39% compared to the previous year.

What is the EBIT margin for GiG in Q3-2023?
GiG’s EBIT margin, excluding the earn-out reversal, stood at 21.2% in the third quarter of 2023.

How many new brands went live on GiG’s platform in Q3-2023?
In the third quarter, five additional brands went live on GiG’s platform, including market entries in Serbia and Portugal.

What was GiG’s achievement in the U.S. market during Q3-2023?
GiG’s platform and sportsbook went live in the U.S. state of Maryland, marking a significant expansion into this competitive market.

Who were the new appointments in GiG’s leadership during Q3-2023?
Jonas Warrer was appointed as the acting group CEO, replacing Richard Brown. Richard Carter became the new CEO of Platform & Sportsbook.

What acquisition did GiG make after Q3-2023?
In the period following Q3-2023, GiG acquired KaFe Rocks, further strengthening its position as a lead generator in the online casino market.

How many live brands does GiG have as of Q4-2023?
As of Q4-2023, GiG boasts a total of 63 live brands, showcasing the company’s consistent growth.

Who is the new Chief Business Officer (CBO) for GiG’s Platform & Sportsbook?
GiG appointed Andrew Cochrane, a former executive from SBTech and DraftKings, as the new CBO for Platform & Sportsbook.

What is the regulatory compliance related to GiG’s disclosure of information?
GiG complies with the European Union Market Abuse Regulation when disclosing information, ensuring transparency and accountability.


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