2022-05-24

GiG to acquire Sportnco

GiG to acquire Sportnco

By Simon Wright Dec 22, 2021

The Swedish B2B iGaming organization GiG, who back in February 2020 offloaded their B2C operations to the Betsson Group, so as they could concentrate on their iGaming compliance business and&nbsp also their game platform remedy, have announced these days that they plan to acquire Sportnco.

Sportnco are an independent sports betting and iGaming organization with a presence in Europe, South America and the US and are regarded as a top platform providers of turnkey betting and gaming options for operators in regulated markets.

The total worth of the acquisition is €50.eight million, whereof €23.five million will be paid in new shares in GiG and €27.three million in money. Gaming Innovation Group will also take on the debt that Sportnco has on their books, which currently amounts to €19.2m.

Moreover GiG have entered into an agreement with the SkyCity Entertainment Group, who will upon the completion of the acquisition of Sportnco invest €25m into GiG.

Speaking about the news, GiG’s Chief Executive Officer Richard Brown, stated: “We are tremendously excited to welcome Sportnco into Gaming Innovation Group solution providing. The transaction accelerates our lengthy-term vision to become a international leader in the provision of platform, sportsbook and media solutions to the iGaming industry.”

“The hugely complimentary regulatory profile and high-good quality sportsbook that Sportnco have, swiftly expands both businesses brief- and extended-term addressable market.”

“Herve and the team at Sportnco have built a wonderful business over the last decade, generating a wonderful product and operating in a variety of competitive regulated markets and have a proven track record of success.”

“We are extremely excited to combine the two companies’ offerings and accelerate our growth possible.”

Adding to Brown’s comments, Hervé Schlosser,&nbsp the CEO and founder of Sportnco, said: “GIG and Sportnco truly have the perfect match each in terms of solution and geographical regions of enterprise but also as they share the same corporate values. I am excited by the sales prospective of our combined offerings.”

“Sportnco sportsbook will add strength and attractiveness to the supply of GIG and our mutual PAM solutions will allow us to cover European and American regulated markets for all our current and future clientele.”

Whilst Michael Ahearne the CEO of the SkyCity Group, stated: “We are excited that SkyCity is expanding its strategic partnership with the GiG group. GiG is an established online operator who we have come to know properly considering that partnering in mid-2019 to launch the SkyCity On the web Casino.”

“The partnership has offered SkyCity with access to a complementary and higher-development gaming category and has enabled us to pursue an omnichannel method. The combined GiG/SportNCo organization will be licensed or certified in more than 20 jurisdictions, including development markets such as the US, Canada and Latin America.”

“We are delighted to support GiG in the financing of the transaction, becoming a key shareholder and helping GiG execute on its strategic vision by way of representation on the Board. Importantly, the equity investment builds our digital capability and strengthens our strategic alignment with GiG.”

Commenting on SkyCity’s future function as a shareholder in the organization, GiG’s Brown added: “We are also delighted to bring on SkyCity as a new shareholder, a business held in higher-regard inside the land-based segment of the sector.”

“Both companies’ outlook and focus around the ever-evolving digitalisation of gambling is anticipated to allow strategic gains, with GiG benefiting from decades of retail knowledge to fine-tune our providing and SkyCity benefiting from first-hand digital expertise that GiG holds, and new possibilities brought about by the transaction with SportNCo.”