Gaming Innovation Group reports 49% increase in Q1 revenue
Gaming Innovation Group reports 49% increase in Q1 revenue

Gaming Innovation Group (GiG) has released its Q1 2023 results. Founded in 2012 in Malta, GiG is an iGaming technology provider providing products and services to operators.

For the first quarter, GiG posted revenue of €28.4 million ($31.4 million), which is a 49% year-over-year increase, as well as the company’s highest-ever revenue. .

GiG Media revenue also reached an all-time high of €18.4 million, up 31%, with an adjusted EBITDA of €8.1 million. Platform and sports betting revenue also peaked for the company at €10m, a growth of 100%, where 52% was organic, with an adjusted EBITDA of €3.6m.

Along with the overall increase in revenue, there was an adjusted EBITDA of €11.7m – an increase of 75%. Making a strong push to go global, GiG has expanded its business partnership with News Corp UK & Ireland to enter the Irish market with casino and sports betting content.

Its sportsbook and platform received licenses in Pennsylvania and Maryland, US states, and its sportsbook and platform also signed eight new deals in the quarter; including three in Europe, four in Latin America and one in North America.

CEO of Gaming Innovation Group evaluates performance in the first three months of the year

Company CEO Richard Brown said: “The first quarter of 2023 has seen a multitude of successful and impressive strides for the Gaming Innovation Group. Many of which are contributing to create enthusiasm in the most potential businesses of the companies in the group.”

In December 2022, Gaming Innovation Group agreed to acquire AskGamblers from Catena Media for €45 million ($47.9 million).