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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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Compliance Updates
KSPO K-Cycle & K-Motorboat Racing Holds Betting Integrity Sharing Agreement MOU Signing Ceremony with IBIA
Director Sung-chul Lee, the KSPO K-Cycle & K-Motorboat Racing Director, held a betting integrity monitoring agreement MOU signing ceremony with the International Betting Integrity Association (IBIA) at the seminar room of the Korean Cultural Centre UK on Tuesday, 5th August.
The MOU with IBIA represents a landmark moment for South Korean sports integrity, marking the first cooperation of its kind between IBIA and an Asian nation sports body, underscoring the significance of this new collaboration. The agreement demonstrates a commitment to aligning with global best practices in betting integrity and serves as a significant step in South Korea’s broader international engagement with the regulated sports betting sector.
In 2024, South Korea’s betting industry market recorded total sales of 25.3 trillion won (approx. €15.7 billion) and approximately 22.86 million users, establishing itself as a major foundation for public leisure and public fund creation. Among them, K-Cycle & K-Motorboat Racing recorded annual sales of 1.8859 trillion won (approx. €1.17 billion) and 12.5 million users (online/offline total), accounting for about 7.5% of the total betting industry sales in South Korea. Since the introduction of the system, K-Cycle & K-Motorboat Racing has contributed greatly to the promotion of national sports and the expansion of public finance by raising approximately 1.9464 trillion won (approx. €1.21 billion) for the National Sports Promotion Fund.
At the event, General Director Sung-chul Lee stated, “Through this agreement, KSPO K-Cycle & K-Motorboat Racing has elevated the status of K-Sports and has taken a leap forward to global standards.” He added, “I would like to express my deep gratitude to CEO Khalid Ali and the IBIA officials for their cooperation in making this agreement successful. Following this agreement, we intend to supply the KSPO K-Cycle & K-Motorboat Racing products to the international betting market, protected by this important integrity collaboration.”
IBIA is the leading global voice on integrity for the regulated betting industry, representing many of the world’s largest licensed operators. A not-for-profit organisation established in 2005, IBIA manages a global monitoring and alert network that tracks transactional activity to detect suspicious betting patterns across its members’ markets, which generate over $300bn in sports betting revenue per annum. The association works closely with major sports bodies like FIFA, UEFA, the ITIA and the IOC, as well as regulators worldwide, to support the fight against betting-related corruption. Committed to transparency, IBIA publishes regular integrity reports and requires all members to meet strict due diligence and betting integrity standards.
Khalid Ali, CEO of IBIA, commented: “This agreement marks an important step forward, not only for KSPO and the integrity of K-Cycle and K-Motorboat Racing, but for the advancement of betting integrity standards across Asia. IBIA is delighted to support KSPO in setting a benchmark for clean, transparent and accountable sports betting operations in the region. We look forward to building on this partnership and helping to portect the integrity of K-Sports’ products.”
Professor Jae-kwang Shin of Seokyeong University commented, “The agreement with IBIA is an essential gateway for entering the global betting market, and the process of meeting its standards is quite challenging. The fact that this agreement with KSPO was one of the first in Asia is a remarkable achievement for South Korea’s sports and can be seen as a great accomplishment.” He also evaluated, “In the future, the KSPO will be able to play a significant role as a leader in the betting industry in Asian countries, and this also provides KSPO with a good opportunity to engage with IBIA’s vast global network.”
Through this agreement, KSPO K-Cycle & K-Motorboat Racing has committed to working in alignment with IBIA’s monitoring and reporting framework, strengthening its ability to identify and act on suspicious activity in the betting market. The partnership serves to reinforce South Korea’s sports integrity infrastructure and ensure compliance with internationally recognised standards. With the support of IBIA’s monitoring platform and global network, KSPO aims to build confidence among stakeholders and support the integrity of the betting environment both domestically and abroad.
The completion of this MOU also involved FnS Co. Ltd. (CEO Ho-young Choi), a sports consulting firm that has maintained a strong cooperative relationship with KSPO and has been actively pursuing international opportunities over the past three years. The firm’s extensive network across the UK and Europe played a particularly effective role in facilitating this agreement.
The signing ceremony was attended by Sung-chul Lee, General Director of the KSPO K-Cycle & K-Motorboat Racing Headquarters, Myung-ho Jeon, Senior Manager of the KSPO, Ho-young Choi, CEO of FnS Co., Ltd., and Professor Jae-kwang Shin of Seokyeong University. From IBIA, CEO Khalid Ali and Jason Foley-Train, Head of International Development, were present.
The post KSPO K-Cycle & K-Motorboat Racing Holds Betting Integrity Sharing Agreement MOU Signing Ceremony with IBIA appeared first on European Gaming Industry News.
Get your mops out, this ship is one big floating mess! Only the dirtiest of sailors can sail the seven seas aboard Nolimit City’s latest release, Seamen. This rowdy slot falls in Nolimit City’s classic slot category with the likes of Brute Force: Alien Onslaught, Stockholm Syndrome and Flight Mode.
If you’re 6ft tall, love the open sea and have a taste for working with seamen, then join the White Pearl today! This ship is used to carrying some big loads.
The only thing that stays clean on deck are the reels! Featuring a 3-5-5-3 setup where winning symbols are paid out before triggering a respin. The multiplier on those winning symbols increases by 1 each respin. On each respin, one extra Fire Frame is added to another position. Each position that gets a Fire Frame has its multiplier increased by +1. Winning symbols with a Fire Frame increase by +2.
xWays®
When people say the more the merrier, no one tells you it’s messier. xWays® Symbols reveal 2-4 symbols of the same kind and increase the number of win ways. If more than one xWays® symbol lands on the reels then all xWays® symbols will reveal the same Symbol.
Molotov Fire
To heat up the reels, Molotov Fire transforms itself into a Wild Symbol and adds Fire Frames to all symbols on its column.
Bombs Away
What’s better than fire? That’s right, boys… I mean bombs! Bombs appear on the reels and explode to remove symbols based on their type. Any symbol removed by a Bomb has its position multiplier increased by +1 or +2 if there is a Fire Frame on that position. Be careful, out at sea there is more than 1 type of bomb:
- Coconut: Removes itself and increases the position multiplier by 5x, 10x, 15x, 20x or 100x, in addition to the standard multiplier increaser.
- Cross Bomb: Removes itself and all regular symbols on its reel and row
- Naval Mine: Removes itself and all low paying symbols on the reel area.
Rigged Spins
Thats weird… the deck is slippery but sticky at the same time. Landing 3 Bonus Symbols will trigger 5 Rigged Spins where position multipliers are kept during all the Free Spins.
Super Rigged Spins
Landing 4 Bonus Symbols will trigger 7 Super Rigged Spins where positions are kept during Free Spins. Additionally, to spice up the deck, more Fire Frames are awarded per spin on average.
Extra Spin
Extra Spin returns! Players might get the opportunity to purchase an additional spin when a round ends. The additional spins will keep the position multiplier, Fire Frames and Bonus Symbols of the previous spin. The cost of the spins is calculated based on position multipliers.
Nolimit Boosters
Don’t get caught with your pants down on the slipway. Prepare yourself with the following Nolimit Boosters:
- Bonus Booster – guarantees a Bonus Symbol on the top position of the second leftmost reel.
- Big Load Spins – guarantees a spin that starts off with 3x multipliers on all positions.
- Bigger Load Spins – guarantees a spin that starts off with 6x multipliers on all positions.
- Coconut Spins – guarantees a spin that starts off with Coconuts on all positions.
Do you have what it takes to join this filthy crew? Seamen has a maximum payout of 20,000x the base bet. Seamen is rated as “Highly Volatile” delivering the thrilling high-stakes gameplay that Nolimit City fans know and love.
Per Lindheimer, Head of Product at Nolimit City, said: “No comment on this one. What more is there to add besides, it’s always a good time when the boys get together. Fire Frames, Bombs and xWays® combine to make one hell of a splash.”
‘Seamen’ will be available to all Nolimit City partners on August 5th, 2025.
The post Nolimit City gets its hands dirty in its latest release, Seamen appeared first on European Gaming Industry News.
C8 Secure
Continent 8 provides pen testing to Cherokee Tribal Gaming Commission to strengthen the regulatory authority’s cybersecurity posture
Vulnerability Assessment and Penetration Testing (VAPT) service enables the independent gaming commission to test IT infrastructure for vulnerabilities
Continent 8 Technologies, the leading provider of managed hosting, connectivity, cloud and cybersecurity solutions for the tribal gaming industry, supports Cherokee Tribal Gaming Commission (TGC) with its proven Vulnerability Assessment and Penetration Testing (VAPT) services.
The Cherokee Tribal Gaming Commission is the independent tribal gaming regulatory authority established in 1993 under Chapter 16 of the Cherokee Code of the Eastern Band of Cherokee Indians (EBCI). Charged with the duty to ensure fairness and integrity of the gaming activities within its facilities, the commission enlisted Continent 8, and its cybersecurity division, C8 Secure, to conduct pen testing.
The VAPT service provides a comprehensive security assessment of an organization’s infrastructure and applications. Often mandated by regulation, it helps organizations measure the real-world effectiveness of their security controls and incident response capabilities. Additionally, the service provides actionable insights, including prioritized recommendations and industry best practices to address identified vulnerabilities and strengthen overall cybersecurity posture.
Emra Arkansas, Executive Director at Cherokee Tribal Gaming Commission said: “We are sincerely grateful to Continent 8, especially Patrick Gardner, Anthony Engel and Jerad Swimmer, for their partnership and recognition of our ongoing cybersecurity initiatives. The Cherokee Tribal Gaming Commission remains firmly committed to protecting not only our critical infrastructure but also the sovereignty that underpins our regulatory authority. In an era of growing cyber threats, safeguarding Tribal IT systems is more than a technical priority, it is a sovereign responsibility. With Continent 8’s trusted expertise, we are proud to set a higher standard for cybersecurity in Indian Country, ensuring our operations remain secure, resilient and self-determined.”
Patrick Gardner, Chief Security Officer at Continent 8 said: “In response to today’s evolving cyber threat landscape, the Cherokee Tribal Gaming Commission is working to establish a new standard in cybersecurity – and we are proud to support this important initiative. Their proactive efforts to safeguard critical infrastructure reflect a deep and ongoing investment in cybersecurity resilience.”
Jerad Swimmer, Regional Sales Director at Continent 8 added: “It was a pleasure collaborating with the Cherokee Tribal Gaming Commission in conducting a comprehensive evaluation of their IT infrastructure. Their team has shown a tremendous awareness of the escalating cybersecurity challenges within the tribal gaming sector. It is encouraging to see both enterprises and regulatory authorities actively enhancing their cybersecurity measures.”
The post Continent 8 provides pen testing to Cherokee Tribal Gaming Commission to strengthen the regulatory authority’s cybersecurity posture appeared first on Gaming and Gambling Industry in the Americas.
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