GiG announces record Q1 results as media and sports arms flourish
Supplier and affiliate firm continuing with planning stage for company split following strong performances
Gaming Innovation Group (GiG) has recorded an all-time revenue high of €28.4m in Q1 2023 as the firm’s M&A strategy came to the fore.
The acquisitions of AskGamblers in January and Sporntco in May 2022 helped power the group’s media and platform and sportsbook arms to record revenue levels during the first three months of the year.
Total group revenue jumped 49% year on year, of which 19% was organic during the reporting period.
The group’s media arm returned revenue of €18.4m, representing a 31% increase on the €14.1m recorded in Q1 2022.
GiG said that market conditions in January and February were weak but an uptick in March helped deliver a positive quarter for the firm.
First time depositors (FTDs) ended at 110,800 for the quarter, a 59% increase on the 69,800 from the previous year.
GiG’s platform and sportsbook division posted a revenue increase of 100% from €5m to €10m, with the company penning eight new agreements during the quarter across Europe, Latam and North America.
Elsewhere, group adjusted EBITDA jumped by 75% from €6.7m to €11.7m, with a corresponding EBITDA margin of 19.7%.
Positive cash flow for the quarter amounted to €13.2m, up from €3.8m.
Elsewhere, GiG said it was continuing with its plans to split its two divisions into separate companies.
In February, GiG initiated a strategic review of the company as it aims to “optimise growth opportunities” for both sides of the business.
Speaking on the Q1 results, GiG CEO Richard Brown said: “The first quarter of 2023 had a multitude of successful and impressive steps forward for Gaming Innovation Group. Many of which are contributing to create excitement within the business of further potential of the companies within the group.
“I am immensely proud of the teams that off the back of a record fourth quarter, which included a FIFA World Cup, have delivered the 13th successive quarter of growth in what is normally a sequentially weaker quarter.
“GiG had a good start to the year with progress and consistent steps forward on our long-term value-creation plan, and we early anticipate continuing to execute with a focus and discipline on our growth and margin expansion targets,” he added.