Gaming Innovation Group seeking B2B sports JV to fund US expansion
Malta-based operator expects betting platform business to break-even in Q3 2020 with new investment
Gaming Innovation Group (GiG) is seeking new investment to fund the expansion of its B2B betting business in the US, CEO Richard Brown has said.
The Malta-based firm is in talks to establish a joint venture that will provide funding and “strategic and competitive advantage” in the B2B betting space, Brown said on today’s Q4 earnings call.
“GiG is one of the few B2B providers present with omni-channel online gambling services in multi-state jurisdictions in the US,” the firm’s Q419 presentation reported.
It’s online and retail betting platform is currently provided to Hard Rock in New Jersey and Iowa.
The firm’s B2B betting operations recorded revenues of $216,050 for Q419, while Group revenues slipped 26% on the previous year to $31.8m.
It expects the betting business to break-even in the third quarter of 2020.
The operator sold off its B2C business to European betting firm Betsson last week for $33.5m, in an effort to focus entirely on its B2B business.
In 2019 it was able to start monetizing its Google Ads in New Jersey, after the technology giant lifted gambling ad restrictions from the search engine.