GiG’s Positive Position in the iGaming Industry:
Since joining the board in April 2022, Michael Ahearne, CEO of SkyCity Entertainment Group, has closely monitored GiG’s operations and its position within the iGaming industry. Ahearne expressed satisfaction with GiG’s performance and its role in the industry.
A Focus on New Zealand and Australia:
As CEO of SkyCity, Ahearne will now concentrate on his commitments to the group in New Zealand and Australia. SkyCity is actively involved in GiG’s nomination committee and will collaborate to propose a board composition that encompasses diverse expertise, experience, and backgrounds to contribute to GiG’s continued positive development.
Continuity in the Board of Directors:
The existing board members, including Chairman Petter Nylander, Nicolas Adlercreutz, Kathryn Moore Baker, Mikael Riese Harstad, Kjetil Garstad, and Hessi Mocca, will continue to serve as GiG’s Board of Directors. Their expertise and contributions to the company are acknowledged and appreciated.
Acquisition of Casino Affiliate Websites:
In the past month, GiG has entered into an agreement to acquire prominent casino affiliate websites, including Askgamblers.com, Johnslots.com, Newcasinos.com, and several smaller domains from Catena Media. The total consideration for this acquisition amounts to €45m ($47.9m).
Deal Structure and Revenue Expectations:
The closing of the acquisition is projected to take place in the first quarter of 2023. A cash payment of €20m will be made upon closing, followed by €10m after 12 months, and the remaining €15m after 24 months. These acquired websites have generated substantial revenue, with €12.9m reported for the first nine months of 2022. GiG anticipates a robust EBITDA margin between 60-70% from these assets going forward.
GiG’s acquisition of Sportnco Gaming SAS and SkyCity Entertainment Group’s involvement as a shareholder have contributed to the positive development of the company within the iGaming industry. With the ongoing commitment of Ahearne and the existing Board of Directors, GiG is poised for continued growth. The recently announced agreement to acquire casino affiliate websites further strengthens GiG’s position in the market and is expected to drive additional revenue and profitability.