GiG Posts Q1 Financials, Says Its Ready for Its Business Split

Gaming Innovation Group, a leading iGaming technology company, providing solutions, products and services to iGaming operators, has published its Q1 results, reporting all-time-high revenues and confirming its readiness to split its business.

For context, the GiG Media division reported revenues of EUR 28 million ($30.2 million), representing a new record. This figure marks a 52% year-on-year increase from the EUR 18.4 million reported in Q1 2023. Additionally, the division reported EBITDA of EUR 13.5 million ($14.5 million).

This is notably the 13^th successive quarter with all-time high revenue for GiG Media. FTDs for GiG Media were 125,100, up 13% year-on-year, GiG added.

In Q1, the Platform & Sportsbook division also signed 8 new agreements and HoTs. GiG added that ten brands have gone live so far in 2024. Existing customers on the platform add up to a total of 67 brands, with an additional integration pipeline of 18 brands, GiG noted.

Platform & Sportsbook reported revenue of EUR 8.3 million ($8.9 million), down 17% year-on-year. The division also reported an EBITDA loss of EUR 900,000 ($969,400).

AskGamblers, which GiG acquired over a year ago, proved fruitful as the division maintained its positive momentum, generating record traffic, revenue and EBITDA. The acquisition of KaFe Rocks further reinforced GiG’s business, cementing it as a leader in the casino affiliate space.

Gaming Innovation Group, as a whole, saw its revenues increase to EUR 36.2 million ($39 million), up 28% year-on-year.

GiG Is Ready for Its Business Split

In addition to posting favorable financials, GiG announced that its business is operationally ready for the strategic split of GiG Media and GiG Platform & Sportsbook. The split was announced earlier and is expected to be completed by the third quarter of the year.

A month ago, GiG’s nomination committee reviewed and evaluated two separate board compositions, which would optimize the two businesses. Under the current plan, most of GiG’s existing board will join GiG Platform’s initial board, excluding Karolina Pelc, who declined re-election. In the meantime, the GiG Media division may sport a proposed five-member board that would be chaired by Mikael Riese Harstad.