GiG reports Q3 2022 results among strong performance

Gaming Innovation Group has reported its third-quarter results for 2022, amid buoyant performance for the iGaming tech specialist. Commenting on the results, which marked revenue of €22.9m and adjusted EBITDA of €8.5m, company Chief Executive Officer Richard Brown noted that he felt that the business had delivered on the expected performance over the period.

In fact, revenue managed to notch up a significant 35% growth year-over-year, Brown noted. Among the financial highlights reported by the company was the revenue, which increased significantly with strong organic performance. Revenues in GiG Media stood at an all-time high of €15.1m, or another 35% increase.

Platform and sportsbook revenue, another important company metric, managed to see a 36% increase to €7.8m. Positive net profit hit €0.6m, the company said in the press release. GiG Media has certainly been one of the assets to watch for. The business division managed to hit a seventh consecutive all-time high record in quarterly results, demonstrating the company’s expertise in this vertical.

GiG was also granted a license in Ontario, Canada, and three brands are already live in the fourth quarter, which will be reflected in the next earnings update. Meanwhile, GiG continued to develop its platform & sportsbook offer, signing six new partnerships during the reported period. The partnerships covered all major markets, including North America, Europe, and Latin America.

GiG continues to gather momentum with the company’s footprint growing in key jurisdictions. The Latin American market has been a particularly successful one for the company as well. The company is definitely building on its strong results during the second quarter of the year, which were also marked by a steadfast overall increase in performance markers.

The company also signed a recent partnership with a leading land-based operator in Latin America, helping the company to expand in the online sector. Signed in October, GiG has not provided any further details as to what or who that operator is at press time.

In Ontario, the company supported the launch of LuckyDays a week ago. The companies have worked together in both the Swedish market and now the Canadian province, and are determined to continue building up. Expanding existing partnerships and bringing them to other regions coincides with GiG’s own long-term strategy to maintain growth in the fourth quarter.

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