Gaming Innovation Group completes acquisition of Sportnco

Gaming Innovation Group has completed the acquisition of Sportnco after receiving the necessary approvals from relevant authorities for a consideration of €51.37 million.

With the acquisition of Sportnco, Gaming Innovation Group (GiG) strengthens its position as one of the industry leading platforms and media providers with innovative and proprietary products. It will also create one of the largest and fastest growing providers in regulated iGaming with an unparalleled regulated geographical footprint as Sportnco's geographical presence is complementary to GiG's current offering. Combined, GiG and Sportnco will be licensed in 25 markets, currently with around 55 clients. Through the acquisition, GiG has increased both short- and long-term addressable markets meaningfully. Sportnco's tier 1 sportsbook product is strong, and the acquisition is expected to create attractive commercial, operational, and technological synergies, as well as enable cost savings and accelerated growth. 
The combined company will have increased profitability, value proposition with ever increasing growth prospects and further diversification of revenue and geographical reach. 

"It is with tremendous excitement that we now step forward into the next chapter in GiG's history. The team at Sportnco have built a tremendous business, one that is highly complementary to GIG's offering both in product but also addressable market increase, and now the work begins to realize the truly existing growth opportunities that the business combination can pursue, said Richard Brown, CEO of GiG. We welcome both the owners of Sportnco & SkyCity as shareholders and the staff of Sportnco into GiG organization and now move forward with full focus on the execution of the post-merger integration plan." Hervé Schlosser, CEO and founder of Sportnco, added: "Together with all the teams and shareholders who have built the success of Sportnco and Tecnalis, we are extremely proud of the journey we have accomplished since 2008, and of our integration today into the GIG group. I look forward to opening this new chapter as I am confident that, together, we will offer stronger technology solutions for our customers in the fast-growing regulated markets."

The Board of Directors will have a strong focus on overall operations, including the post-merger integration of Sportnco, and will continue to look at possible strategic options to increase shareholder value going forward.