Gaming Innovation Group (GiG) entered into a budding transformational deal last month when it agreed to acquire Sportnco for an amount of €50.8m.
Richard Brown, Chief Executive Officer at GIG pointed out that the supplier has doubled its addressable market in one fell scoop that will see the group returning to the sports betting vertical with a bang this year thanks to the acquisition of the B2B sportsbook and platform provider.
The deal that sees the supplier’s footprint expand considerably across 55 clients in 25 markets involved an initial €50.8m in cash and stock.
Sportnco has a strong presence in France and has also struck deals in Spain and Greece and established a presence in Latin America. Clients range from notable online names such as NetBet and Betway to land-based operators moving online such as Casino Atlantic City, Olimpo and Casino Gran Madrid.
In November, Richard Brown the Chief Executive Officer of GIG, commented on the importance of building for the future and the value of taking a strategic position in an early-stage market before it becomes a growth territory.
He also said that the deal has been long time coming and was flagged by Oakvale Capital – which last year alone played a key role in transactions involving Scientific Games, Superbet, Evolution and Super Group among others.
Brown went on to say that he was attracted by the product in terms of the quality, client base and number of markets, which are highly regulated, growth markets, driven by digitalization. He added that they have prioritized regulated markets, and to see them verified in a similar, but almost completely complementary number, was something that really attracted him.