Meanwhile, GiG’s adjusted EBITDA experienced 68% growth year-on-year, reaching €14m.
This growth culminated in a record EBITDA margin of 45%, which is making steady progress towards the company’s target of a 50% margin.
Furthermore, the company witnessed a notable 173% year-on-year boost in EBIT, amounting to €6.6m, with an EBIT margin of 21.1%.
Divisional revenue highlights
In the Media division, GiG’s revenue reached an all-time high of €21.7m, up 47% on Q2 2022, with a significant 20% being organic growth.
On the other hand, platform and sportsbook revenue saw a 27% increase, totalling €9.3m. Adjusted EBITDA for this segment was also up at €3.7m, achieving a margin of 39.7%.
GiG’s Q2 earnings per share also showed positive movement, rising from the previous €0.01 to €0.05. The company’s cash flow from operations remained in positive territory, registering at €9.1m.
On the operational front, GiG Media recorded a 38% surge in first-time depositors (FTDs) year-on-year, as it reached a total of 109,400.
The recently acquired AskGamblers brand continued its positive trajectory, with GiG revealing a 45% revenue growth compared to the rate at takeover in January.
Additionally, the platform and sportsbook division successfully acquired licences in Pennsylvania and Maryland in the US, and a new gambling software provider licence in Sweden.
Notably, all GiG legacy sportsbook clients successfully transitioned to the Sportnco solution.The quarter also saw the launch of two new brands and the signing of three new platform and sportsbook agreements.
GiG CEO Richard Brown emphasised the company’s focus on scalability and efficiency.
“While we are proud of these results, we can also see a great opportunity across the business units going forward as we continue to focus and optimise the operational performance while concurrently pursuing many areas of growth,” he said.
Update on strategic review
Brown also revealed that progress towards the completion of GiG’s strategic review has been substantial.
He added that operationally, the group will be prepared to execute the planned spin-off – dividing the GiG Media and GiG platform and sportsbook businesses into two separate companies – by year-end.
The execution, dependent on market conditions, is targeted for the first half of 2024.
“We now enter the second half of the year with a complete focus on ensuring robust growth mechanics, ongoing operational improvements and long-term scalability for GiG,” he stated.
Concluding his remarks, Brown said: “I truly believe there is a strong and clear path to sustained success for both operational and strategic aspects of the business units, and we are fully committed to achieving it.”
Post Q2 events
Notably, following Q2 2023, an additional five GiG brands successfully launched operations, solidifying GiG’s footprint in Serbia and extending the company’s reach into Latin America. GiG now counts a total of 65 live brands.
Moreover, GiG’s platform also became operational in Maryland, USA.
In terms of leadership changes, Richard Carter was appointed as the new platform & sportsbook CEO while Jonas Warrer took over as the CEO for GiG Media.
Finally, GiG said revenue in July showed a promising trend, recording a 30% year-on-year increase, with 10% of this growth being organic.