GiG’s second quarter revenue rises by 37%
The iGaming company’s results were bolstered by its entrance into the Ontario market.
Gaming Innovation Group (GiG) has reported a 37% annual increase in revenue to $26.6m for the second quarter of 2022. Adjusted EBITDA climbed by 47% year-on-year to $8.4m (a net profit of $1.3m) and there was a positive cash flow from operations of $9.6m.
The company’s digital affiliate, GiG Media, set a revenue record of $15m which was up 35% year-on-year, along with an adjusted EBITDA of $7m. GiG Media reached a sixth successive all-time high in quarterly revenue and player intake.
Revenue for sportsbook betting increased by 43% to $7m with an adjusted EBITDA of $1.3m.
There were many reasons attributed to GiG’s strong showing this quarter. For instance, it acquired Sportnco, a French sports betting platform on 1 April and partnered with Aspers, a tier 1 retail operator in the UK. GiG also bought the rights to provide its sportsbook platform to the Maryland-based sports betting brand Crab Sports.
GiG also noted many highlights after Q2 of 2022, which included an agreement with Betsson, allowing it to open a sportsbook in Colombia. It was also granted a supplier license for Ontario in July making it licensed in 22 regulated markets, with another four applications pending. The company’s number of live brands rose to a total of 58 by the Q2’s end.
GiG CEO Richard Brown commented: “The strong momentum that we carry forward in Q2 and the exciting milestone of completing the acquisition of Sportnco on April 1st, position our business for continued growth and escalating profitability levels.”
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