Gaming Innovation Group, also known as GiG, published highlights from the report of the final quarter of the previous year, which is 2023. The business, per the report, was steady and on the way to being sustainable for another quarter. The revenue rose by 37% in terms of Y-o-Y, touching the base figure of €35.6 million. Soaring in value made Q4-2023 the 12th consecutive quarter of record-breaking revenue numbers.
Approximately 20% of the reported revenue was organic. It is now an all-time high revenue figure for GiG. Revenues from GiG Media, GiG Platform, and Sportsbook are different. GiG Media reported a higher increase of 49% in the revenue figure of €26.5 million, with 24% being organic. The remaining revenue, worth €9.1 million, was credited to its Platform & Sportsbook with a surge of 11%.
Irrespective of how much revenue either of them has generated, both segments of GiG went strong in the fourth quarter of last year. One reason, specifically for GiG Media, could be the integration of AskGamblers. The strong growth was throughout the year, with some organic growth.
Another reason for both segments of GiG to do better was a more experienced management team along with a new product offering that was well received by the market. Underlying EBITDA rose by 32%, coming at par to €14.2 million after being adjusted for one-offs and split-related costs.
Moving forward, both GiG businesses are poised to do better in 2024 as stand-alone businesses. There is also growing anticipation that Platform and Media will split by the end of the fourth quarter of 2024. The idea has been hailed as a notable stride in strategic review.
According to the latest gaming news, Petter Nylander, the Chairman of Gaming Innovation Group, expressed his delight with the numbers and the continuing strong performance of the group. While acknowledging the growing revenue, Petter said that both businesses in the group were now well-positioned to provide good value to shareholders in 2024 as standalone businesses. Nylander further stated that a strong quarter for the 12th consecutive time showcases how strong and resilient their business is.
In addition to financial highlights, GiG is gaining momentum in the market with every service and product it offers. For instance, CoreX has been identified as a new era of platform technology that helps drive limitless growth for their partners through platform technology that is highly scalable, adaptable, and revolutionary.
Publishing key highlights from its financial report for Q4 2023 comes days after GiG announced the appointment of Ryan Collinge as its Senior Vice President of Business Development. GiG is confident in their appointment, expecting it to accelerate the growth trajectory for Platform & Sportsbook.
Ryan was previously the group director at Blueprint Gaming & Gauselmann. The current surge in quarterly revenue has sparked optimism in the minds of shareholders, who now expect the year 2024 to be better, with higher revenue in each quarter.
