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Gaming Innovation Group reports Q1 2022

Article Img 10 May, 2022

Gaming Innovation Group Inc. (GiG) reports Q1 2022 revenues* of €19.1 million and an EBITDA of €6.5 million. 

“I am satisfied with the Company’s progress in the first quarter, and we now move toward an exciting second quarter where our global strategic position across multiple areas of high value within the iGaming industry creates truly exciting prospects for growth across the business units”, says Richard Brown, CEO of GiG. 

Financial Highlights

  • GiG achieved all time high revenues* in Q1 2022 of €19.1m (15.0), an increase of 27% YoY, all organic growth 
  • EBITDA was €6.5m (4.9), up 32%, EBITDA margin* increased to 34.2% (32.8%)
  • EBIT was €2.9m (1.9), up 53%, EBIT margin* increased to 15.1% (12.6%)
  • Revenues in Media Services at all-time high of €14.1m (10.0), an increase of 40%, with an all-time high EBITDA of €6.8m (4.6)
  • Revenues* for Platform Services were €5.0m (5.2), a decrease of 4%, with an EBITDA of €-0.3m (0.3), impacted by departure of HardRock and Dutch market in Q4 2021
  • Excluding white-labels and premium fees related to historic B2C sales, Platform revenue increased by 20% YoY    
  • Positive net profit of €1.1m with an EPS of €0.01
  • Positive cash flow from operations of €3.8m (-0.1)

Operational Highlights 

  • Media Services reached a fifth successive all-time high in quarterly revenue and player intake, FTDs ended at 69,800 (43,700), up 60%
  • Signed an extension to the long-term agreement with Betsson Group for the provision of Platform & Managed Services, taking the term of the contract to Q4 2025 
  • Two new brands were launched, taking the number of live brands to 25 at quarter end 
  • Three new client projects completed, all dev complete pending clients’ decision to launch

Events after Q1

  • Signed Acquisition of Sportnco completed on 1 April
  • Signed a head of terms agreement with a Tier 1 retail operator in the UK for the provision of turnkey managed service solutions
  • Signed agreement with existing Sportnco partner Betway for the provision of Sportnco’s Sportsbook and PAM for Portugal
  • Signed Full Game in Angola, first multi-product contract and first move into emerging regulated African continent
  • Signed an extension with SkyCity, taking the term to May 2025 
  • GiG Media was awarded “best casino affiliate” award at the iGB Affiliate Awards in London
  • April has developed positively, and revenues are up 42% compared to the same period last year, whereof 28% organic growth

*Revenues are adjusted for revenues from a platform client where GiG recognizes the full operations in its profit and loss statement, which are partly offset by related cost of sales and site overheads. Cost of sales, marketing expenses and EBITDA-margin are adjusted accordingly. See Note 2 in the Q1-2022 Interim Report for more details.


Investor presentation and webcast

CEO Richard Brown will present the Q1 2022 results via livestream at 10:00 CET. The presentation will be followed by a Q&A-session, and investors, analysts and journalists are welcome to participate. The presentation will be given in English.

Link to the livestream:
https://www.redeye.se/events/838781/live-q-gaming-innovation-group-3


For further information, contact: 
Richard Brown, CEO of GiG, richard.brown@gig.com +34 661 599 025
Tore Formo, Group CFO, tore@gig.com +47 916 68 678
Hessi Mocca, Head of IR, hessi.mocca@gig.com, +46 737039820


This information is information that Gaming Innovation Group Inc. (GiG) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 10 May 2022.


About Gaming Innovation Group (GiG)
Gaming Innovation Group is a leading iGaming technology company, providing solutions, products and services to iGaming Operators. Founded in 2012, Gaming Innovation Group’s vision is ‘To be the industry leading platform, sportsbook and media provider delivering world class solutions to our iGaming partners and their customers. GiG’s mission is to drive sustainable growth and profitability of our partners through product innovation, scalable technology and quality of service. Gaming Innovation Group operates out of Malta and is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK. www.gig.com


Legal disclaimer 
Gaming Innovation Group Inc. gives forecasts. Certain statements in the report are forward-looking and the actual outcomes may be materially different. In addition to the factors discussed, other factors could have an impact on actual outcomes. Such factors include developments for customers, competitors, the impact of economic and market conditions, national and international legislation and regulations, fiscal regulations, the effectiveness of copyright for computer systems, technological developments, fluctuation in exchange rates, interest rates and political risks.