Record Adjusted EBITDA

GiG sees 37% increase to all-time high revenue in Q2, boosted by record media services performance and organic growth

GiG's CEO, Richard Brown.
Reading time 1:52 min

iGaming technology company Gaming Innovation Group (GiG) shared Tuesday its financial results for the second quarter of the year. For the period ended June 30, the business delivered all-time high revenues of €22.1 million ($22.4 million) an increase of 37% year-over-year from €16.2 million, whereof 24% was attributed to organic growth.  

"The strong momentum that we carry forward in Q2 and the exciting milestone of completing the acquisition of Sportnco on April 1st position our business for continued growth and escalating profitability levels," said Richard Brown, CEO of GiG.

Richard Brown, CEO of GiG

The company has also posted an EBITDA of €8.3 million ($8.4 million), up 47% from the comparable period last year, while the EBITDA margin increased to 37.5%. Meanwhile, EBIT was €2.4 million ($2.4 million), and a positive net profit of €1.3 million ($1.32 million) was delivered.

Breaking down revenues by segment shows that Media Services posted an all-time quarterly high of €14.8 million ($15 million), an increase of 35%, with an all-time high EBITDA of €7 million ($7.1 million). Revenue for Platform and Sportsbook Services were up by 43% to €7.3 million ($7.4 million). The company also delivered a positive net profit of €1.3 million ($1.3 million).

GiG stand at ICE London 2022

Among highlights for the period, in April, the company signed a head of terms agreement with retail operator Aspers in the UK for the provision of its turnkey managed service solutions. 

In May, the business signed an agreement with operator Full Games SA for the provision of full Sportsbook and Player Account Management (PAM) services in the newly regulated market of Angola, in Africa. This was the first agreement that combined the offerings from both GiG and Sportnco, after the iGaming group acquired the sportsbook provider in April.

In June, the company signed an agreement with US-based sports betting brand Crab Sports to provide its Platform and Sportsbook solution in Maryland. It marked the first deal in the US for the new and expanded offering of GiG and Sportnco.

Other highlights of the reported period include extensions with Betway for the provision of Sportsbook and PAM for Portugal and new market entries in Spain and Colombia.

Additionally, the company was crowned “Best casino affiliate” at this year’s iGB Affiliate Awards; and the number of live brands totaled 58 at quarter end.

On the full-year forecasts, the company expects combined operations to generate revenues of €87-93 million ($88.5-94.6 million) with an EBITDA of €30-35 million ($30.5-35.6 million).

See GiG's full Q2 results here.

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