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Gaming Innovation Group acquires Sportnco
“High quality, proven B2B sportsbook – doubling short- and long-term addressable market and geographic expansion”
Gaming Innovation Group Inc. has signed a Share Purchase Agreement (“SPA”) to acquire the iGaming company Sportnco Gaming SAS (“Sportnco”). 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 geographical footprint.
Combined, GiG and Sportnco will be licensed in 25 markets, currently with around 55 clients, as Sportnco’s geographical presence is highly complementary to GiG’s current offering. 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.
Sportnco is estimating revenues for 2021 in excess of €9 million with an EBITDA around €5 million.
The initial consideration is €50.8 million, whereof €23.5 million will be paid in new shares in GiG and €27.3 million in cash. In addition, GiG will assume existing debt in Sportnco of €19.2 million and there will be an earn-out of up to €23.0 million based on the Sportnco performance in 2022 and 2023.
GiG has also entered into an agreement with SkyCity Entertainment Group Limited (“SkyCity”), whereby SkyCity will, subject to final completion of the acquisition, invest €25 million in GiG through a directed share issue at NOK 18.00 per share, that will finance the main part of the cash consideration.
Closing is expected in February 2022 and is subject to necessary approvals from relevant gaming authorities, shareholder approval to increase the authorised shares in GiG, bondholder approval on the rollover of loans in Sportnco, and final approval by GiG’s Board of Directors.
Richard Brown, CEO of GiG said: “We are tremendously excited to welcome Sportnco into Gaming Innovation Group product offering. The transaction accelerates our long-term vision to become a global leader in the provision of platform, sportsbook and media services to the iGaming industry. The hugely complimentary regulatory profile and high-quality sportsbook that Sportnco have, rapidly expands both companies short- and long-term addressable market. Herve and the team at Sportnco have built a fantastic company over the last decade, creating a great product and working in a range of competitive regulated markets and have a proven track record of success. We are very excited to combine the two companies’ offerings and accelerate our growth potential.”
Hervé Schlosser, CEO and founder of Sportnco, said “GIG and Sportnco really have the perfect match both in terms of product and geographical areas of business but also as they share the same corporate values. I am excited by the sales potential of our combined offerings. Sportnco sportsbook will add strength and attractiveness to the offer of GIG and our mutual PAM solutions will enable us to cover European and American regulated markets for all our existing and future clients.”
SkyCity’s CEO, Michael Ahearne said “we are excited that SkyCity is expanding its strategic partnership with the GiG team. GiG is an established online operator who we have come to know well since partnering in mid-2019 to launch the SkyCity Online Casino. The partnership has provided SkyCity with access to a complementary and high-growth gaming category and has enabled us to pursue an omnichannel strategy. The combined GiG/SportNCo business will be licensed or certified in over 20 jurisdictions, including growth markets such as the US, Canada and Latin America. We are delighted to support GiG in the financing of the transaction, becoming a major shareholder and helping GiG execute on its strategic vision through representation on the Board. Importantly, the equity investment builds our digital capability and strengthens our strategic alignment with GiG.”
Richard Brown adds: “we are also delighted to bring on SkyCity as a new shareholder, a company held in high-regard within the land-based segment of the industry,. Both companies’ outlook and focus around the ever-evolving digitalisation of gambling is expected to enable strategic gains, with GiG benefiting from decades of retail experience to finetune our offering and SkyCity benefiting from first-hand digital experience that GiG holds, and new opportunities brought about by the transaction with SportNCo.”
Sportnco
Sportnco is an independent sports betting and iGaming business with international presence in Europe, South America and the US through a combination of tier 1 clients and strong local players. The company has been successful in entering into new geographical markets and currently has around 40 partners working in 12 countries across Europe and Latin America and currently being launched in new regions in North America.
The company started in 2008, and is a specialist in online sports betting for regulated markets, starting in France, then Spain and expanding to other markets as their sports betting activity was getting regulated. The company has developed its own proprietary betting platform, offering a complete live and pre-match betting offer on more than 50 sports. It includes an experienced team of sports traders who perform betting quotation and counterparty risk management to deliver both attractive odds and high level of margin. Sportnco operates the leading B2B betting networks in France and Spain and is active in other European jurisdictions such as Belgium, Portugal, and Greece, as well as in South America and the US. The company has been developing a responsible gaming policy since its launch, which has led it to be present only in highly regulated markets.
Sportnco’s platform offers a player account management (PAM) system that enable its clients to launch a complete offer of online casino games, sports betting, poker and bingo, as it is connected to more than 40 game providers. This powerful technological integration tool allows operators to manage all the key aspects of their activities: players KYC, CRM and bonusing, regulatory report through its proper digital vault.
Its shareholders are made up of several French private investors, alongside the CEO and founder of the company, Hervé Schlosser, who is the main shareholder of Sportnco, and the institutional investor BNP Paribas Développement who entered in 2019. Sportnco has offices in Toulouse (France), Madrid and Barcelona (Spain), and currently employs around 130 people, led by an experienced management team made up of industry veterans.
SkyCity
SkyCity Entertainment Group Limited (“SkyCity”) is New Zealand’s largest tourism, leisure and entertainment company and is dual listed on the New Zealand and Australian stock exchanges (with a market capitalisation of around NZ$2.3 billion)
SkyCity operates integrated entertainment complexes in New Zealand (Auckland, Hamilton and Queenstown) and in Adelaide, Australia, featuring casino gaming facilities, tourist attractions, premium restaurants and bars, as well as award-winning hotels. SkyCity recently completed an A$330 million refurbishment of its Adelaide property and is currently developing an International Convention Centre and new hotel adjacent to its flagship property in Auckland (total cost around NZ$750 million).
In August 2019, SkyCity Online Casino was launched on GiG’s platform, an offshore online gaming business for New Zealanders, as a logical extension of its land-based casino operations. The platform has resonated with customers since launch with LTM revenue to 30 September 2021 of around NZ$37 million and a significant active customer base. GiG’s partnership with SkyCity has provided it with access to a complementary, high-growth gaming category and allowed it to pursue an omnichannel strategy.
The Acquisition
GiG will acquire 100% of the shares in Sportnco Gaming SAS for an initial consideration of €50.8 million, whereof €23.5 million in new shares in GiG and €27.3 million in cash. The share price will be determined by the VWAP of the GiG share 10 days prior to closing. The shares will be subject to a 6-month lock-up period. The acquisition implies an enterprise value of Sportnco of €70 million, including around €19.2 million in existing long term loans with French banks that will be rolled over.
The sellers 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.
The number of outstanding shares of GiG as of today is 96,675,626 (98,415,626 on a fully diluted basis), and the number of authorized shares is 110,000,000. By assuming today’s EUR/NOK exchange rate and a share price of NOK 18.00, GiG will issue around 14.1 million new shares to SkyCity and around 13.2 million new shares to the shareholders of Sportnco. After the issuance of the new shares, the number of outstanding shares in GiG is estimated to be around 124.0 million, whereof SkyCity will hold around 11.4% and the shareholders of Sportnco 10.7%.
Sportnco has 57 shareholders whereof the largest being its CEO and founder its CEO and founder Hervé Schlosser (15.6%), Olivier Marchal, President at Bain&Co France, (9.1%) and BNP Paribas Développment (6.5%), and these will hold approximately 1.7%, 1.0% and 0.7% respectively in GiG after closing.
GiG will call for a special meeting of shareholders to be held on or about 18 January 2022 to approve to amend the certificate of incorporation to increase the number of authorized shares from 110,000,000 to cater for the acquisition, and to approve the increase the board of directors from 6 to 7 and to nominate one representative of SkyCity to the board of directors of GiG.
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.
Bond
The acquisition requires the bond terms to allow for roll over of the current long-term loans in Sportnco. GiG also plans for a tap issue of up to SEK 100 million (€10 million) to finance part of the up-front cash consideration. GiG has engaged in discussions with its largest bondholders and received indicated support for the required amendments from investors representing approximately 59% per cent of the outstanding bond volume. The formal voting process to amend the bond terms will be announced in the beginning of January.
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Interviews
Scaling With Purpose: RedCore’s Tech Vision Explained
Reading Time: 7 minutes
At SiGMA Central Europe in Rome, European Gaming Media sat down with Yevhenii Yankovyi, Vice President of Technology and Deputy CTO at RedCore, for a deep look into what truly powers RedCore’s large-scale engineering operations.
RedCore is known for innovating at enterprise level, yet moving with the agility of a fast-growing tech company. In this conversation, Yevhenii breaks down how the organization manages that balance: how engineering teams maintain both speed and reliability, how automation empowers creativity, and why culture must remain a daily practice rather than a one-time achievement.
Can you introduce yourself and RedCore’s approach to engineering at scale?
Sure. My name is Yevhenii, I’m the Vice President of Technology at RedCore and Deputy CTO. RedCore is a large company with many products and projects, so everything we do operates at a significant scale. And when people hear “enterprise-level engineering,” the usual assumption is that scale automatically means slowness: slow decision-making, slow implementation, slow testing, slow time to market.
That’s the mindset we challenge. We don’t believe speed and stability are opposites. In our experience, at this level of complexity, the two actually reinforce each other. When you build the right processes, the right technical foundations, and the right organizational structure, speed becomes a natural result of stability – not something that contradicts it.
We plan for scaling from day one. For us, that’s a fundamental requirement. We build products with the expectation that they will grow, and growth means scale. So we design with that in mind from the very first line of architecture.
But that doesn’t mean disappearing for six or ten months to design the “perfect” system. That’s the common mistake people make when they hear “design for scale.” Our approach is different: we keep the long-term vision in mind, but we move fast, iterate, and make sure the product can evolve without slowing the team down. Stability and speed working together – that’s the engineering culture we build at RedCore.
How does RedCore balance speed and stability in daily engineering?
I will explain this with a simple metaphor: think about a car. Everyone talks about acceleration and top speed, but none of that matters if you can’t take a corner. Speed alone is not the winning formula – you also need control.
That’s exactly how we look at engineering at RedCore. We want to accelerate, make decisions quickly, and develop fast. But we also need the ability to slow down at the right moment, change direction, and stay agile. Balancing speed with stability is the only way to move at scale.
There are many layers to this – it’s a topic I could talk about for days – but in a nutshell:
at a big scale, you must have strong standards, clear policies, and a high level of automation. We rely heavily on automation: infrastructure as code, CI/CD pipelines, automated testing, and all the tools that remove repetitive, routine work from engineers’ daily lives. When the routine disappears, people can focus on what humans actually do best: creativity, problem-solving, and innovation.
However, automation doesn’t build the software for you. It creates a safety net. It catches mistakes, guards quality, and supports engineers when their creativity pushes boundaries. In other words: tools give freedom, and also protect that freedom.
And of course, this includes AI and many other modern tools. We use whatever helps us keep the balance: give people space to think, create, and experiment, while ensuring the system stays stable, predictable, and high-quality.
How does RedCore’s management keep teams aligned yet fast?
First of all, we provide clear goals. As I mentioned earlier, we always design for scale from day zero – but you can only do that if you know exactly what you’re building, for whom, and why. We have a very strong business team that understands the market and what needs to be delivered. The technology team works side by side with them, reinforcing them.
Once the goals are clear, we begin small. If you try to build a huge system from the beginning and get it wrong, you create a nightmare: something no one can support, change, or grow. Complexity grows exponentially, and humans don’t think exponentially; we think linearly. That’s where companies often get lost.
So we avoid that by validating early and validating often. We start with small steps, keep a close eye on every direction we take, and confirm that what we’re building is truly needed by the market. When we see that the direction is right, then we scale – and by that point, the foundation is already in place. It’s like preparing a launchpad so that when the time comes, the team can accelerate immediately.
We build block by block and work in iterations. We take a small team – one, two, maybe three people – and let them experiment for a week. We test the idea fast, get quick feedback, and bring it to the business side: “Do you like it?” If the answer is yes, then we continue, still following all the proper engineering practices before anything goes into production.
This constant loop between business and technology keeps everyone aligned. We give feedback, we receive feedback, and we move together. That’s how we stay both fast and coordinated, always ready to scale when the direction is confirmed.
How does automation empower engineers without slowing them down?
When we talk about automation, we’re really talking about optimization at scale. It doesn’t make sense to over-engineer small things, but at the scale we operate, the cost efficiency and speed gains are enormous. And people often assume that big systems and automation automatically slow everything down. For us, it’s the opposite.
The tools we introduce are not meant to tie engineers’ hands with bureaucracy. We don’t force strict guidelines or heavy processes that kill creativity. Our tools exist to help: to prevent mistakes, to collect feedback quickly, and to give teams the shortest possible path from idea to validation.
Here’s a simple example: we start experimenting with a small feature. We build a tiny prototype to see if the idea works. If it’s promising, the next step is testing, pipelines, deployment – all the things that normally take time. In many companies, engineers would try to do all of this manually because “building the tools will take too long.” But with us, the tools are already there. The infrastructure, the CI/CD, the automation – everything is ready to use. Our engineers are essentially customers of this internal platform that supports fast, safe delivery.
We have many different teams that have different great ideas. If one team tries something new and it works better, great – we learn from it. If another team has a different approach because of product specifics or release schedules, that’s fine too. We give freedom to the teams to work, share their experiences, and then scale.
Of course, there are non-negotiables. When it comes to security and data privacy there is zero tolerance. These are areas where strict rules are absolutely necessary. I always tell the security people: everyone should be a little afraid of you, because these things must be perfect. But outside those critical areas, we don’t impose rules that slow teams down. We experiment, gather feedback, adjust, and keep improving.
We’re constantly researching, experimenting, and customizing our automation depending on the product and the market. But when it comes to system design, we don’t reinvent the wheel. We choose globally recognized tools and industry-validated technologies. So yes, we empower engineers with automation and the right tools, built on a solid, modern foundation.
How does culture work for you – is it an achievement, or part of your routine?
Culture is a critical element in balancing speed and stability. Tools and processes matter, but culture is what truly empowers a team and keeps everything together at scale.
For us, culture starts with giving people freedom: the freedom to experiment, the freedom to make mistakes, and the freedom to challenge ideas. We don’t want engineers to be afraid of trying something new. We build a culture where mistakes are acceptable and manageable. If we try something and it doesn’t work, great – now we know better. We learn, adjust, and move on.
We encourage ideas from every level. Some of our most interesting insights come from developers who notice something while working on a small task. They can come directly to me or to the CTO and say, “I see a problem here.” It’s completely okay. A small detail in one corner of the system can become a huge issue at scale, so we listen. That’s how we avoid blind spots.
We also give teams autonomy. Small teams can make their own decisions and experiment in their own ways. If different teams want to do things differently, that’s fine – as long as they validate everything and share their findings. We want people to help each other and to understand that even top engineers have ups and downs. Even senior management makes mistakes. I constantly ask my team: “If I make a wrong decision, tell me.” It’s not about transparency as a buzzword – it’s about behavior. People observe how you respond, and they learn from that.
The biggest mistake any leader can make is demotivating people. We work with intelligent, educated, passionate professionals. They want to contribute. You just need to give them the space to do it. That’s when you see people shine and bring forward brilliant ideas.
As for the question of whether culture is an achievement or a routine – for us, it’s definitely a routine. People often talk about “building a strong engineering culture” as if it’s a success. We treat it as a routine as a process. Culture is the daily interactions between people in an organization. Those interactions change: people come and go, someone has a bad day, someone disagrees with a decision. Culture is shaped every day by how we communicate, how we argue, how we respect each other, and how we resolve differences.
Going to a colleague in the kitchen and asking, “Hey, what do you think about this?” – that’s culture. Anyone can talk to anyone, openly. And when engineers realize they can make a real impact, that they are heard, that they can influence the product — that motivates them. That’s what keeps the culture alive.
How do you balance standards with creative freedom?
The first thing is that we don’t pressure people. We set strict standards only where they are truly critical for the business. Security, data privacy, stability at scale – those areas demand clear rules. But everywhere else, we try not to push people. And when we do introduce a standard or guideline, we listen carefully to feedback. If the team tells us we made the wrong call, that’s okay – we rethink it and look for better approaches.
The second thing is that as the projects grow, the teams scale as well. Even in the design phase, we don’t start with a huge team. I prefer a small group: one key person who leads the design initiative, plus two or three contributors who constantly review, test, question, and give feedback. If three or four people align in one direction, that’s a good signal we’re on the right track. Then we take that proposal to a larger group – people who might use it or need it.. We refine it again based on their input. The idea evolves, but we don’t need to start from the beginning.
Finally, when we have a strong direction, we present it to the entire tech team. And even then – even if top management already supports the decision – it’s completely acceptable for a mid-level developer to raise concerns. Maybe they’ve seen something before, maybe they read an article, maybe they faced a similar issue. We listen, because at scale, one overlooked detail can cost millions.
So once again, balancing standards with creative freedom is about scaling the processes step by step: we start with a small group, validate in small cycles, and then scale the decision up gradually. This approach protects creativity, ensures high quality, and keeps us aligned. And combined with our culture, it makes the process both fast and safe.
The post Scaling With Purpose: RedCore’s Tech Vision Explained appeared first on European Gaming Industry News.
Alinda van Wyk
Super Group Comments on United Kingdom Autumn Statement
Reading Time: < 1 minute
Super Group (SGHC) Limited, the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, notes the United Kingdom Autumn announcement:
In this Autumn Statement, the UK government announced increases to gambling duties: Remote Gaming Duty (iGaming) will rise by +19 percentage points (from 21% to 40%), effective April 2026 and General Betting Duty (Online Sports Betting) will rise by +10 percentage points (from 15% to 25%), effective April 2027.
Neal Menashe, Chief Executive Officer, stated: “Super Group supports the reasonable taxation of online gaming in the UK. We rely on the government to ensure that today’s very substantial increase should be paired with robust and strict enforcement against non-paying offshore operators. This is essential to protect the regulated sector’s investment in jobs, technology, and responsible gaming in the UK.”
Alinda van Wyk, Chief Financial Officer, commented: “Going forward, we estimate that these new tax increases will have an impact of approximately 6% to our 2026 Group Adjusted EBITDA. However, Super Group already has several mitigation levers in motion, which are intended to offset the tax impact. Our strategy remains unchanged: sustainable growth and disciplined capital allocation. We don’t expect today’s news to alter our long-term trajectory nor our capital return priorities.”
The post Super Group Comments on United Kingdom Autumn Statement appeared first on European Gaming Industry News.
Andy Greaves
TVC Completes AV Installation at ScotBet
Reading Time: 2 minutes
TVC Technology Solutions has completed a comprehensive AV installation for leading Scottish bookmaker ScotBet. Reinforcing how cutting-edge audiovisual technology can dramatically elevate customer engagement, brand impact and operational flexibility in betting shops, ScotBet is another in a list of betting shop makeovers for TVC, including a significant number of independent bookmakers throughout the UK.
The project saw TVC partner with ScotBet to modernise digital infrastructure across a number of stores, delivering high-quality visuals, streamlined content distribution and a unified signage platform. The aim was to create a premium experience that draws in customers, enhances dwell time, unlocks in-shop promotional opportunities and underpins ScotBets’ competitive positioning.
TVC’s campaign started with a deep dive into ScotBet’s existing estate, identifying inconsistent screen sizes, dated display technologies and poor content manageability. Working alongside ScotBet’s retail operations and brand teams, TVC created a future-proof AV design plan encompassing ultra-slim large format displays in key customer zones, dynamic digital signage driven by branded content and a centralised control system for roll-out calability.
In each store, TVC installed industry-leading large-format commercial LCD and LED displays, including high-brightness 75″ panels in customer-facing zones, complemented by multiscreen TV gantries above key counters to deliver live odds, race streams and promotional content. These displays were mounted via low-visual-impact brackets to preserve the sleek interior design while maintaining full service access. The project also included a dedicated network of digital signage screens in foyer spaces, driven by the MySign digital signage platform. This enabled ScotBet to push up-to-the-minute messages and odds, event-based campaigns and third-party partnerships with minimal delay.
What sets the TVC-ScotBet collaboration apart from a typical AV and digital signage installation is the seamless integration of content and infrastructure from a single company.
Beyond hardware, TVC delivered a tailored content-creation service, to produce a range of dynamic content. This included templated campaign animations, in-store clock-in of live odds tickers, game-day social-feed overlays and fast-paced screen-fillers that mirror the fast-moving world of wagering.
Andy Greaves, sales director at TVC, said: “Our employee-owned structure means everyone at TVC is passionately behind every project. We instantly become partners to our betting shop customers, rather than just supply vendors, and the ability to supply and install an end-to-end video, signage and content integration seamlessly makes for a smooth project from start to finish.”
TVC brings nearly three decades of experience to the AV installation in hospitality, leisure, gambling, gaming and retail spaces. The portfolio spans F1 gaming arcades, bars and pubs, hotels, care homes, boardrooms and retail spaces, with specialist knowledge in the complexities of high-traffic public environments and the regulatory demands of leisure and betting retail. From bespoke mounting solutions in confined shop-floor footprints to full networked AV infrastructures across multiple sites with cloud-integrated content, TVC tailors its system design to each customer’s requirements and backs each project with ongoing service and maintenance support.
“With surveys showing increased dwell time, engagement and sales through digital signage advertising, and with many better retailers seeing over 10% of their revenue attributed to virtual and e-sports, now is the time to maximise your AV impact and ROI,” said Greaves.
The post TVC Completes AV Installation at ScotBet appeared first on European Gaming Industry News.
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