GiG Media, the affiliate arm of the GiG group, achieved revenue of €28m (£24.1m/$30.1m) in Q1 2024 marking a 52% increase year-on-year ahead of the business split expected in Q3.
GiG reported that its media division’s results are the thirteenth consecutive quarter of record-breaking revenue. The affiliate arm’s EBITDA for the period stood at €13.5m, which was a 69% uptake from 2023.
While paid media revenue increased 16.8% year-on-year as the business secured nine licences for sports betting advertising on Meta ahead of the Euros this summer. GiG Media also launched a multi-geo product for social media and SEM channels during Q1.
First-time depositors (FTD) totalled 125,100 for the opening three months of the year, a 13% increase from 2023’s 110,500. In particular, FTDs from AskGamblers were up 51% year-on-year. However, FTDs were down from the last quarter by 9.15%.
Growth outside top five
The affiliate also confirmed that revenue outside its top five brands grew by 21% quarter-on-quarter as 66% of all revenue now is generated by GiG Media’s wider portfolio.
The publishing business witnessed an 8% revenue growth excluding AskGamblers and KaFe Rocks in the period where GiG Media had a strong focus on solidifying its presence in key markets where it anticipates higher player values. For the rest of 2024, it notes that more attention will be given to markets with higher player values.
AskGamblers in Q1 achieved its highest-ever organic traffic, registrations, player intake, revenue and EBITDA according to GiG Media. It highlights technical and SEO content improvements as key drivers for its traffic and player results.
Onboarding assets
The affiliate also mentioned the progressing onboarding of KaFe Rocks, which it completed the €35m sale of in December. GiG Media explored material synergies that it hopes to capitalise on throughout the rest of the year. The time2play.com asset has also seen notable growth in the North American market too according to the company.
The division’s in-house compliance tool, GiG Comply, extended contracts with two clients, including a tier-one operator. The tool’s application suite also brought in X checks enabling operators to conduct scans of the social media channel.
“Since 2019, our GiG Media business has been on an upward trajectory, marked by robust cash flow and increased earnings diversity,” said Peter Nylander, chairman of GiG’s board.
“The acquisition of AskGamblers in February 2023 has proven fruitful, driving solid revenue growth and FTDs. Moreover, the successful integration of KaFe Rocks in December 2023 has further diversified our business portfolio, contributing positively to our EBITDA margin.”
The big split
Nylander also confirmed the plans for the business split that will see GiG Media and GiG Platform & Sportsbook become two separate entities.
“Planning is underway for the split, with a final execution expected in the third quarter of 2024, subject to necessary corporate actions, legal and shareholder approvals.”
Back in April, the company confirmed its intentions for the board with the split with Nylander continuing in his role for the platform and sportsbook entity.
Revenue on the platform and sportsbook side was down 17% year-on-year to €8.3m, while adjusted EBITDA came in as a loss of €0.9m.