GiG achieves record-high quarterly revenue for the fifth time in a row

Gaming Innovation Group (GiG) has posted all-time quarterly revenue highs of €19.1m (£16.35m), which is a 27% year-on-year (YoY) increase. In its quarterly results, the firm also recorded an all-time high EBITDA of €6.5m, a 32% increase YoY. The Q1 figure is also a 4.95% increase compared to the €18.2m figure recorded in Q4 2021. The Oslo- and Stockholm-listed service provider reaffirmed that all of its quarterly growth was done organically, as its media division registered a record high revenue of €14m, which is also a 40% increase YoY. In addition, this division also had an all-time high EBITDA of €6.8m, which is a 48% increase YoY. This led to the business posting record-high quarterly results for the fifth time in a row. GiG was able to post positive net profit of €1.1m and positive cash flow from operations of €3.8m. One negative for GiG was that its platform services’ revenue dropped 4%, from €5.2m to €5m. The company attributed this losing HardRock as a partner and leaving the Dutch market in 2021. Richard Brown, GiG CEO, said: “I am satisfied with the company’s progress in the first quarter, and we now move toward an exciting second quarter where our global strategic position across multiple areas of high value within the igaming industry creates truly exciting prospects for growth across the business units.” It was a busy Q1 for GiG, as it extended its long term agreement with Betsson Group for the provision of its platform and management service until Q4 2025. The provider also launched two new brands and completed three new client projects. Post-Q1, GiG confirmed its acquisition of sports betting and gaming solutions provider Sportnco on 1 April and expanded its partnership with Betway into Portugal. The company also said that April has seen more positive results, with revenue up 42% YoY. Despite all these positives, GiG shares were down 1.27% on the Oslo Stock Exchange at the time of writing.