GiG reports 35% year-on-year Q3 growth
iGaming company Gaming Innovation Group (GiG) reported a 35% year-on-year revenue increase in its third quarter. In Q3 of 2022, GiG racked up a revenue of €22.9 million ($22.8m). In 2021, revenue reported in the third quarter was €16.9m ($16.8m).
This spike is the eighth consecutive quarter of growth for GiG. ©Chris Briggs/Unsplash
The graph has been green and heading in the right direction for GiG since the first quarter of last year. The Malta-based entity has recorded its highest quarterly revenue for the seventh consecutive quarter so far. The current performance and the fact that the FIFA World Cup is just days away make it safe to assume that GiG is on track to report its eighth successive spike in quarterly revenue when the Q4 report is published.
In addition to that, GiG intends to expand and reach more markets in the near future. Further analysis of the third quarter showed that the platform and its sportsbook had signed six new clients in Q3. Half of these clients are from Europe, two from Latin America, and one from North America.
GiG acquired Sportnco for €51.37 million ($51.1m) in April earlier this year. In Q3, final agreements were in place for UK-based operator Aspers Group and Crab Sports of USA. The latter deal became the first combined one for GiG and Sportnco in the United States. The total number of live brands under GiG rose from 58 to 62 in the third quarter after four more clients received the green light. The expansion continues as more than ten brands are in line for integration in the fourth quarter. Heading into Q4 of 2022, three brands have already been green-flagged and are live.
The reported revenues for Q4 are already up 34% in October this year compared to last year’s corresponding period. GiG has also reported an all-time high player intake in October 2022. The player intake rate increased by 67% compared to last year’s corresponding period. The CEO of GiG, Richard Brown, summarized the performance as follows:
“I am pleased with the development and performance of GiG over the third quarter. The business delivered another record quarter with revenue growth up 35% year-over-year whereof 24% organic, and adjusted EBITDA improved by 47% despite the general lower seasonal activity through July and August. September saw several areas of the business achieve new monthly records, setting a good pace for the coming quarters. We delivered strong financial performance in the third quarter, and importantly we achieved some key milestones as we saw our media business continue to rapidly expand and scale its player intake. The group also took a meaningful step forward on the post acquisition plan of Sportnco, where the technical integration of the Sportsbook product was completed and we can now turn our attention to the next phases of the integration.”
GiG’s strong pushes in North America and Latin America
SpinAway Online Casino is the latest brand to go live in Ontario using Gaming Innovations Group’s (GiG) top-notch platform. The partnership between the two entities will enable SpinAway to expand into regulated markets across the globe using GiG’s technology.
L7 Entertainment’s Online Casino brand LuckyDays, also powered by GiG, had also entered the Ontario market before SpinAway. GiG’s award-winning B2B sportsbook and PAM received a supplier license from the Alcohol and Gaming Commission of Ontario (AGCO) in Canada in July earlier this year.
With gross gaming revenue (GGR) up 65% in the quarter to $267million, Ontario’s interest in the gaming industry seems to have been established, highlighting its potential for growth and opportunity in the future. Nicola Fitton, Chief Operations Officer at GiG, spoke about the company’s dedication to expand operations for itself and for its partners.
“We have been vocal about our commitment to growth in regulated markets and making sure our technology is suited to the demands of helping both new and existing partners expand their operations. We’re delighted to be helping SpinAway launch in Ontario, and we’re considerably proud of the momentum we are building, leveraging our unique technology and excellent reputation.”
Prominent growth in the LATAM region
The company’s growth in the Latin American market has also been quite prominent. Last month, GiG confirmed that it will drive the online expansion of a leading land-based operator in the LATAM market.
Latin America’s potential as a market has grabbed the industry’s attention lately. Favorable reforms and regulations should enable operators to continue their switch to online services with ease in such markets, and operators who have already made the switch are close to dominating the market. GiG is expected to be one of the big names in this region as well in the next few years.
