Gaming Innovation Group reports Q4 2023

USA - English

• USA - English

ST JULIANS, Malta, Feb. 14, 2024 /PRNewswire/ -- Gaming Innovation Group Inc. (GiG) reports Q4 2023 revenues* of €35.6 million, up 37% YoY. 

"I am delighted to share with you the continued strong performance of our company during the fourth quarter of 2023. The positive momentum continued, with revenues soaring to €35.6 million, representing a solid 37% year-over-year increase and marks the twelfth consecutive quarter of record-breaking revenue, showcasing the resilience and strength of our business. Both GiG Media and Platform & Sportsbook are well positioned to provide shareholder value from 2024 as standalone businesses", says Petter Nylander, Chairman of GiG. 

Highlights

• Gaming Innovation Group achieved all-time high revenues* in Q4 2023 of €35.6m (26.0), an increase of 37% YoY, whereof 20% organic

• Adjusted for one-offs and split related costs, underlying EBITDA was €14.2 million, up 32%. 

• Revenues in GiG Media at all-time high of €26.5m (17.8), an increase of 49% (24% organic)

• Revenues* for Platform & Sportsbook were €9.1m (8.2), an increase of 11%

• GiG Media has gone from strength to strength throughout 2023, with strong organic growth and successful integration of AskGamblers into the business. 

• Platform business substantially strengthened in 2023, with a more experienced management team and a well-received new product offering in the market

• Both businesses are well positioned to provide shareholder value from 2024 as stand alone businesses

• Bond refinancing completed in the quarter creating stability for the Company going forward

• Making notable strides in the strategic review, anticipating the execution of the Platform and Media split by the end of Q2-24. 

*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. See Note 3 in the Q4-2023 Interim Report for more details.

Investor presentation and webcast

Chairman of the Board, Petter Nylander will host a presentation of the Q4 2023 results via livestream at 10:00 CET with Jonas Warrer, CEO Media and Group CEO, and Richard Carter, CEO Platform & Sportsbook, attending. 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:
https://www.redeye.se/events/973059/live-q-gaming-innovation-group-7 

For further information, contact: 
Jonas Warrer, CEO Media and Group CEO, [email protected], +45 30788450
Richard Carter, CEO Platform & Sportsbook, [email protected], +44 968753750
Tore Formo, Group CFO, [email protected] +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 14 February 2024.

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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SOURCE Gaming Innovation Group