Gaming Innovation Group Inc. (GiG) announces that in the fourth quarter of 2023, it achieved revenues of €35.6 million, marking a remarkable 37% year-over-year increase.
Petter Nylander, Chairman of GiG, expressed his satisfaction with the company’s continued robust performance, highlighting the twelfth consecutive quarter of record-breaking revenue. Nylander emphasized the resilience and strength of GiG’s business and expressed confidence in the future prospects of GiG Media and Platform & Sportsbook as standalone entities, poised to deliver shareholder value in 2024 and beyond.
Highlights:
- In Q4 2023, Gaming Innovation Group achieved record-high revenues of €35.6 million (26.0), marking a substantial 37% year-over-year increase, with 20% attributed to organic growth. Adjusted for one-offs and split-related costs, the underlying EBITDA surged to €14.2 million, up by 32%.
- GiG Media experienced unprecedented revenue growth, reaching €26.5 million (17.8), reflecting a remarkable 49% increase (24% organic). Meanwhile, Platform & Sportsbook generated revenues of €9.1 million (8.2), representing an 11% rise.
- Throughout 2023, GiG Media demonstrated consistent growth, driven by robust organic expansion and the successful integration of AskGamblers into its operations. The Platform business witnessed substantial enhancement, bolstered by a seasoned management team and the successful launch of new market offerings.
- Both GiG Media and Platform & Sportsbook are poised for future success as standalone entities, with plans to deliver enhanced shareholder value from 2024 onwards. Additionally, the completion of bond refinancing in the quarter ensures stability for the company moving forward.
- Significant progress has been made in the strategic review, with anticipation for the execution of the Platform and Media split by the end of Q2-24. For detailed revenue adjustments, please refer to Note 3 in the Q4-2023 Interim Report.
Chairman of the Board, Petter Nylander, will lead a livestream presentation of the Q4 2023 results at 10:00 CET, accompanied by Jonas Warrer, CEO Media and Group CEO, and Richard Carter, CEO Platform & Sportsbook. Following the presentation, there will be a Q&A session open to investors, analysts, and journalists. The presentation will be conducted in English, and all interested parties are encouraged to participate.
