Gaming Innovation Group Inc. (GiG) reports Q2 2022 revenues* of Euro 22.1 million
and an adjusted EBITDA of Euro 8.3 million.
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“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”, says Richard Brown, CEO
of GiG.
Financial Highlights
· All time high revenues* in Q2 2022 amounting to Euro 22.1m (16.1), an increase
of 37% YoY, whereof 24% organic
· Adjusted EBITDA was Euro 8.3m (5.6), up 47%, adjusted EBITDA margin* increased
to 37.5% (35.0)
· EBIT was Euro 2.4m (2.3), with an EBIT margin* of 10.8% (14.3%)
· Revenues in GiG Media at all-time high of Euro 14.8m (11.0), an increase of 35%,
with an all-time high adjusted EBITDA of Euro 7.0m (5.3)
· Revenues* for Platform & Sportsbook were Euro 7.3m (5.1), an increase of 43%
whereof 2% organic (12% organic growth excl. premium fees), with an adjusted
EBITDA of Euro 1.3m (0.3)
· Positive net profit of Euro 1.3m (-0.5) with an EPS of Euro 0.01
· Positive cash flow from operations of Euro 9.5m (3.5)
Operational Highlights
· Acquisition of Sportnco completed on 1 April
· GiG Media reached a sixth successive all-time high in quarterly revenue and
player intake, FTDs ended at 79,400 (46,800), up 70%
· Signed with Tier 1 retail operator Aspers in the UK for the provision of its
turnkey managed service solutions
· First agreement combining the offering from both GiG and Sportnco was signed
with Full Games in Angola for both Sportsbook, PAM and managed services,
positioning GiG in the exciting emerging African markets
· Signed head of terms agreement with US based sports betting brand, Crab
Sports, to provide Platform and Sportsbook solution in Maryland, the first deal
for the combined offering in the US
· Four additional agreements signed in the quarter, including extension with
Betway for the provision of Sportsbook and PAM for Portugal, and new market
entries in Spain and Colombia
· Number of live brands were 58 at quarter end
· GiG Media was awarded “best casino affiliate” award at the IGB Affiliate
Awards in London
Events after Q2
· Signed an agreement with Betsson Group for platform in Colombia
· Signed extension with Grupo Boldt in Latam for two additional regulated
markets for their Bplay brand
· Granted a supplier license for Ontario, allowing GiG to partner with
operators based in the newly regulated Canadian province
· Three brands have gone live so far in Q3 2022, and the remaining integration
pipeline projects are progressing towards their project plans
· July has developed positively, and revenues are up 37% compared to the same
period last year, whereof 24% organic growth
*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. Cost of sales, marketing expenses and
EBITDA-margin are adjusted accordingly. See Note 2 in the Q2-2022 Interim Report
for more details.
Investor presentation and webcast
CEO Richard Brown will present the Q2 2022 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:
Live Q: Gaming Innovation Group - Redeye
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 16 August 2022.
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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