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Gaming Innovation Group reports Q3 2023
Gaming Innovation Group Inc. (GiG) reports Q3 2023 revenues* of €31.8 million and an adjusted EBITDA of €23.4 million.
“I am delighted to share with you the strong Q3-2023 results for Gaming Innovation Group, as we continue our journey towards becoming world leaders in the iGaming industry, focusing on our two core business areas, Media and Platform & Sportsbook. The third quarter of 2023 has proven to be another period of growth and achievement”, says Petter Nylander, Chairman of GiG.
Financial Highlights
- Gaming Innovation Group achieved all-time high revenues* in Q3 2023 amounting to €31.8m (22.9), an increase of 39% YoY, whereof 23% organic
- Adjusted EBITDA was €23.4m (8.5), and excluding a €9.8m reversal of earn-out provision, EBITDA was €13.6m (8.5), an increase of 61% YoY, with an adjusted EBITDA margin* of 42.8% (37.0%)
- EBIT ex. earn-out reversal was €6.8m (2.5), an increase of 173% YoY, with an EBIT margin* of 21.2% (10.8%)
- Revenues in GiG Media at all-time high of €22.5m (15.1), an increase of 49% (23% organic), with an adjusted EBITDA of €10.4 (6.8)
- Revenues* for Platform & Sportsbook were €9.3m (7.8), an increase of 20%, all organic, with adjusted EBITDA of €3.2m (1.7)
- EPS was €0.07 (0.01)
- Positive cash flow from operations of €8.3m (10.0)9.5))
Operational Highlights
- Jonas Warrer appointed acting group CEO, replacing Richard Brown
- Appointed Richard Carter as new Platform & Sportsbook CEO
- FTDs for GiG Media were 113,800 (86.900), up 31% YoY
- Ask Gamblers continued positive momentum with revenues up 45% from run rate at take over
- Signed two new agreements for Platform & Sportsbook
- Five additional brands went live on the Platform in Q3 2023, including new market entries in Serbia and Portugal
- GiG’s platform and sportsbook live in the U.S. state of Maryland
Events after Q3
- Acquires KaFe Rocks, cementing position as the dominant lead generator within the lucrative online casino market
- One additional brand has gone live so far in Q4 2023, number of live brands is 63 as of today
- Appointing former SBTech and DraftKings executive Andrew Cochrane as new Chief Business Officer (CBO) for Platform & Sportsbook
*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. See Note 2 in the Q3-2023 Interim Report for more details.
Investor presentation and webcast
Chairman of the Board, Petter Nylander will host a presentation of the Q3 2023 results via livestream at 10:00 CET with Jonas Warrer, CEO Media and acting group CEO, and Richard Carter, CEO Platform & Sportsbook, attending. 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/948097/liveq-gaming-innovation-group-2
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Arena Racing Company awarded United Arab Emirates Gaming-Related Vendor License
Arena Racing Company (ARC) has been granted a Gaming-Related Vendor license from the United Arab Emirates’ General Commercial Gaming Authority (GCGRA), an independent entity of the UAE Federal Government with exclusive jurisdiction to regulate, license, and supervise all commercial gaming activities.
The license, operational with immediate effect, affords ARC the opportunity to provide its products and services to licensed operators in the region. Notably, the Racing1 Markets service, an all-in-one horse and greyhound racing solution delivered in conjunction with Racing1 alliance media rights partners at 1/ST CONTENT, Racecourse Media Group (RMG), and Tabcorp, alongside technical partner Pythia Sports. ARC has been added to the list of licensed vendors as per the GCGRA website.
Jack Whitaker, Commercial Manager at ARC, said: “Obtaining this license is a great achievement for ARC and its Racing1 partners. The emerging regulated UAE market is incredibly exciting, and we look forward to showcasing our innovative products and services in the region.”
The post Arena Racing Company awarded United Arab Emirates Gaming-Related Vendor License appeared first on Gaming and Gambling Industry Newsroom.
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Play’n GO games now live with Ivy Casino in the UK
Swedish gaming giant’s industry signals commitment to the UK regulated market by launching it leading portfolio of games with Ivy Casino
Play’n GO, the world’s leading casino entertainment provider, has today announced that its industry leading portfolio of games is now live with Ivy Casino in the UK.
Ivy Casino’s players in the United Kingdom can now access global smash hits from Play’n GO, including Book of Dead, Legacy of Dead, and Rise of Olympus 100 among many others.
Ivy Casino is a UK-facing online casino brand that launched in 2024 with a focus on delivering a premium, player-centric experience tailored specifically for the UK market.
The brand operates alongside two sister sites, Rose Casino and O’Reels, which also serve UK audiences and share the same commitment to high-quality entertainment, strong user experience and robust responsible gaming standards.
Play’n GO has been one of the leading game suppliers in the UK for many years and is steadfast in its commitment to regulated markets globally.
Magnus Olsson, Chief Commercial Officer of Play’n GO, said:
“We are delighted to launch with Ivy Casino in the UK who, like us, are focused on all the key elements of operating within a regulated market framework. I’m sure this is just the beginning of a long and fruitful partnership.”
Mark Good, representing Ivy Casino, said:
“This partnership with Play’n GO forms part of Ivy Casino’s ongoing strategy to enhance its content offering for UK players by collaborating with leading studios known for creative, engaging gameplay.”
Play’n GO is a proud sponsor of the Moneygram Haas Formula 1 team, and recently launched a fashion brand, Play’n GO Shop, to sit alongside its existing Play’n GO Music brand to give fans more ways to connect with Play’n GO.
In October, Play’n GO set a world record by launching everyone’s favourite slot character, Garga, into space reaching a height of over 35,500m as part of the launch campaign for Reactoonz 100 which instantly became one of the biggest game launches of the year for the company.
The post Play’n GO games now live with Ivy Casino in the UK appeared first on Gaming and Gambling Industry Newsroom.
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Esportes da Sorte strengthens brand presence during New Year’s Eve celebrations across four Brazilian capitals
Esportes da Sorte, one of Brazil’s leading online betting platforms, will be the official sponsor of New Year’s Eve celebrations in four Brazilian capitals: Salvador, Recife, Natal and Maceió. The initiative reinforces the brand’s growing presence in the national cultural calendar and its strategy to connect with large-scale public celebrations beyond the digital environment.
New Year’s Eve is one of Brazil’s most significant annual moments, marked by intense domestic travel, international tourism and mass public participation. By supporting celebrations in four key destinations, Esportes da Sorte aligns its brand with tradition, culture and shared experiences that resonate deeply with local communities.
“Sponsoring New Year’s Eve celebrations in four capitals reflects our commitment to being present in moments that bring people together,” said Marcela Campos, Vice President of the Esportes Gaming Brasil Group, owner of the Esportes da Sorte brand. “Supporting these cities means valuing their cultural identity, strengthening local ecosystems and celebrating the people who keep these traditions alive year after year.”
Across all four capitals, the brand will activate its presence through immersive experiences, public-facing activations and the distribution of branded giveaways — a hallmark of Esportes da Sorte’s engagement strategy at major events. The activations are designed to enhance the festive atmosphere while reinforcing the brand’s connection with culture, entertainment and responsible enjoyment.
The New Year’s Eve sponsorships build on Esportes da Sorte’s broader cultural engagement strategy, which includes long-standing support for large-scale events such as Carnatal, in Rio Grande do Norte — a key fixture in the state’s tourism and cultural calendar. Together, these initiatives reflect the company’s commitment to expanding its footprint in cultural sponsorships nationwide.
Esportes da Sorte’s participation also mirrors a wider trend within Brazil’s regulated betting market, as operators increasingly diversify their sponsorship portfolios beyond football. Music, festivals and cultural celebrations have become strategic platforms for brands seeking broader visibility, deeper community ties and more sustainable engagement with the public.
The post Esportes da Sorte strengthens brand presence during New Year’s Eve celebrations across four Brazilian capitals appeared first on Gaming and Gambling Industry Newsroom.
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