Gaming Innovation Group (GiG) experienced substantial growth across all primary verticals, smashing last year’s results with a 49% increase in revenue from 2021. The stellar financial results place the company in the perfect position to pursue its long-term strategy and consolidate its presence in its most profitable markets.
Revenues Are Up across the Board
As a leading technology and platform provider for the iGaming industry, GiG has been riding the global online gambling boom, securing many new lucrative partnerships. The company’s ambitious expansion strategy has been paying off, as evidenced by its Q1 financial results. With metrics up across all verticals, GiG is showing no sign of slowing down.
Q1 2021 corporate revenue rose to €28.4 million ($31.2 million), surpassing 2021’s results by 49%. EBITDA growth was especially notable, skyrocketing 75% to €11.7 million ($12.9 million). GiG Media was the group’s most lucrative arm, contributing €18.4 million ($20.2 million). Platform & Sportsbook revenue experienced a record 100% revenue growth of €10.0 million ($11 million).
The impressive performance was possible thanks to several strategic decisions, like January’s successful acquisition of AskGamblers and GiG Media’s expanded partnership with News Corp UK & Ireland. Platform & Sportsbook partnerships across Europe and the Americas continued to pay dividends, showcasing the company’s robust performance and potential for future growth.
The Future Is Looking Bright
With an overall positive cash flow from operations of €13.2 million, GiG is well-positioned to capitalize on new market opportunities across multiple verticals, further extending its global reach. Group CEO Richard Brown was content with the Q1 results, noting that the business still had significant untapped potential.
The first quarter of 2023 had a multitude of successful and impressive steps forward for Gaming Innovation Group.
Richard Brown, GiG CEO
Overall, the group’s 2023 prospects show no sign of decline. March saw GiG secure licenses for Maryland and Pennsylvania, giving it access to two new dynamic and lucrative markets. With B2B at the forefront of the group’s ambitions, its newest Enterprise Solution promises to deliver lasting success in the Software as a Service space.
Recent partnerships with iGaming content developer Apparat Gaming and casino operator Palasino Malta demonstrate GiG’s growth potential, driven by increased demand for its platform services. As the group maintains its focus on customer growth and product development, it will be interesting to see how it performs in the coming quarters.