Gaming Innovation Group (GiG) has confirmed that it has completed the sale of its B2C assets to Betsson Group in a €33 million deal.
The sale include the operator brands Rizk, Guts, Kaboo and Thrills and related operational entities which will continue to be operated on GiG’s platform for a minimum of 30 months. For the first 24 months, it has been confirmed that Betsson will pay a premium platform fee based on NGR generated.
Agreeing to the transaction, GiG will use the proceeds from its divestment to repay its SEK 300 million (€27m) corporate bond, strengthening the firm’s balance sheets.
As previously communicated to investors, GiG has chosen to divest its entire B2C unit, focusing future growth plans on the development of its B2B services and technologies.
The sale also means that 63 GiG employees and full-time consultants will join Betsson. GiG and Betsson also entered into a Transition Service Agreement where GiG will offer services to Betsson to support operations of the brands for an initial period. These services will be invoiced at cost and comprises an additional 54 GiG employees.
The statement read: “The sale of the B2C vertical is a result of GiG’s strategic review to reduce complexity and improve efficiency. By divesting the B2C vertical, GiG will free up resources, enabling full dedication on driving and growing its B2B business, securing stable and sustainable earnings and profit margins.
“GiG sees a large and sustainable addressable market for its Media and platform business as the regulation of the iGaming industry continues and is well positioned with the omni-channel platform offering to capitalise on the continued digital transformation of the worldwide gambling market.”