Gaming Innovation Group reports €30.8m in gross profit for Q2 2023

Gaming Innovation Group (GiG) has released its Q2 financial report results for 2023， showing total revenue of €31.1m ($34m)， an increase of 40% year-on-year.

Breaking down the figure: revenues in GiG Media stand at an all-time high of €21.7m， an increase of 47% year-on-year. Revenues for the platform and sportsbook were €9.3m， rising 27% annually. 

GiG Media also accrued €10.3m in adjusted EBITDA， up 178% compared to last year’s Q2. Meanwhile， GiG’s platform and sportsbook garnered €14m in adjusted EBITDA up 68% on Q2’s 2022 results.

However， despite gross profits increasing 38% to €6.9m for GiG Media， gross profit remains at a loss for GiG’s platform and sportsbook， totalling minus €315，000; however， this is still an improvement on last year’s Q2 gross profit of minus €2.6m.

Total gross profit for Q2 2023 was €30.8m，Online Casino Games up 41% year-on-year.

The graph shows the company's gross profit from Q2 2022 - Q2 2023.

Overall， EBITDA increased by 76% to €13.6m and adjusted EBITDA increased by 68% to €14m.

Meanwhile， costs increased across the board. Cost of sales slightly increased by 12% to €254，000， marketing expenses increased by 42% to €6.2m， while other operating expenses also increased by 15% to €10.7m – meaning total operating expenses were up 24% to €16.8m.

The improvement in platform & sportsbook revenue and gross profit comes as the company was awarded new US licences in Pennsylvania and Maryland， as well as a gambling software provider licence in Sweden.

Richard Brown， CEO of GiG， said: “The second quarter of 2023 has proven another step forward for GiG， with the business reaching another all-time high in revenues.

"We now look into the second half of the year with total focus on ensuring strong growth mechanics， continued operational improvement and long-term scalability for GiG."