Gaming Innovation Group reports Q1 2023

ST JULIANS, Malta, May 4, 2023 /PRNewswire/ -- Gaming Innovation Group Inc. (GiG) reports Q1 2023 revenues* of €28.4 million and an adjusted EBITDA of €11.7 million. 

"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.", says Richard Brown, CEO of GiG. 

Financial Highlights

• GiG achieved all-time high revenues* in Q1 2023 amounting to €28.4m (19.1), an increase of 49% YoY, whereof 19% organic  

• Adjusted EBITDA was €11.7m (6.7), up 75%, adjusted EBITDA margin* increased to 41.1% (35.1%)

• EBIT was €5.6m (2.9), an increase of 94% YoY, with an EBIT margin* of 19.7% (15.1%)

• Revenues in GiG Media at all-time high of €18.4m (14.1), an increase of 31%, with an adjusted EBITDA of €8.1 (6.9)

• Revenues* for Platform & Sportsbook were all-time high at €10.0m (5.0), an increase of 100%, whereof 52% organic, with adjusted EBITDA of €3.6m (-0.2)

• Positive cash flow from operations of €13.2m (3.8)

Operational Highlights 

• Acquisition of AskGamblers was completed end of January, month-on-month growth after takeover

• FTDs for GiG Media ended at 110,800 (69,700), up 59% YoY 

• Expanded the commercial partnership with News Corp UK & Ireland Limited to enter the Irish market with casino and sports betting content 

• Platform & Sportsbook signed eight new agreements in the quarter, whereof three in Europe, four in LATAM and one in North America

• Launch of Enterprise Solution and first contract entered into

• Platform & Sportsbook awarded licences in Pennsylvania and Maryland, US

• Number of live brands were 60 at quarter end

Events after Q1

• Signed final agreement for the online entry of Trans World Hotels & Entertainment's retail business through Palasino.com

• Successful launch and completion of migration of all GiG legacy sportsbook clients to Sporntco solution 

• April has developed positively, and revenues are up around 30% compared to the same period last year

*Revenues are adjusted for revenues from a platform client where GiG recognizes the full operations in its profit and loss statement, which are partly offset by related cost of sales and site overheads. See Note 2 in the Q1-2023 Interim Report for more details.

Investor presentation and webcast

CEO Richard Brown will present the Q1 2023 results via livestream at 10:00 CET. The presentation will be followed by a Q&A-session, and investors, analysts and journalists are welcome to participate. The presentation will be given in English.

Link to the livestream:
https://www.redeye.se/events/894847/live-q-gaminginnovationgroup

For further information, contact: 
Richard Brown, CEO of GiG, richard.brown@gig.com +34 661 599 025
Tore Formo, Group CFO, tore@gig.com +47 91668678

This information is information that Gaming Innovation Group Inc. (GiG) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 4 May 2023.

About Gaming Innovation Group (GiG)

Gaming Innovation Group is a leading iGaming technology company, providing solutions, products and services to iGaming Operators. Founded in 2012, Gaming Innovation Group's vision is 'To be the industry leading platform, sportsbook and media provider delivering world class solutions to our iGaming partners and their customers. GiG's mission is to drive sustainable growth and profitability of our partners through product innovation, scalable technology and quality of service. Gaming Innovation Group operates out of Malta and is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK. www.gig.com

Legal disclaimer 

Gaming Innovation Group Inc. gives forecasts. Certain statements in the report are forward-looking and the actual outcomes may be materially different. In addition to the factors discussed, other factors could have an impact on actual outcomes. Such factors include developments for customers, competitors, the impact of economic and market conditions, national and international legislation and regulations, fiscal regulations, the effectiveness of copyright for computer systems, technological developments, fluctuation in exchange rates, interest rates and political risks. 

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