GiG gains Sportnco and SkyCity investment
Gaming Innovation Group, international iGaming company, made a deal of €50.8 million for purchasing Sportnco, leading sports betting solution provider. What’s more, GiG strengthens its relationship with SkyCity Entertainment, gaining €25 million investment.
By acquiring Sportnco, Gaming Innovation Group aims to deepen its roots in regulated markets, currently being integrated in 25.
The head of GiG, Richard Brown mentioned:
“We are thrilled to integrate Sportnco in our platform. Due to this deal, we are eager to take the leader’s position in the international market through our sportsbook and media services. Sportnco’s huge regulatory product and qualified sportsbook are the key for our businesses’ growth”.
The deal costs €50.8 million initially from which €23.5 million should be paid in new shares and the remaining in cash. What’s more, Gaming Innovation will take over the current debt of €19.2 million in Sportnco with €23 million earn-out throughout its performance during the upcoming couple of years.
This contract is evaluated to have over €9 million income and €5 million EBITDA in current year and is to end in February of the next year according to the agreement of Gaming Innovation and Sportnco stockholders.
The founder and head of Sportnco, Hervé Schlosser, stated:
“The two brands are excellent partners as they hold the same circle of values in addition to product and geographic areas of business. The sportsbook of Sportnco is to help appeal to our current and new customers together with joint Privileged Access Management solutions”.
Apart from the mentioned deal, GiG acquired another collaboration with SkyCity, gambling and entertainment company based in New Zealand. Based on the collaboration, GiG gains €25 million.
The head of SkyCity, Michael Ahearne, noted:
“We are happy with our collaboration with GiG. We started our cooperation in 2019 when launching our live casino. Due to mentioned cooperation, we gained availability to a large variety of products.
Our link-up will result in two businesses’ expansion into US, LatAm as well as Canadian markets, and we are happy to deliver financial aid to GiG to help it complete its mission”.