Gaming Innovation Group (GiG) chief commercial officer for platform and sportsbook Marcel Elfersy has announced he will be moving to a M&A advisory role.

Elfersy’s new role, with a full title of advisor to the CEO and board on corporate development and M&A, is a potential sign the business will prioritise acquisitions post-spin off.

In a post on LinkedIn, Elfersy said he was “thrilled” to announce his new role.

“Huge thanks to my talented commercial team for the fantastic journey over the last year. Wishing them and our new chief business officer, Andrew Cochrane, continued success in growing the leading platform and sportsbook business — here’s to strategic growth and new adventures ahead!”

The industry veteran spent 12 years working for 888 Holdings, rising to become VP business development by the time he left in 2021.

This was followed by a spell as chief executive of Entain African joint venture Impala Digital, a role he exited in March 2022. In November the same year, Elfersy took the job as GiG CCO.

GiG has historically embarked on M&A deals across both its affiliate and gaming divisions. The most significant deal relating to its platform and sportsbook division was the acquisition of Sportnco, which closed in April 2022.

More recent deals, include the 35m acquisition of iGaming affiliate KaFe Rocks announced last week and, which finalised in January.

GiG to spin-off platform and sportsbook business

Announced in February 2023, GiG is currently in the process of spinning off its platform and sportsbook division from its wider affiliate business.

The company said the purpose of the split is to “sharpen the focus” of each business segment, as well as enabling the divisions to have “strategic and financial flexibility of their distinctive business models”.

Former SBTech chief executive Richard Carter was brought in in mid-September to lead the division, prior to becoming a standalone business.

The news is just the latest in a series of changes in GiG senior leadership. It follows the appointment of former DraftKings SVP commercial Andrew Cochrane as chief business officer at the beginning of the month. 

Gaming Innovation Group (GiG) posted record-breaking revenue in Q3 2023, and has expanded its acquisition strategy on the path to becoming a “global champion”.

Topline numbers

GiG reported record-breaking revenue of €31.8m in Q3, showing a substantial 39% year-on-year increase, of which 23% was organic growth.

Adjusted EBITDA reached €13.6m, marking an impressive 61% year-on-year increase and resulting in an adjusted EBITDA margin of 42.8%, up from 37% in Q3 2022.

GiG Media achieved all-time high revenue of €22.5m, while GiG Platform & Sportsbook contributed €9.3m to the company’s robust performance.

News nugget

It was a busy morning for GiG, filled with significant news. This included the acquisition of affiliate business KaFe Rocks, all-time high Q3 revenue, and hosting its first investor call with the newly appointed CEOs for GiG Media and GiG Platform & Sportsbook.

More information on GiG’s Q3 results and the KaFe Rocks acquisition can be found here

One thing that was made evident in today’s report was GiG’s global aspirations.

GiG chairman Petter Nylander believes the group’s ambition to become a leader in both its Media and Platform & Sportsbook segments is “well within reach”. 

During the investor call, he outlined the company’s objective to shift from being a champion in the Nordic region to becoming a champion across Europe, with the ultimate aim of achieving global champion status in both the platform and media sectors.

GiG Media plans

Today, GiG Media stands out as the company’s shining star, having achieved 12 consecutive quarters of record growth, which led to management’s decision to pursue yet another acquisition.

GiG Media CEO Jonas Warrer (pictured) revealed that publishing revenue had increased by 70% year-on-year. Paid revenue also saw strong year-on-year growth of 23%, despite the industry facing the challenge of low sports betting margins.

Warrer also highlighted the excellent performance of and related casino affiliate websites, which GiG acquired from Catena Media in January 2023

He expressed the company’s preference for revenue share deals, noting that this was a key factor behind the proposed acquisition of KaFe Rocks, which boasts over 70% of its earnings from recurring revenue.

Going forward, further diversification is seen as a crucial element for securing sustainable long-term growth in the business.

“More websites, more markets, more clients will drive revenue growth for us,” he said.

While the acquisition of KaFe Rocks is expected to strengthen GiG’s position in the US, Warrer believes there is still significant growth potential in Europe.

GiG Platform & Sportsbook plans

On the other hand, GiG Platform and Sportsbook CEO Richard Carter presented a slightly different perspective. 

He outlined a focus on strengthening core markets in Europe and exploring opportunities in Latin America, while only considering “ad hoc opportunities” in North America and Canada. 

While the US market’s opening was initially exciting, it ultimately favoured larger players, posing challenges for smaller ones, Carter said. 

However, New Zealand is also on the firm’s radar, as the government has indicated its intention to regulate iGaming.

Carter added that a key focus will be on attracting higher revenue-generating clients, which he said was also one of the reasons behind hiring former DraftKings SVP Andrew Cochrane as CBO

Best quote

“KaFe Rocks is a well-known player in the industry and highly reputable. I would say it’s one of the competitors that I personally have considered a strong contender for a leadership role in the industry.”
GiG Media CEO Jonas Warrer on the acquisition of KaFe Rocks

Best question

On today’s earnings call, GiG management was asked about the company’s progress in executing the planned business split by the first half of 2024.

Chairman Nylander responded: “Internally, we are holding the timeline. One of the key milestones that we talked about earlier was to find a strong management. 

“That box we have now checked, and we might strengthen it even further. Then, of course, it’s subject to macroeconomic conditions, but otherwise internally, we are on track to do it next year.”

Current trading & outlook

GiG has restated its previously communicated full-year revenue guidance, with expectations ranging between €125m to €130m, and a corresponding adjusted EBITDA margin falling within the 47% to 50% range. 

The company also remained committed to its long-term financial objectives, which included annual organic revenue growth at approximately 20% and an EBITDA margin exceeding 50% by 2024. 

Richard Brown has officially stepped down as CEO of Gaming Innovation Group (GiG) but will continue to serve the company in a board advisory position until 31 December.

Resignation background

Brown’s departure was first announced in May this year, following a strategic review to divide the business into two separate companies.

The change, GiG said, was intended to fully optimise each business unit’s growth opportunities and ensure both could benefit from the strategic and financial flexibility of their distinct business models.

Former SBTech boss Richard Carter was subsequently announced as the CEO of GiG’s Platform and Sportsbook business, while Jonas Warrer will continue to lead GiG Media as CEO of the business unit.

Board chairman Petter Nylander, meanwhile, will take on the role of executive chairman while the strategic review is underway.

Following his resignation, Brown will help support the handover of the GiG Platform and Sportsbook business to incoming CEO Carter, while providing ongoing support to the board of directors until the end of 2023.

Management commentary

GiG said the move would enable both new CEOs to take their respective business units forward while receiving adequate background support from Brown.

“GiG is in a tremendous position strategically and operationally, and with Jonas and Richard now in place to drive the business units towards further success, it is a good time for me to move to a supportive but non-operational role until the end of the year,” Brown said.

GiG chairman Nylander added: “We are very pleased with the progression of splitting GiG into two distinct entities to enhance future expansion and drive shareholder value. 

“We now have two strong CEOs in Jonas Warrer for Media and Richard Carter for Platform & Sportsbook with full operational responsibility for each business unit. 

“Richard Brown has been instrumental in making this possible and the board wants to thank Richard for his valuable contribution to GiG over the years. We are pleased that Richard will be available until year end to secure the succession.”

Future plans

Following the end of 2023, Brown is expected to take charge of B2B and B2C online gambling firm Glitnor Group as CEO.

Glitnor operates B2C brands including LuckyCasino and HappyCasino, as well as owning B2B content house Swintt.

The company was formerly led by CEO David Flynn, who stood down from the role earlier this year to take up a non-executive director role on Glitnor’s board.

Gaming Innovation Group (GiG) has revealed that it intends to divide its two business units into separate companies during the first half of 2024.

The Stockholm-listed company made the announcement alongside the release of its Q2 2023 financial results.

Topline numbers

In Q2 2023, Gaming Innovation Group (GiG) posted a 40% year-on-year revenue increase to €31.1m, driven notably by a 22% organic boost.

GiG’s Media division revenue reached an all-time high of €21.7m, up 47% on Q2 2022. Meanwhile, platform and sportsbook revenue saw a 27% increase, totalling €9.3m.

Adjusted EBITDA grew by 68% year-on-year to €14m, resulting in a record 45% margin, on track towards GiG’s adjusted EBITDA margin target of 50%.

Additionally, EBIT surged by 173% to €6.6m, with a margin of 21.1%.

In H1 2023, revenue reached €59.5m, an increase of 44% increase year-over-year.

Adjusted EBITDA was €25.7m, up 71% on H1 2022, with an adjusted EBITDA margin of 43.1%.

News nugget

GiG CEO Richard Brown provided further updates on the planned spin-off of the company’s business units.

As per plans revealed earlier this year, the company intends to divide its GiG Media and GiG platform and sportsbook businesses into two separate, publicly listed entities.

The planning for this corporate transformation is currently underway, with meticulous attention to the strategic and operational intricacies involved.

An execution of the spin-off is anticipated in the first half of 2024, subject to all requisite corporate actions and approvals from shareholders.

“We still remain with a very strong conviction that the proposed split will enable each of the business units to derive a much better value and enable them to reach their full value potential and growth opportunities over the coming years,” Brown said.

Brown also confirmed that Jonas Warrer will take over as the CEO of GiG Media. Warrer currently serves as CMO and has also been the managing director of GiG Media since October 2019.

He initially joined GiG in September 2017 as the general manager of GiG’s Copenhagen office.

Brown said Warrer has demonstrated an “extremely strong track record for growth”.

“He has not only been able to derive meaningful revenue growth but also significantly improved his team, the operations, the product and the technological capabilities of the unit. So, we’re very proud and we’re very sure that he will be able to continue that success going forward,” he added.

Earlier this week, GiG announced that it has appointed Richard Carter as the new CEO for its platform and sportsbook business.

Latam growth

Moreover, the company also shared that GiG Media’s revenue from the Americas increased by 24% year-on-year, now accounting for 22% of total revenue.

“Latin America remains a very strong region of growth and is becoming what we see as another runway that is really developing quite quickly for us,” Brown said.

Brazil, he added, has historically been a strong market for GiG and continues to thrive.

Additionally, GiG is observing promising growth prospects in other Latin American countries like Argentina and Colombia.

Equally, Brown highlighted a similar growth trend within the platform and sportsbook division, where North and Latin America collectively now contribute almost 30% of GGR.

“We’re also very proud of the fact that 92% of our operator GGR is coming from regulated or soon to be regulated markets,” Brown concluded.

Best quote

During the earnings call, CEO Brown shared some insight on the German market, highlighting that while the market has changed considerably due to its adopted regulatory framework, GiG remains committed to the market.

“I think the German market is an interesting but challenging one. But I think it’s also important to zoom out to see where it is going to be in three to five years. Before regulation, it was one of Europe’s largest markets, and there’s no reason it shouldn’t approach the levels seen in the UK, with billions of euros spent annually.”
GiG CEO Richard Brown

Best question

CEO Brown was asked to provide examples of the measures taken by GiG to substantially improve the performance of the AskGamblers brand following its acquisition from Catena Media.

The first six months of operating AskGamblers have seen a 45% increase in revenue, growth in player intake exceeding 40%, and EBITDA doubling when comparing July to January 2023.

Brown explained that GiG’s teams have shifted their focus towards implementing “what they consider optimal for the product”. This involves enhancing both content creation and usability.

“I don’t exaggerate when I say that the granularity that the teams actually operate on is immense.”

He highlighted the team’s dedication to optimising the performance of each individual page.

“And then, of course, our BI systems are tremendous. They enable us to really make very strong commercial and usability decisions,” he explained.

This combined approach, Brown concluded, led to a noticeable enhancement in revenue structure and the overall performance of the AskGamblers brand.

Current trading & outlook

GiG anticipates full-year revenue to come in between €125m and €130m, accompanied by an adjusted EBITDA margin spanning between 47% and 50%.

Brown was also queried about potential adjustments to its mid-term guidance, considering that it was edging closer to its long-term target.

Bown replied: “I think we’re still very happy with this type that we said we’d be at 50% or above 50% during next year,” reaffirming GiG’s long-term EBITDA margin objective.

He elaborated that due to the planned division of the two segments into separate publicly listed entities, making adjustments at the group level wouldn’t be logical.

Once the two businesses are successfully established, “they will have their own targets and their own financial KPIs”.

Investors reacted positively to GiG’s business update, causing shares to trade around 3% higher following the presentation of the Q2 results.

Gaming Innovation Group (GiG) has recorded 40% year-on-year revenue growth to €31.1m in Q2 2023.

Significantly, the growth was driven by a 22% organic increase in revenue.

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.

Operational milestones

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.

The Juroszek family have become the largest shareholders in Gaming Innovation Group (GiG) after their combined investment vehicles amassed an 11% stake in the company.

The latest investment was triggered by Mateusz Juroszek, who is the current CEO of market-leading Polish bookmaker STS.

A family affair

On 7 July 2023, he purchased a further 1,324,145 shares in GiG. This pushed the family’s overall shareholding to 14,285,614 shares, equivalent to 11.08% of the business.

MJ Investments – the investment company of Mateusz Juroszek – now owns 5,217,606 shares in GiG, while Juroszek Holding – the company owned by his father Zbigniew – owns 4,235,666 shares.

The family’s pile is complete by an additional investment from Betplay Capital, which is owned by Mateusz and Zbigniew, as well as Mateusz’s brother Tomasz. Betplay has so far purchased 4,832,342 shares in GiG.

Tomasz – who currently serves as chief investment officer of Betplay Capital – has occupied a seat on the GiG board since May 2023.

Betplay Capital boasts a portfolio of companies in many sectors, but predominantly in iGaming, having invested in sports betting operators, technology providers and affiliates. Portfolio companies at present include Evolution and Better Collective, among others.

The Juroszek family believe GiG is currently undervalued as a business and consider themselves long-term investors in the Malta-headquartered gambling company, which analysts expect to deliver year-on-year EBITDA growth of up to 70%.

Separate ways

GiG is currently dual listed on the Oslo Stock Exchange (Norway) under the ticker symbol GIG and on Nasdaq Stockholm (Sweden) under the ticker symbol GIGSEK.

In Q1 2023, GiG initiated a strategic review to separate the business into two independent public listed companies. The move would split the GiG Media Services division from the GiG Platform & Sportsbook division.

Explaining their investment case, Mateusz said the Media Services division – which includes GiG’s affiliate portfolio – had “grown tremendously” from multiple and well-diversified markets.

“We are also very happy with the acquisition of AskGamblers and we can see great work being done by the GiG Media team to turn that business around,” he added.

The strategic separation was orchestrated by long-serving CEO Richard Brown, who will leave GiG at the end of the year to take charge of Glitnor Group.

GiG reported all-time high revenue of €28.4m in Q1 2023.

Departing Gaming Innovation Group (GiG) chief executive Richard Brown is set to take over Glitnor Group as CEO from 1 January 2024.

Background context

Glitnor Group operates in both the B2B and B2C iGaming sectors, through customer-facing brands LuckyCasino and HappyCasino and B2B content house Swintt.

The business was previously led by David Flynn as CEO, before he stood down from the role in February this year to take up a non-executive director role on the firm’s board.

While the hunt for a new CEO was underway, co-founder Jörgen Nordlund agreed to take over the CEO responsibilities on an interim basis.

Meanwhile, Brown currently holds the position of CEO at GiG, where he has headed up the business for four years after originally joining the company in 2016.

In May, GiG announced that he would stand down from the role from 31 December 2023, following a strategic review which will see the company split into two separate corporate groups, GiG Media and GiG Platform & Sportsbook.

Brown intends to stay in the role until the end of the year “to secure a smooth transition,” according to GiG chairman Petter Nylander.

Move to Glitnor

Glitnor Group said Brown’s time at GiG has provided him with a “wealth of experience” which he will bring to the business from next year.

With more than 15 years’ experience in various managerial and C-level roles in the iGaming sector, Glitnor described his appointment as a “major move for the group.”

After helping GiG enter multiple new markets, complete several acquisitions and achieve record revenue in Q1 2023, the firm added that he will now use his abilities “to achieve similar results for Glitnor.”

Glitnor expects 2024 to begin “an important and exciting next phase for the business,” it added, as it continues to pursue global expansion and strengthen its presence across Europe, North America and Latam.

Management commentary

“By appointing Richard, I believe Glitnor has secured one of the industry’s top C-level talents and I’m looking forward to the positive impact he’ll have on our business as we look to strengthen our brands and enter more markets in the future,” said Glitnor co-founder Nordlund.

“Given the successful nature of his time at GiG and the wealth of iGaming experience he has in general, I’m certain Richard has all of the necessary skills to help take Glitnor to a new level and I think I speak for everyone when I say we can’t wait to work with him as we enter our next phase of development.”

Ahead of his start with the company, Brown added: “I am honoured to take on the role of CEO of Glitnor Group. The teams have built a fantastic position in the industry and I look forward to working with them to further capitalise on the number of opportunities the business has ahead of it. 

“The group’s long term ambition is impressive, supported by founders with a proven track record of success and I am extremely excited to help add value towards achieving those goals for the business, the group’s staff and its shareholders.

“I was fortunate enough to enjoy an incredible eight years at GiG – with the last four as CEO – but the time was right for me to embrace a new challenge at what I truly believe to be one of the most exciting business groups in the iGaming industry, I very much look forward to starting in the New Year.”

Industry accelerator has appointed Ben Clemes as investment portfolio partner.

Clemes joins from Gaming Innovation Group (GiG), which he co-founded alongside managing partner Robin Reed.

He will focus on accelerating the growth of’s current investments and expanding the portfolio by identifying promising start-ups that have the potential to shape the future of the industry.

Clemes will be based in San Francisco and will primarily work with start-ups, investors and partners in North America.

“Working with Ben again is immensely gratifying, given his remarkable track record of growing start-ups into robust and prosperous businesses,” Reed said.

“With his vast experience and deep understanding of the industry, coupled with his visionary outlook, Ben is the ideal custodian for our current investments and future portfolio companies,” Reed added.

Extensive industry experience

During his tenure at GiG, Clemes held various positions, including chief commercial officer, chief business officer, and general manager of GiG North America.

He played a crucial role in establishing, one of GiG’s flagship operator brands, as well as the expansion of the platform business GiG Core into the North American market.

“With his vast experience and deep understanding of the industry, coupled with his visionary outlook, Ben is the ideal custodian for our current investments and future portfolio companies.” managing partner Robin Reed

With over 16 years of experience in online gaming, Clemes brings a wealth of expertise to, encompassing areas such as casino operations, user experience (UX), business development, and commercial success.

Prior to his online gaming ventures, Clemes spent six years working in Las Vegas across different properties. currently has 12 firms in its portfolio, with over €130m in combined assets under management.

“It is a privilege to be joining the team at HappyHour and working alongside such inspirational thought leaders and pioneers in the iGaming industry whilst supporting the brilliant minds of teams and individuals that are changing the way the industry is evolving.

“I am really excited to jump in and support these future giants of iGaming with my years of diverse experience and finding more companies of tomorrow to support and grow,” said Clemes.

GiG announced last month that CEO Richard Brown would leave the company at the end of the year.

Brown’s and Clemes’ departure coincide with a period of significant transformation for the company.

Back in February, GiG’s board initiated a strategic review, aiming to divide GiG into two distinct corporate entities: GiG Media and GiG Platform & Sportsbook.

Gaming Innovation Group CEO Richard Brown will step down from his position and leave the company by 31 December 2023.

In February, GiG’s board initiated a strategic review with the intention to split GiG into two separate corporate groups: GiG Media and GiG Platform & Sportsbook.

GiG today (29 May) stated that the strategic review is progressing well. GiG Media will continue under its current senior leadership, while the search for a new CEO for Platform & Sportsbook has already begun.

“Richard has done a tremendous job with GiG over the years and the company is in a very good position driving shareholder value going forward,” said GiG chairman Petter Nylander.

“We are pleased that Richard has agreed to stay until the end of the year to secure a smooth transition,” he added.

Eight-year tenure

Commenting upon his departure, Brown said: “It has been a true honour and privilege to be part of Gaming Innovation Group’s development over the past eight years and the last four years as CEO, leading an incredible group of people towards, as I see it, the unparalleled strategic position across the B2B value chain that the group has created.

“I have no doubt that the teams throughout the organisation and the management groups of the respective business units have the skills and passion to continue the growth of the business towards its financial and operational targets”, he concluded.

Brown joined GiG in February 2016 as managing director for GiG’s media business.

After nearly two years, he progressed to chief digital officer and subsequently took the position of chief operating officer.

He became CEO in November 2019 replacing GiG’s former CEO and co-founder Robin Reed.

Prior to joining GiG, Brown worked in various senior and directorial roles in companies such as Highlight Media Group, Web Guide Partner and THG Sports.

Gaming Innovation Group (GiG) reported all-time high revenue across both of its core business segments in Q1 2023, as it seeks to “revitalise” the AskGamblers brand it acquired from Catena Media in January.

Topline numbers

Q1 2023 revenue came to an all-time high of €28.4m, up 48.7% year-on-year. GiG said that 19% of the revenue growth was organic while the rest was driven by its acquired businesses.

Of the total revenue, €18.4m came from the firm’s GiG Media division, up 30.5%, with the platform and sportsbook division generating the remaining €10m, double the €5m it generated in Q1 2022.

Growth in the Media division was driven by a 59% increase in first time depositors (FTDs), at 110,800.

Adjusted EBITDA across the business was €11.7m, up 74.6%, on an adjusted EBITDA margin of 41.4%, up from 35.1%.

EBIT, meanwhile, totalled €5.6m, up 93.1% from €2.9m.

Net profit for the quarter came to €3.7m, up from €1.1m in the prior-year comparative period.

News nugget

Arguably the biggest change during the quarter was the firm’s acquisition of AskGamblers from Catena Media, which completed in January.

Since then, plans have been implemented to “revitalise” the brand, which has continued to grow on a month-by-month basis, GiG said.

In other news relating to its acquired businesses, GiG also completed the migration of its legacy sportsbook software onto the Sportnco solution, following a technical integration process which started after acquiring the business in April 2022.

GiG also signed a number of new agreements during the quarter which will help to grow the business going forward.

It expanded an existing commercial partnership with News Corp UK & Ireland, allowing it to enter the Irish market with casino and sports betting content.

The platform and sportsbook division also signed eight new agreements during the quarter, including four in Latam, three in Europe and one in North America.

Those agreements helped bring the total number of brands live with GiG to 60 by the end of the quarter, while the business has 21 further brands in its integration pipeline and is also poised for further expansion in the US, after being awarded licences to deploy its products in Pennsylvania and Maryland.

Finally, the business launched its Enterprise Solution during the quarter and entered into its first contract for that product.

The Enterprise Solution complements GiG’s SaaS licensing model “by providing technological and operational autonomy to clients wishing to modify, enhance or build upon GiG’s existing application,” the business said.

The first contract signed with the new product has an average annual value materially above current averages for GiG’s SaaS contracts, it added.

Best quote

“It’s a very big and important lift. We said at the beginning that we would do it aimed towards flawless execution, not rushing it through time. And that was exhibited by our largest customer being migrated with zero downtime.”
– GiG CEO Richard Brown on the migration of clients from GiG’s legacy sportsbook platform onto its acquired Sportnco technology

Best question

Regarding the launch of GiG’s new customisable Enterprise Solution, Redeye analyst Hjalmar Ahlberg asked CEO Richard Brown how the market size for that product compares to that of GiG’s regular client base.

In response, Brown said that was something the business is currently trying to map out.

“There’s definitely a demand for this kind of solution, and this normally tends to be from larger, more sophisticated or more mature operators who have a technological ability themselves, have a really clear vision and know exactly how to execute upon that both technically and operationally. 

“So I think that the physical number of those opportunities is probably less than the software as a service structure, but the materiality of those contracts tends to be larger as well.

“We’ve seen demand [for a more customisable solution] arising, but we don’t think in the platform and sportsbook business that anybody is really addressing it properly.

“So around two years ago, we started building a technological solution that would be perfectly catered towards enabling people to really build on top.”

Current outlook and trading

Following the end of the reporting period, “April has developed positively,” GiG said, with monthly revenue up around 30% compared to the same period last year. 

CEO Brown said the business was “very pleased” with the growth rate, given that numbers from Sportnco were integrated into last April’s results following completion of the acquisition on the first day of the month.

In the Platform and Sportsbook segment, GiG said it continues to add new clients each quarter, helping to build a sustainable and recurring SaaS revenue stream.

The launch of its Enterprise Solution is expected to bolster that revenue, while the full effects of cost initiatives taken in 2022 are also expected to be seen over the next quarters, with growing contributions from the SaaS segment.

A plan to split the business off into its separate divisions is also underway, in order to “optimise growth opportunities and ensure each business can benefit from the strategic and financial flexibility of their distinctive business models.”

Planning for the split has begun and is expected to continue throughout 2023, with a focus on outlining the strategic and operational objectives which need to be achieved before executing.

Looking forward, the business aims to achieve annual organic revenue growth in the region of 20%, alongside an EBITDA margin in excess of 50% during 2024.