GIG hails “strong momentum” as Q2 revenue jumps 37%
Malta-headquartered supplier and affiliate reports all-time high revenue with media and platform services growing by double-digits
Gaming Innovation Group (GIG) has reported a 37% year-on-year (YoY) increase in its revenue for Q2 2022, reaching an all-time high of €22.1m (£18.6m).
Delivering its financial results for the period, the Malta-headquartered supplier and affiliate reported a 47% YoY increase in its adjusted EBITDA in Q2, which rose to €8.3m, corresponding to an adjusted EBITDA margin of 37.5%.
At a divisional level, GiG’s media services affiliate arm hit an all-time high revenue during Q2, growing 35% YoY to €14.8m, with the firm operating with an adjusted EBITDA of €7m.
GiG media’s player intake also rose sharply during Q2 2022, with first-time depositor numbers growing 70% to 79,400.
GiG’s platform and sportsbook technology business reported a 43% YoY increase in revenue to €7.3m during Q2 2022, operating with an adjusted EBITDA of €1.3m.
The supplier and affiliate highlighted the completion of its €50.8m Sportnco acquisition in April as having had a bolstering effect on revenue during the Q2 period.
Later in Q2, GiG signed its first combination agreement, inclusive of the Sportnco offering, with Full Games in Angola for sportsbook, player account management and manager services.
Other operational highlights cited by the firm include agreements with Aspers, US-based sportsbook Crab Sports, as well as four other agreements signed inclusive of an extension with sportsbook operator Betway.
GiG CEO Richard Brown welcomed the positive results for the group but suggested there was more to come during the two remaining quarters of 2022.
“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,” Brown said.
“The platform and sportsbook operations have now been combined into the new business segment Platform & Sportsbook.
“We are excited about the growth prospects and the cash generation potential in this segment, as we focus on cost reductions and deliver against the PMI and into the coming years.”
Brown continued: “The position of the combined GiG and Sportnco entity is truly exciting and we are very pleased with the combination so far, and eagerly anticipate continuing to drive forward the integration and business towards their full value potential with great product and a truly global reach.
“We have an exciting and delivery-packed second half across the group ahead of us that we are attacking with force and vigour.
“We remain confident in our long-term ambitions and to take GiG on a continued path of growth and increasing profitability as we begin to realise synergies and further operational efficiency which are reflected in our uplift of long-term financial targets,” the GiG CEO added.