Gaming Innovation Group reports year-on-year revenue increase of 35% for Q3 2022
This marks the seventh quarter that GiG has reported consecutive revenue growth.
For the seventh consecutive quarter, iGaming technology company Gaming Innovation Group (GiG) has reported its highest quarterly revenue. GiG’s Q3 2022 revenue of €22.9m ($23m) marks a 35% increase year-on-year.
The company’s affiliate marketing branch, GiG Media, made up the majority of the company’s revenue, bringing in €15.1m ($15.2m). Its platform and sportsbook brought in the remaining €7.8m ($7.9m).
The company’s net profit for the quarter is €0.6m ($0.6m), with a reported adjusted EBITDA of €8.5m ($8.6m) for the quarter.
The company’s string of record-breaking quarterly revenues appears to be continuing into Q4, with GiG reporting October revenues up 34% compared to the same period in 2021.
GiG’s continuous revenue growth comes as its sportsbook platform has branched into three new continents with six agreements. Three of these agreements are in Europe, two are in Latin America and one is in North America. Four new GiG brands went live in Q3 2022, bringing the company’s total live brands up to 62. GiG also obtained a supplier license for Ontario this quarter.
The company also reports that they have signed on “to power a leading land-based operator’s online expansion” in Latin America, though GiG has not specified which company they have signed an agreement with.
Earlier this year, GiG finalized a deal with Crab Sports, providing its platform and sportsbook to the US-based operator.
After the purchase of Sportnco earlier this year, this contract was the first of its kind in the US for GiG and is an example of the potential of the newly combined product offering.
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