Latest News
Gaming Innovation Group initiates strategic review for the purpose of separating the group into two independent publicly listed companies
The Board of Gaming Innovation Group Inc. (“GiG”) has decided to initiate a strategic review with the intention to distribute its subsidiary Innovation Labs Ltd to GiG’s shareholders. Such distribution would result in a split of current GiG into two main business segments:
- Media Services includes all of GiG’s lead generation business generating online gambling leads through online media buys and publishing
- Platform & Sportsbook includes the technical iGaming platforms (including Sportnco), front end development and other managed services such as player safety, customer operations and CRM/marketing.
The purpose of the split is to sharpen the focus for each business segment, optimise growth opportunities and ensure each business can benefit from the strategic and financial flexibility of their distinctive business models. The split will form two industry leading businesses with the potential to grow much faster than in the current corporate structure.
The strategic review will be initiated immediately and continue throughout 2023, and will initially focus on outlining the strategic and operational objectives that need to be achieved in order to execute the split. Final execution will be subject to all necessary corporate actions, including shareholder approvals.
Richard Brown, CEO of GiG, said: “This is a very exciting time, both for the company and its employees but also for the shareholders of GiG. I strongly believe that a split has the potential to remove hurdles and unleash new possibilities for each business segment and that we can create two very successful companies.”
Petter Nylander, Chairman of the Board, said: “Each of our Platform and Media business has reached such a maturity where it makes perfect sense to evaluate a potential split. We are looking forward to initiate the review and see how we can maximise operational output and shareholder values.“
Angust Nisbet
BetMGM Offers Interstate Online Poker, Merges New Jersey and Michigan Markets
BetMGM Poker has become the third US operator to offer multi-state online poker. The company has merged its player pools in Michigan and New Jersey. Both states are a part of the Multi-State Internet Gaming Agreement (MSIGA), which allows online poker networks to share liquidity and players in participating markets. The two-state network went live Wednesday afternoon after morning maintenance.
BetMGM VP of Gaming, Angust Nisbet, said: “This is a landmark day for our poker product as we combine player pools in select markets. With the introduction of shared liquidity, we’ve listened to players’ desire for more games and larger prize pools. By showcasing our best-in-class omnichannel experience – spanning property, sports betting and online casino – we’re committed to providing an unparalleled poker experience for our players.”
Michigan is the newest operational online poker market, passing legislation in 2020 and launching in early 2021. This was more than seven years after New Jersey online poker went live in November 2013.
New Jersey joined MSIGA in 2017, two years after Nevada and Delaware entered into the agreement. Michigan joined in 2022, a relatively short timeframe compared to the states preceding it.
Michigan’s entrance has fast-tracked interstate online poker compared to the slow progress made before.
Its first multi-state venture came on Jan. 1, 2023, when PokerStars Michigan combined its New Jersey and Michigan markets. WSOP Michigan became part of a three-state agreement with New Jersey and Nevada in May 2024, and BetMGM marks the state’s third major operator joining forces across state lines.
BetMGM Poker will create a more prominent player pool for New Jersey and Michigan online poker players. By nature, this will result in larger tournament prize pools for both states. It will also add extra competition for the other two multi-state sites in the two markets.
Bruce Smith Enterprise
Petersburg, Virginia Residents Vote Yes! for Live! Casino Resort
The citizens of Petersburg have spoken, and the historic casino referendum has passed with overwhelming support of over 80% of Petersburg residents voting in favor of the $1.4 billion Live! Casino Resort project, marking the highest support for a casino referendum in Virginia history. This marks a monumental step forward for the Petersburg community, as the approval paves the way for the development of a world-class casino and entertainment destination that promises to revitalize the local economy, create jobs, and invest in much-needed community services.
Live! Casino Resort, which will be codeveloped by The Cordish Companies and Bruce Smith Enterprise, is projected to bring significant economic benefits to the region. This development will include not only gaming and entertainment options but also restaurants, hotels, and event spaces, making Petersburg a destination for tourism and entertainment in Virginia. Construction will commence after the vote is certified and all required approvals are received, with an anticipated opening date of the initial first phase casino in 2026.
“We are deeply gratified by the community’s affirmation of this project and very hopeful about the meaningful impact it will have on the city’s future. The casino will not only create good-paying jobs for our residents but will also attract visitors statewide and beyond, stimulating local businesses and in turn producing an overall ripple effect of economic growth. Now that the voters have spoken, we look forward to working with the City of Petersburg and the Virginia Lottery to secure all of the necessary permitting, licensing and regulatory approvals for this project to move forward,” said Bruce Smith, Owner of Bruce Smith Enterprise, Pro Football Hall of Fame Member, Developer and Community Leader, and codeveloper of the planned Live! Casino Resort in Petersburg.
The casino project is part of a larger revitalization plan for Petersburg, which has faced economic challenges in recent years. This initiative, alongside other investments in infrastructure and local businesses, will position the city for long-term growth and success.
“The approval of the destination resort and casino in Petersburg marks a significant milestone for our City. Voter approval follows a three-year journey on this transformative project that will bring positive change to Petersburg for generations. This destination resort, casino, retail, and residential development will be the largest economic and tourism project in Petersburg’s history. City Council and administration look forward to working with The Cordish Companies and Bruce Smith Enterprise to positively impact our community and its prosperity,” said Mayor Sam Parham, City of Petersburg, VA.
Live! Casino Resort will be a catalyst for change and significant urban development, transforming the City through the creation of a thriving entertainment and hospitality destination. The project will set a new standard for gaming, hotels, and entertainment in the Commonwealth, and serve as a new world-class attraction for Petersburg and the greater Central Virginia region. The project site, ideally situated at the intersection of Wagner Road and Interstate I-95, has easy access on and off the East Coast’s major north-south interstate.
“Today is a new day for residents of Petersburg. This community has waited a long time for an economic development project of this size and scale, which will provide a huge boost for the City and the entire region. We cannot wait to start hiring local residents and partnering with local businesses and entrepreneurs. Thank you, Petersburg, for placing your trust and confidence in our team. We look forward to delivering results for you and being a part of this great community for decades to come,” said Zed Smith, Chief Operating Officer of The Cordish Companies.
Balkan's
Endorphina Partners with Volcanobet
The leading online slot provider Endorphina has recently partnered with Volcanobet, the largest concessionaire in the field of gambling in Montenegro.
“We’re thrilled to partner with Volcanobet, bringing our top-quality slot games to Montenegro and fueling their dynamic expansion into the Serbian and Bosnian markets. This collaboration strengthens our regional footprint while offering Volcanobet’s players an exciting and diverse gaming experience with our portfolio of thrilling slots,” Lohith Chittajallu, Partnerships Manager at Endorphina, said.
“The newly formed partnership between Vezuv – Volcano (Volcano BET) and Endorphina is set to elevate the gaming experience for the users and bring a new and exciting level of entertainment,” Lena Bošković, Director of Corporate Communications at Volcanobet, said.
Volcanobet is the largest iGaming brand in Montenegro, offering an impeccable supply of online entertainment and quality services. Committed to responsibly contributing to the environment and society, Volcano builds trust and takes care of its people and capital.
The post Endorphina Partners with Volcanobet appeared first on European Gaming Industry News.
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