Latest News
Gaming Innovation Group completes acquisition of Sportnco
Gaming Innovation Group Inc. signed a Share Purchase Agreement (“SPA”) to acquire the iGaming company Sportnco Gaming SAS on 22 December 2021. GiG has received the necessary approvals from relevant authorities, and GiG’s Board of Directors has resolved to complete the acquisition, hereunder to issue new shares to the shareholders of Sportnco and to SkyCity Entertainment Group Limited (“SkyCity”).
GiG acquires 100% of the shares in Sportnco Gaming SAS for a consideration of €51.37 million, whereof €27.87 million has been paid in cash and €23.50 million in 12,623,400 new shares in GiG at a share price of NOK 18.08, equal to the VWAP of the GiG share for the past ten days of trading. In addition, Sportnco will retain €18.63 million of its existing long-term loans.
GiG also entered into an agreement with SkyCity in December 2021, whereby SkyCity invests €25 million in GiG through a directed share issue at NOK 18.00 per share, equal to 13,487,500 new GiG shares, financing the main part of the cash consideration to the shareholders of Sportnco.
GiG issues 26,110,900 new shares to the shareholders of Sportnco and SkyCity, increasing the number of outstanding shares from 96,675,626 to 122,786,526. The shares issued to the shareholders of Sportnco are subject to a 6-month lock-up period.
Sportnco has 84 shareholders whereof the largest being its CEO and founder Hervé Schlosser (15.6%), Olivier Marchal, President at Bain&Co France (9.1%) and BNP Paribas Développment (6.6%), and these will hold 1.60%, 0.93% and 0.67% respectively in GiG. SkyCity will hold 10.98% in GiG.
In addition, the shareholders of Sportnco are entitled to a two year earn-out based on the performance in 2022 and 2023 with up to €11.5 million per year. The earn-out will be paid 50% in cash and 50% in new shares in GiG, where the number of shares to be issued shall be based on a 10-day VWAP of the GiG share at the time of payment, expected in April 2023 and April 2024. Further, to keep key employees in Sportnco, a 3-year option program will be entered into, whereby the option holders, pending continued employment, will receive shares in GiG at future VWAP valuation up to a total aggregate value of €4 million.
The combined company
Sportnco is one of the leading platform providers of turnkey betting and gaming solutions for operators in regulated markets through its inhouse developed sportsbook and PAM. The combined company will enhance and strengthen GiG’s position as one of the industry leading platforms and media providers with innovative and proprietary products and creating one of the largest and fastest growing providers in regulated iGaming with an unparalleled regulated geographical footprint.
Sportnco has international presence and operates as a leading B2B supplier in France and Spain and is active in other European jurisdictions such as Belgium, Portugal, and Greece, as well as in several high growth Latin American markets and is well positioned to enter the US sportsbook lead states. Sportnco’s geographical presence is highly complementary to GiG’s current offering and 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.
Outlook
With the acquisition of Sportnco, GiG strengthens its position in the platform and sports segments of the iGaming industry and will have multiple possibilities going forward by increasing its product portfolio driving toward a profitable and cash generating business segment. GiG’s Media Services has seen a strong performance over the last two years, delivering high growth levels, increasing diversity of earnings and healthy cash-flow. For the full year 2022, the combined operations should generate revenues of €87-93 million with an EBITDA of €30-35 million. 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.
Richard Brown, CEO of GiG said: “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 realise the truly existing growth opportunities that the business combination can pursue. We welcome both the owners of Sportnco & SkyCity as shareholders and the staff of Sportnco into GiG organisation and now move forward with full focus on the execution of the post-merger integration plan.”
Hervé Schlosser, CEO and founder of Sportnco, said “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.”
Latest News
INSPIRED LAUNCHES SOLID GOLD™: THE LATEST GEM IN THE FORTUNE COMMUNITY™ LINEUP!
Inspired Entertainment, Inc., a leading B2B provider of gaming content, systems, and solutions, is delighted to launch Solid Gold™ to the Cat C market, the latest addition to our Fortune Community™ slot lineup. Fortune Community offers a multiplayer gaming experience tailored for the Category C and bingo markets. Fortune Community games can activate a community bonus during play, ensuring all eligible players can share in the rewards.
Prepare to embark on a nostalgic journey with Solid Gold™, a classic retro slot that seamlessly blends vintage charm with exhilarating thrills.
In Solid Gold, a Gold Bar character hovering above the reels brings players closer to victory. When these characters grace each of the three reels, they unlock one of three bonuses. During the Wild Pick bonus, players take charge and choose one of three reels to turn Wild – or two if they’re lucky. Once a reel is selected, a stack of Wilds fills the entire reel, whilst the Wild symbol substitutes for all other symbols to enhance or create wins.
Players fortunate enough to trigger the Wild Pick bonus will have the opportunity to win a bonus spin. During this feature, the Wild reels will lock in position while the remaining reels spin again, providing players with an additional opportunity to win.
The Solid Gold community bonus steals the spotlight, played on alternative reels and offering 6 enticing prizes up for grabs. The reels will continue to spin until either a £100 jackpot prize is awarded, or a losing combination appears. Solid Gold not only offers players the opportunity to relive the golden era of slots but also engages them in a community bonus.
Richard Terry, UK Market Product Director, said: ” Solid Gold is the latest in a series of fantastic Fortune Community Cat C titles from Inspired, and once again sees the return of a much-loved classic game brand from yesteryear, likely to engage both new players with its absorbing presentation and experienced players with fond memories of the original product”
The post INSPIRED LAUNCHES SOLID GOLD™: THE LATEST GEM IN THE FORTUNE COMMUNITY™ LINEUP! appeared first on European Gaming Industry News.
eSports
ESIC Announces Establishment of Global Esports Industry Advisory Board
The Esports Integrity Commission (ESIC) is pleased to announce the establishment of its Global Esports Industry Advisory Board, designed to enhance integrity and ethical practices across the esports landscape. The Advisory Board will serve a pivotal role by providing expert advice to ESIC’s Chief Executive Officer on a range of critical industry issues.
The primary function of the Advisory Board is to create a robust framework for integrity and fairness, setting a global benchmark for ethical conduct and fair competition in esports. The board will offer strategic insights, help shape policies governing fair play, liaise with key industry stakeholders, and act as ambassadors advocating for ethical practices.
ESIC has appointed two highly esteemed members to inaugurate this board:
- David Neichel, Senior Vice President of Public & International Affairs at ESL FACEIT Group (EFG), joins the Advisory Board with over fifteen years of experience in the video games industry, including significant roles at Activision-Blizzard and Electronic Arts. David’s profound impact on international and public affairs initiatives makes him an invaluable addition to the board.
- Robbie Douek, CEO of BLAST, also joins the Advisory Board, bringing a wealth of experience from his roles at Google and Disney, along with his leadership through major acquisitions. Robbie is celebrated for his strategic leadership and his instrumental role in elevating esports to a significant global entertainment platform.
The formation of the Advisory Board is an engagement that underscores the commitment of its members to upholding and promoting the highest standards of integrity within the esports industry. The board will meet as required to address strategic challenges and ensure that ESIC’s initiatives effectively meet current and future industry needs.
“Both David and Robbie bring a remarkable depth of knowledge and a passion for advancing the integrity of esports,” said Stephen Hanna, CEO of ESIC. “Their expertise will be crucial as we navigate the evolving landscape of esports and strive to maintain the integrity that our community expects and deserves.”
Robbie Douek, CEO at BLAST, said: “I’m honoured to be given the opportunity to support the Global Esports Industry Advisory Board and ESIC in their ambition to create the best and fairest environment possible for players, teams and fans.”
David Neichel, Senior Vice President of Public & International Affairs at ESL FACEIT Group (EFG) also commented: “It is a true honour to join the Global Esports Industry Advisory Board and support ESIC’s successful journey. Fairplay and integrity are at the core of esports. We owe it to the players and to the fans and for a better endemic industry governance”
The post ESIC Announces Establishment of Global Esports Industry Advisory Board appeared first on European Gaming Industry News.
Latest News
World Pool returns to UK and Ireland with launch of £50,000 jockeys’ charity prize
World Pool, the largest globally commingled horse racing pools created and powered by the Hong Kong Jockey Club, will make its UK seasonal bow at Newmarket Racecourse on Saturday 4 May, where a brand new £50,000 initiative is being launched for jockeys.
For the first time the opening two Classics of the UK Flat season will both be World Pool events, with the QIPCO 1000 Guineas on Sunday 5 May becoming a new World Pool race this year and joining the 2000 Guineas run the day before.
Guineas weekend will also see the start of a new World Pool initiative, the World Pool UK & Ireland Jockeys’ Championship, where jockeys will compete to accumulate points across World Pool fixtures in the UK & Ireland.
For the winning jockey of every World Pool race in the UK and Ireland, points will be awarded based on the World Pool win dividend. The concept of this point system offers a level playing field for all jockeys, from leaders to rising stars, and their chances of winning are dictated by the public as reflected by their World Pool odds.
Beginning with the QIPCO 2000 Guineas, the competition will conclude on QIPCO British Champions Day at Ascot on 19 October, with the winner receiving £50,000 to be donated to a charity of their choice.
A further new addition to the World Pool calendar this year will be the Tattersalls Irish 1000 Guineas on Sunday 26 May. The Tattersalls Gold Cup, run on the same day, will also be a World Pool race for the first time, with prize money increased from €450,000 in 2023 to €500,000 this year.
Following the successful introduction of World Pool Moment of the Year in 2022 in Great Britain and Ireland, this will continue in 2024 covering all full World Pool meetings and will reward stable staff with cash prizes, as well as a VIP trip to Hong Kong for four people in 2025 to the overall winner.
One World Pool Moment of the Day will be selected at each full World Pool meeting with the winning groom receiving HK$40,000 (or equivalent – £4,000 in the UK and €4,000 in Ireland).
Michael Fitzsimons, Executive Director, Wagering Products of the Hong Kong Jockey Club, said: “It’s fantastic to be returning to the UK and Ireland with an extended World Pool fixture list this year now featuring the English and Irish 1000 Guineas, and we look forward to making these historic fillies’ Classics available to customers from around the world.
“In addition to the popular World Moment of the Day initiative, we’re excited to announce the new World Pool UK & Ireland Jockeys’ Championship, which will provide a different dimension and further competition to World Pool racedays right up until QIPCO British Champions Day in October.
“It’s a unique competition, with a jockey’s points being determined by World Pool win dividends, and a great initiative as there’s £50,000 up for grabs for the leading rider to donate to a charity of their choice. We are committed to giving money back to racing and good causes, and this seemed the perfect way to do that.”
Alex Frost, Chief Executive of the UK Tote Group, said: “It’s always an exciting time of year as the Flat season gets underway and we’re delighted that both the UK’s first Classics are World Pool events. City Of Troy has the potential to be a global superstar and we look forward to his seasonal reappearance being watched and bet on by 28 countries who play into the UK’s first World Pool event of 2024.
“Racing fans in the UK and Ireland will be able to access the huge global pools at tote.co.uk, on the Tote App and at racecourses which means excellent value is on offer, while the sport benefits from this increasingly important revenue stream.”
Martin Stevenson, Chief Executive Officer of Racecourse Media Group (RMG), which represents the media interests of The Jockey Club, Goodwood, and York Racecourses, said: “RMG looks forward to another exciting World Pool season in UK and Ireland, and will continue to work closely with the Hong Kong Jockey Club, UK Tote and our racecourses to grow both the sport’s revenues and global appeal.”
Amy Starkey, Managing Director, Jockey Club Racecourses, said: “We’re delighted to be partnering with the Hong Kong Jockey Club, and thank them for their support as we deliver three exciting World Pool days across the QIPCO Guineas Festival and the Betfred Derby Festival.
“For the first time in the UK, we have worked alongside World Pool to host a nine-race card on QIPCO 2000 Guineas Day. This will include the first Classic of the season, whilst we are also delighted to feature the following day’s three-year-old Classic Fillies’ race, the QIPCO 1000 Guineas, as a World Pool race for the first time.
“World Pool enables strong reinvestment back into British racing and working alongside them to secure these additional races is an important step as we continue to strengthen links with Hong Kong, engage more fans with British racing and strive to grow our sport.”
Brian Kavanagh, Chief Executive of the Curragh Racecourse, said: “We are delighted to extend our relationship with World Pool in 2024 with the Tattersalls Irish 1000 Guineas and the Tattersalls Gold Cup on 26 May and the Dubai Duty Free Irish Derby meeting on 30 June included in the programme.
“We had a very positive first experience with World Pool last year and look forward to building on it this year, bringing our racing to a wider audience. Irish horses have enjoyed great success internationally in recent years and we are delighted to be showcasing our best races through World Pool.
“Inclusion in World Pool has enabled us to increase prizemoney at the Curragh in 2024 and we look forward to developing this relationship further in the future.”
Upcoming UK and Irish World Pool events in first half of 2024:
May
Saturday 4: 2000 Guineas Day – Newmarket Racecourse (F)
Sunday 5: 1000 Guineas Day – Newmarket Racecourse (S)
Saturday 18: Lockinge Stakes Day – Newbury Racecourse (P)
Sunday 26: Irish 1000 Guineas Day – Curragh Racecourse (P)
June
Saturday 1: Derby Stakes Day – Epsom Racecourse (F)
Tuesday 18: Queen Anne Stakes Day – Ascot Racecourse (F)
Wednesday 19: Prince of Wales’s Stakes Day – Ascot Racecourse (F)
Thursday 20: Gold Cup Day – Ascot Racecourse (F)
Friday 21: Commonwealth Cup Day – Ascot Racecourse (F)
Saturday 22: Queen Elizabeth II Jubilee Stakes Day – Ascot Racecourse (F)
Sunday 30: Irish Derby Day – Curragh Racecourse (F)
*F: Full meeting – World Pool coverage on all races in the relevant meeting
P: Part meeting – World Pool coverage only on selected races in the relevant meeting
S: Single race – World Pool coverage only on this race in the relevant meeting
The post World Pool returns to UK and Ireland with launch of £50,000 jockeys’ charity prize appeared first on European Gaming Industry News.
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