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Gentoo Media (formerly Gaming Innovation Group Inc.) announces the completion of its legal split, spinning off the platform business and creating two independently listed companies
It’s with great pleasure Gentoo Media announces that the restructuring process of dividing Gentoo Media Inc.’s (formerly Gaming Innovation Group Inc.) media and platform division into two independently listed companies, has been finalised as of 30 September 2024.
Following a final approval of the Board of Directors of Gentoo Media, all necessary legal steps have been completed, and the assets and subsidiaries of the platform business have been extracted from Gentoo Media Inc. and distributed to the shareholders. The platform business will continue as an independent B2B company under the name GiG Software PLC, providing its proprietary platform and sportsbook technology across the global iGaming sector.
Gentoo Media continues as an independent public company and a pure media business, continuing the business’s journey as a market-leading affiliate in the iGaming industry.
In addition, Gentoo Media also announces that it has entered into a EUR 25 million Revolving Facility Agreement with Citibank Europe plc., securing financial flexibility and operational excellence in its daily operations. Gentoo Media is very pleased to have Citi as its official main bank and looks forward to working closely with them.
Mikael Harstad, Chairman of the Board in Gentoo Media, expressed his satisfaction with the completion of the split, stating: “This marks a new chapter in the ongoing evolution of our media affiliate business. Gentoo Media is now well-positioned to continue its remarkable growth journey as an independent and vertical focused company within iGaming.”
Jonas Warrer, CEO of Gentoo Media, stated: “We are thrilled by the opportunities this split presents, allowing us to strengthen our market leadership while enhancing shareholder value”.
Shareholder information
The distribution of the platform business to the shareholders is in the form of depository receipts in GiG Software PLC, i.e. Norwegian Depository Receipts (NDRs) to investors holding shares in Euronext Securities Oslo (VPS), and Swedish Depository Receipts (SDRs) to investors holding shares in Euroclear Sweden.
GiG Software PLC’s SDRs will be listed on Nasdaq First North Premier Growth Market with the first day of trading 1 October 2024. Neither the SDRs nor the NDRs will be listed on any stock exchange in Norway, however, holders of NDRs will have the possibility to convert the NDRs to SDRs by contacting their banks or brokers. In addition, GiG Software PLC aims to list the NDRs on the Euronext NOTC market.
GiG Software PLC has been funded with a starting cash balance sufficient to secure its operations and in addition, Gentoo Media Inc. has used part of the proceeds from the share issue in June 2024 to repay the EUR 5.9 million bank loans held by Sportnco prior to the spin off.
The media division will operate as an independently listed company under the name Gentoo Media Inc. and continues its dual listing on the Oslo Stock Exchange, Norway, with the ticker symbol G2MNO, and on Nasdaq Stockholm, Sweden, with the ticker symbol G2M.
The post Gentoo Media (formerly Gaming Innovation Group Inc.) announces the completion of its legal split, spinning off the platform business and creating two independently listed companies appeared first on European Gaming Industry News.
Eloy Fernandez
Endorphina Enters into Partnership with Luckia
Endorphina has entered into a partnership with Luckia, a leading company in the gaming sector. Combining Endorphina’s passion for slots with Luckia’s innovative spirit, this partnership is set to provide incredible gaming experiences to all iGaming enthusiasts.
Endorphina’s Senior Partnership Manager, Zdenek Llosa, shared his excitement about the partnership: “We are thrilled to join forces with Luckia, a respected and influential operator in Colombia, Spain, Mexico, and Portugal. This partnership is a significant step forward in our global expansion strategy, allowing us to reach new players and markets. We are confident that Luckia’s players will appreciate the quality and diversity of our games, and we look forward to a fruitful and enduring collaboration.”
Luckia is a commercial brand of Luckia Gaming Group that combines offline and online gaming, including traditional businesses such as gaming machines in bars and restaurants and gaming arcades, new online gaming activities, and land-based sports betting. By advancing the current concept surrounding gaming, Luckia aims to provide an extensive entertainment experience, democratizing gaming and making it a social, accessible, and trust-inspiring activity.
Eloy Fernandez, Head of Product at Luckia, said: “We’re thrilled to announce our new partnership with Endorphina, with Mexico being the first market to go live with their creative slot content on Luckia’s platform! Endorphina’s distinctive games will not only enhance our offering but also provide a fresh and engaging experience for our Mexican players. Their unique approach aligns with our mission to elevate entertainment and optimize our services in key markets.”
Bradley Khoury
eCOGRA Approved to Operate in Arizona, Indiana and Panama
eCOGRA, a leading international authority in Testing, Inspection and Certification services for the iGaming industry, has secured new regulatory approvals across three key jurisdictions: Arizona, Indiana and Panama. With these developments, eCOGRA strengthens its position in the U.S. and Latin American markets, offering excellence in compliance through their Quality, Speed, and Service promise.
This strategic expansion allows eCOGRA to conduct independent compliance audits and certification services in each region, addressing the growing demand for rigorous regulatory oversight in the fast-evolving global iGaming industry.
Securing approval in Arizona, where eCOGRA has now been licensed as an Event Wagering Ancillary Supplier, enables the International Testing Laboratory (ITL) to audit event wagering licensees in line with Arizona’s expanding regulatory landscape. Indiana, which introduced online sports betting in September 2019, has authorised eCOGRA to perform regulatory compliance audits, providing licensed operators with crucial assurance in meeting the state’s high standards.
In Panama, the Board of Gaming Control officially recognised eCOGRA as an Authorised Entity for Compliance Certification, specifically for slot machines and gaming software. This endorsement reinforces eCOGRA’s role as a trusted partner for operators seeking to meet stringent regulatory requirements in Latin America’s emerging iGaming sector.
“Our recent approvals in Indiana, Arizona, and Panama underline our dedication to continually expand our offering, to support our growing portfolio of clients with their global growth plans. We are committed to ensuring that we bring the same quality, speed and service that marks us out to both our clients and regulators in these dynamic markets,” said Will Shuckburgh, Group CEO of eCOGRA.
Bradley Khoury, Chief Technology Officer at eCOGRA, said: “Securing licensure as an Event Wagering Ancillary Supplier in Arizona and an Authorised Entity in Panama underscores our dedication to supporting responsible and sustainable iGaming operations. We are committed to driving trust and accountability within the industry by providing compliance solutions that uphold the highest standards.”
Asia
Goa Introduces an Entirely Online Lottery Platform
In a move towards modernising India’s lottery sector, the state of Goa has introduced an entirely online lottery platform, sanctioned by the Directorate of Small Savings and Lotteries. This initiative, known as Great Goa Games, aims to bring transparency and convenience to an industry that has long grappled with allegations of mismanagement and fraud.
Ticket sales commenced Monday, with the inaugural draw set for Sunday. Rhiti Group, led by founder Arun Pandey, was granted the license to operate and market the platform. “Our mission is to democratize opportunities through technology,” Pandey stated, emphasizing the secure and user-friendly nature of the app-based system.
Goa government official Narayan Gad lauded the move as a step forward for the Indian lottery sector. “With our online lottery streamlining processes through technology, we are setting a new standard in the lottery industry,” Gad remarked. “The technology-based product will enhance transparency and ensure improved monitoring and regulation of operations.”
This development follows new rules governing online lotteries, introduced by the Goa directorate in February 2023. Currently, 13 states in India, including Goa, allow lottery games, though others have banned them due to concerns over gambling addiction and operational irregularities.
The post Goa Introduces an Entirely Online Lottery Platform appeared first on European Gaming Industry News.
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