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GiG expands its offerings via the contract with Sportnco
Gaming Innovation Group (GiG), world leading igaming platform and cloud-based product provider, has signed a deal to own Sportnco, sports betting and gaming solutions provider, costing €50.8 million.
This contract was announced in December, before the festive season. Due to this new achievement, GiG will take back its position in the gaming industry in 2022. As a result, it will enlarge its footprint by 55 customers within 25 markets.
French-based Sportnco has expanded its footprint across Greece and Spain, as well as in LatAm. Its customers include both live operators like NetBet or Betway, and land-based ones like Olimpo.
Speaking about the future of GiG, the CEO of the company Richard Brown highlighted the significance of securing a strategic status within the market in the early stages of the business. He finds Sportnco a perfect partner according to its geographic location and customer base.
Richard Brown mentioned:
“The contract has come long and it stood out by Oakvale Capital. It had a significant role in M&A contracts including Superbet, Evolution and Scientific Games.”
According to Brown, Sportnco managed to foster GiG’s strategic plan and delivered a high-quality sportsbook.
Sportnco was anticipated to generate €9 million outcome throughout 2021, with €5 million EBITDA, which is a great achievement in the French market.
Richard Brown mentioned:
“We are particularly focused on retail casino conversion. It’s our main strength considering technology, platform and the provided offerings of SkyCity. Applying them permits us to comprehend the working structure of land-based institutions and design products especially for land-based customers”.
“The staff of SkyCity has supported much and with their help we succeeded in pursuing more digital advancement.”
he added.
Richard Brown and his staff together with Herve Schlosser and his staff of Sportnco are to find new ways of leveraging their expansion in current markets and moving in other locations.
The head of the company expects to complete the transaction during the Q1 of 2021. The contract is to be founded with €23.5 million in new shares of GiG, with the €27.3 million cash.
The transaction will double the company’s revenue and expand its product suite.
Brown added:
“If you consider the cost of pursuing an addressable market, it is millions. But this lets us do what we aim for without spending much money and effort”.
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