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22-24 APR 2025

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Latest News & Headlines

The Latest Industry News

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Gaming Innovation Group Q1 2024: splitting business units following record breaking revenue

The Gaming Innovation Group (GiG) has announced its plan to divide its Platform & Sportsbook and Media business units by Q3 2024. This strategic move is aimed at optimizing growth opportunities and ensuring both businesses can effectively leverage their operating models.

Record-Breaking Quarter

of €36.2 million in Q1 2024, a 28 percent increase year-on-year. The GiG Media business recorded €28 million in revenue during the quarter, up 51.9 percent from the same period the previous year. This growth is attributed to the fruitful acquisition of AskGamblers in February 2023 and the successful integration of KaFe Rocks in December 2023.

However, the Platform & Sportsbook division saw a decline in revenue by 17 percent to €8.3 million. The company attributes this to the accounting method for its GiG Enterprise Solution revenue, with most of it recorded in 2023. Excluding this solution, the business unit would have seen a year-on-year revenue growth of 5 percent.

Key TakeawaysGaming Innovation Group (GiG) Milestones
Strategic Business DivisionGiG to divide Platform & Sportsbook and Media units by Q3 2024 for optimized growth opportunities.
Record-Breaking RevenueQ1 2024 revenue hits €36.2 million, up 28% YoY. Media business revenue at €28 million, up 51.9% YoY.
Acquisitions and IntegrationsSuccessful acquisition of AskGamblers (Feb 2023) and integration of KaFe Rocks (Dec 2023) drive revenue growth.
Challenges in Platform & SportsbookPlatform & Sportsbook division revenue declines by 17% to €8.3 million, attributed to accounting method changes.
EBITDA Growth Amid ChallengesAdjusted EBITDA reaches €12.6 million, up 8% YoY, with a margin decrease to 34.8% from 41.1% in Q1 2023.
Profit from Continuing OperationsDespite challenges, €3.6 million profit from continuing operations reported for the quarter.
Negative Market ResponseMarket reacts negatively; GiG’s share price falls 7.9% to SEK30.35 per share, before recovering to SEK31.35.
Future PlansGiG operationally prepared for division split, committed to sustainable long-term growth and shareholder value.
SOURCE: SiGMA

EBITDA growth and future of GiG

The group’s adjusted EBITDA stood at €12.6m, up 8 percent from the previous year, despite a drop in EBITDA margin from 41.1 percent in Q1 2023 to 34.8 percent. The EBITDA growth varied between divisions, with GiG Media reporting a 69 percent growth to €13.5 million, while the Platform & Sportsbook division delivered a €0.8m EBITDA loss. The company attributes this loss to the fall in its GiG Enterprise Solution revenue and a significant rise in sales and marketing costs.

Despite these challenges, the company reported a €3.6m profit from continuing operations for the quarter. However, the market responded negatively to the financial report, with GiG’s share price falling 7.9 percent to SEK30.35 per share in early trading, before recovering to SEK31.35.

GiG is operationally ready for the planned split of its Media and Platform & Sportsbook divisions. The Media business, which will comprise the company’s affiliate and lead generation services, will be led by Jonas Warrer as CEO post-split, while Richard Carter will run the independent Platform & Sportsbook entity.

This strategic initiative, first announced as part of a February 2023 review, is geared towards expanding market reach and maximizing revenue opportunities. As GiG chairman Petter Nylander stated, the company remains steadfast in its commitment to creating sustainable long-term growth and value for its shareholders.

Gaming Innovation Group Inc. (GIGSEK.ST) is trading at SEK31.00 (-4.47%).
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