Gaming Innovation Group has reiterated confidence at achieving an array of long-term objectives, with the group also elaborating on the potential of its recently acquired AskGamblers.

This €45m sale saw Catena Media offload a pair of wholly owned subsidiaries in Malta and Serbia that operate the AskGamblers brand and associated online casino entities JohnSlots and NewCasinos.

It is noted that the purchase is in line with a strategy “to create sustainable long-term growth through diversification,” with the assets hailed as possessing a strong presence in current non-core jurisdictions for GiG.

“During the fourth quarter we have further expanded our geographic and revenue diversity by signing an agreement to acquire,” noted Richard Brown, CEO at GiG.

“We see a huge amount of potential in the brand and website group, with multiple technological, product and operational synergies that we are confident will provide a strong long term growth engine and a valuable asset within our media business.”

In the aftermath of the company initiating a strategic review that could split the group’s media services and platform and sportsbook divisions, GiG has disclosed “all-time high revenues in Q4” of €26m, an increase of 44 per cent year-on-year from €18.1m.

Revenue through GiG Media also secured a best performance courtesy of a 40 per cent uptick to €17.8m (2021: €12.8m), which is “continuing the positive development seen over the past quarters,” said the group.

Paid and publishing followed this trend via a 54 per cent increase to €8.2m (2021: €5.3m), with the total number of live brands standing at 62 as of December 31, 2022, with an additional 14 in the integration pipeline.

Fourth quarter gross profit increased 42 per cent to €25.6m (2021: €18m), with adjusted EBITDA up 71 per cent to €10.8m (2021: €6.3m). Marketing expenses came in at €6m (2021: €3.3m), an increase of 80 per cent.

“Our media business continued the strong momentum, referring 115,900 new first time depositors to partners in the quarter. Above average margins for the casino side enabled our revenue share structure to deliver exceptionally well,” said Brown.

Adding: “Our platform and sportsbook business continued to secure long term revenue growth with the signing of six additional contracts during the quarter that will contribute positively towards the revenue growth and margin expansion of the business.”

For the full-year, revenue and gross profit each increased 36 per cent to €90.1m (2021: €66.3m) and €89.2m (2021: €65.5m), respectively, with AEBITDA ending 2022 at €10.8m, up 71 per cent YoY from €6.3m. Marketing expenses increased 68 per cent to €18.8m (2021: €11.2m) due to increased spend in GiG Media.

“We continue to see good demand for our products and a global regulated footprint in 30+ markets continues to position us exceptionally well to be a supplier of choice for partners,” Brown concluded.

“We enter 2023 with further belief that our strategy and long-term objectives are providing us exciting opportunities to continue to develop the business, provide earnings growth and ultimately increase shareholder value. Our employees and I are eager to push forward with conviction and ambition towards growing the business.”