GiG unveils terms of Betsson deal as B2C sale completes
The €33m acquisition will see 63 GiG staff and consultants transferred across Malta to Betsson
GiG today completed the sale of its B2C assets to Betsson in a €33m deal.
The sale of customer-facing brands, including Rizk, Guts and Kaboo, will see GiG become a long-term partner of Betsson with the brands set to remain on the GiG platform for a minimum of 30 months.
For the first two years of the deal, Betsson will pay GiG a premium platform fee based on the amount of net gaming revenue generated by the B2C brands.
Betsson paid €33m to seal the acquisition, including €2m for the cash deposit to secure GiG’s Spanish casino licence.
GiG will use the proceeds of the sale to help repay its SEK300m (£24m) 2017-2020 bond due on 22 April 2020, which will strengthen the supplier’s balance sheet and reduce debt.
To aid the migration, 63 GiG staff and full-time consultants will make the switch across Malta to Betsson, while a further 54 employees will offer support services to Betsson brands for an initial period as part of a Transition Service Agreement.
GiG CEO Richard Brown
The sale of GiG’s B2C assets was concluded following a strategic review by CEO Richard Brown to reduce complexity and improve efficiency at the Malta-based supplier.
GiG previously offloaded its B2C brand Highroller to Swedish firm Ellmount Gaming Limited for €7m.