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  • Q4 2023: Gaming Innovation Group revenue jumps 37% to €35.6m
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Gaming Innovation Group (GiG) generated revenue of €35.6m in Q4 2023, up 37% year-on-year including 20% organic growth.

Adjusted for one-offs and split related costs, underlying EBITDA was €14.2m, up 32% on Q4 2022. 

Adjusted EBITDA came in at €12.6m, up 17%, with an adjusted EBITDA margin of 35.3%.

Following the Q4 results, full-year 2023 revenue reached €126.9m, representing a year-on-year increase of 41%, with 21% being organic growth.

Adjusted EBITDA increased 80% year-on-year to €61.6m, at an adjusted EBITDA margin of 48.5%. 

GiG chairman Petter Nylander stated that Q4 marked the 12th consecutive quarter of record-breaking revenue, “showcasing the resilience and strength of our business.”

“Both GiG Media and Platform & Sportsbook are well positioned to provide shareholder value from 2024 as standalone businesses”, he added.

In February 2023, GiG initiated a strategic review, with the intention to split the company into two separate entities, GiG Media and GiG Platform & Sportsbook.

GiG Media

Revenue from GiG Media reached an all-time high of €26.5m in Q4 amid a year-on-year increase of 49%, with EBITDA of €11.5m.

Furthermore, first time depositors (FTDs) reached an all-time high of 137,600, reflecting a 19% year-on-year increase.

“The acquisition of AskGamblers in January 2023 has proven to be highly successful, with the platform achieving its highest-ever revenue in the fourth quarter,” Nylander said.

“Revenue skyrocketed by an impressive 32% quarter-over-quarter, accompanied by a 12% growth in player intake. We anticipate further positive developments from AskGamblers in 2024,” he concluded.

The business added that since taking over the brand, the EBITDA generated by AskGamblers has more than doubled.

GiG Platform & Sportsbook

Meanwhile, revenue from the Platform & Sportsbook business hit €9.1m, up 11% on Q4 2022.

However, adjusted EBITDA decreased 38.9% year-on-year to €1.1m. 

GiG attributed this decline to strategic investments it made during the quarter, including marketing and business development, as well as senior hires.

Alongside several other senior hires, GiG recruited former SBTech and DraftKings executive Andrew Cochrane as its new chief business officer (CBO) for Platform & Sportsbook in November 2023.

Despite the EBITDA decline, Nylander said he remains optimistic about the segment’s future prospects. 

Two new brands went live on the platform in Q4, while one further brand went live in January 2024. 

As of today, GiG boasts 62 live brands across 35 markets. An additional 19 brands are in the integration pipeline. 


GiG revealed that planning for the business split is ongoing. 

A final execution is expected by the end of Q2 2024, and will be subject to all necessary corporate actions, including shareholder approval. 

GiG stated it will set new long-term financial targets for both GiG Media and Platform & Sportsbook after the split has been executed.

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