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Gaming Innovation Group (GiG) has set its sights on a €75m opportunity following the launch of its new iGaming platform CoreX and its sportsbook, SportX. 

Today (14 February), GiG reported a year-on-year revenue increase of 11% for its Platform & Sportsbook business to €9.1m, as part of its Q4 2023 results.

However, adjusted EBITDA saw a decline of 38.9% year-on-year, which was attributed to strategic investments in marketing, business development, and new hires.

GiG recently bolstered its team with the appointments of Andrew Cochrane as chief business officer, James Coxon as chief operating officer and Matt Saxon as chief technology officer.

During the firm’s Q4 earnings call, GiG Platform & Sportsbook CEO Richard Carter expressed confidence in the segment’s trajectory as a standalone entity after the business split.

GiG launched its new sportsbook product SportX, and its iGaming platform CoreXlast month.

“We are not going to see a big transformation in our profitability this year, but I think as we move through this year, the market will start to get a very strong visibility on where this business is going,” Carter said. 

Bigger clients

Carter anticipates a visible shift in the market as the company begins to onboard high-quality clients after doubling its sales pipeline between Q3 and Q4.

“To be perfectly honest, the sales pipeline wasn’t good enough when I joined,” Carter said.

“We’ve brought in a new team, we’ve changed the strategy, we’ve obviously launched new products and we’ve started to engage with obviously much bigger clients,” Carter added.

“We’ve spent a lot of money and focused on our sportsbook, and that effectively gives us an opportunity to attack a new, very big growth market for us,” he added.

Carter revealed that a significant portion of the pipeline consists of sports customers, with approximately 20 to 30% representing existing sportsbook partners that would migrate to the new product.

“Then there’s obviously another big chunk that don’t have sportsbooks, but the real big wins are going to be the ones that are currently on other third-party sports books that we need to convince and migrate over to our sportsbook,” he added. 

“We think there’s probably a €75m opportunity. We are not obviously going to win all of that business, but that sort of quantifies the near-term opportunity,” he concluded. 

For full-year 2023, GiG’s Platform & Sportsbook business generated revenue of €37.8m, a 34% increase from 2022. 

Adjusted EBITDA was €21.5m, an increase of 367%, with a margin of 56.8%.

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