Renowned iGaming technology firm, Gaming Innovation Group, renowned for its gamut of solutions, products, and services to iGaming operators, recently disclosed its Q1 results, which highlighted record-breaking revenues and affirmed its preparedness to execute its business bifurcation plan.
For better understanding, the revenue detailed by the GiG Media division stood at a whopping EUR 28 million ($30.2 million), setting a new financial record. This monetary achievement represents a 52% annual increase from the EUR 18.4 million of Q1 2023. Moreover, the division announced an EBITDA of EUR 13.5 million ($14.5 million).
The recent success marks the 13th consecutive quarter of the GiG Media experiencing the highest revenues ever. Furthermore, the FTDs for GiG Media escalated by 13%, reaching up to 125,100, as was pointed out by GiG.
In Q1, the Platform & Sportsbook division extended 8 new contracts and HoTs. GiG highlighted that ten brands were launched in 2024 and the total count of active clients on the platform reached 67 brands. Pending integrations include an additional 18 brands, as per GiG.
The revenue reported by the Platform & Sportsbook amounted to EUR 8.3 million ($8.9 million), witnessing a 17% annual drop. The division also suffered an EBITDA loss of EUR 900,000 ($969,400).
The acquisition of AskGamblers by GiG over a year ago turned out to be beneficial. It not only generated record traffic but also contributed to the revenue as well as EBITDA. Furthermore, it enhanced GiG’s standing in the casino affiliate space, particularly with the addition of KaFe Rocks to its portfolio.
The total revenue of Gaming Innovation Group rose to EUR 36.2 million ($39 million), indicating a 28% annual hike.
GiG Prepares for Business Division
Along with delivering strong financial indicators, GiG declared operational readiness for the proposed division of GiG Media and GiG Platform & Sportsbook. The split strategy was previously disclosed and is projected to be finalized by the third quarter.
Recently, GiG’s nomination committee thoroughly examined and assessed two different board compositions aimed at optimizing the two businesses. As per the proposed plan, a majority of the existing board members of GiG would converge to form GiG Platform’s inaugural board, excluding Karolina Pelc, who denied re-election. Meanwhile, the GiG Media division could see a presumed five-member board, likely to be chaired by Mikael Riese Harstad.
