Affiliate Monitor Company by company Q1 results analysis

Frustratingly for those such as Affiliate Monitor hoping to hear more from GiG Media chief executive Jonas Warrer , he had to share Q1 call duties with the platform and sportsbook boss Richard Carter .

Nothing against Carter , but with large sections of the 45 minutes taken up discussing where that business heads next , it meant that listeners could only glean snippets of what the strategy for the media side will be once the two businesses formally separate in Q3 . But without saying much at all on the call , it is already abundantly clear that GiG Media will be by far the more compelling story postsplit . Of group revenues of € 36.2m , GiG Media represents € 28m or fully three-quarters of the total . More to the point , the platform side is lossmaking to the tune of € 0.9m . GiG Media ’ s EBITDA of € 13.5m also carried the overall profitability of the business .

Chart 8 : GiG Media revenue Q222-Q124 (€ m )

Chart 9 : GiG Media EBITDA Q222-Q124 (€ m )

16

14 13.5

12 11.5

10 10.3 10.4

8.9

8 8

7 6.8

6

4

2

0 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124

Source : company reports

SWINGS AND ROUNDABOUTS

The impressive rise of GiG Media has been helped in part by the successful turnaround of the AskGamblers business that it bought from Catena Media in late 2022 for € 45m and more recently from the KaFe Rocks buyout , completed late last year for € 35m . Of the latter business , Warrer told the analysts that GiG was very positive on what the business brings to GiG , even more so than when it first snapped it up .

“ I think we are now more positive with that than we were prior . It has been a very positive surprise .”

The negatives from the quarter , as with others in the sector , came from the Google update in Q1 ( this is as mentioned separate from the issues around media partnerships which haven ’ t affected GiG ). iGB Affiliate Monitor