Gaming Innovation Group (GiG) has posted record quarterly revenue of €31.8m in Q3, driven by a strong performance from its GiG Media division. This figure surpassed the previous record set by GiG in Q2 this year and continued the ongoing growth experienced throughout the year. The Media division revenue saw a significant increase of 49.0% to €22.5m.
This remarkable growth is happening amid significant internal changes at GiG, including the split of its divisions into separate publicly listed companies and the departure of CEO Richard Brown. Despite these disruptions, GiG Chairman Petter Nylander emphasized that the company is continuing its journey to become a world leader in the igaming industry.
The revenue reported by GiG in Q3 is adjusted for revenue from a platform client, which shows a 28.1% increase compared to last year. This impressive growth comes despite seasonal effects and the impact of unfavorable sports results.
GiG Media was the primary source of revenue for Q3, with paid media representing 25% of divisional revenue and 63.0% coming from revenue share agreements. The division also secured approval to launch in Kentucky, adding to its total US licences and vendor registrations.
Revenue from the Platform and Sportsbook division increased by 19.2% to €9.3m, with the majority coming from platforms operated in regulated markets. Geographically, 58% of all operator revenue in Q3 came from Europe.
Cost of sales and operating costs were reduced in Q3, leading to a pre-tax profit of €10.7m, up 723.1% year-on-year. This resulted in a net profit of €8.8m, up 2,168.2% from last year, and EBITDA of €23.1m.
For the year-to-date performance, GiG recorded revenue of €98.7m for the nine months to 30 September, a 35.0% increase from 2022. After accounting for all other costs, the company achieved a pre-tax profit of €21.6m, a 307.6% increase from the previous year.
GiG Chairman Petter Nylander expressed excitement about the company’s future and its ambition to become world leaders in both Media and platform and sportsbook segments. He looks forward to sharing more exciting milestones in the future.