It’s a deal that will enable LuckyDays to maximise GiG’s CoreX platform and AI tools, DataX and LogicX, as it looks to boost player acquisition and retention in the Mexican market.

Richard Carter, GiG CEO, commented: “This agreement represents a combination of a high-growth market and our established, successful partnership with LuckyDays. 

“Together, we have the ideal elements to enhance our partner’s operations through cutting-edge, next-generation technology and our extensive experience in navigating evolving regulatory landscapes.”

Furthermore, analysts have predicted that Mexico could reach $3.7bn in gross gaming revenue by 2028, as reported by H2 Gambling Capital.

“GiG’s proven solutions empower us to launch and scale effectively in this new market, aligning with our vision for sustained growth and exceptional player experiences,” added a LuckyDays spokesperson. 

“We look forward to a successful expansion in Mexico and beyond, bringing our high-quality offerings to a broader audience with GiG as a trusted partner.”

The news comes builds on the continued expansion efforts of GiG have previously ventured into the Asian market through a deal with Bloomberry Resorts in the Philippines this month. 

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Central to the new deal is boosting Betsson’s ability to scale, with the operator deploying GiG’s latest tech stack, including its AI ecosystem that features machine learning tools. 

Betsson will integrate its workflow automation tools LogicX and DataX, to further scale the operator’s flagship Zecure brand and increase its capability to grow and expand by stepping on solid foundations. 

Richard Carter, CEO of GiG, commented: “We are delighted to be extending our existing partnership with Betsson, a key strategic relationship we have cultivated over a number of years.

“As a trusted partner, we have focused on providing a technology stack that delivers security, confidence, and flexibility, creating a solid foundation for success for one of our sector’s most ambitious and discerning operators.

“We look forward to driving Betsson’s success further as we navigate and expand into new and established regulated markets together.”

Under the contract’s previous terms, GiG assisted Betsson in widening its operational footprint by helping it push into nine regulated markets, including Serbia, Germany and Peru. 

Paul Murphy, Commercial Director at Betsson Group, added: “This extension to our long-established partnership is a testament to the strength of our working relationship. Our relationship so far has empowered Betsson’s Zecure brands to be able to provide the best gaming experience for our clients in the markets we serve.”

Betsson has been on a significant upward trajectory of growth securing a record period of operations in the third quarter of 2024, with casino revenue being the driving force behind the growth, elevating by over 20% year-over-year.

“Yet again new record levels in revenue and EBIT in the third quarter,” commented Pontus Lindwall, CEO of Betsson.

“The high customer activity continued during the third quarter with new record levels in customer deposits and gaming turnover. Yet again Betsson reports quarterly records in revenue and EBIT, which means the eleventh quarter in a row with sequential growth on the EBIT level.”

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The authorisation for GiG by MINCETUR covers its PAM services and builds off the supplier’s partnership with Betsson in the market for the launch of its Inkabet brand earlier this year.

Claudio Caruana, General Counsel for GiG, stated: “The addition of the Peruvian authorisation to our ever-expanding list of supported regulated markets continues to demonstrate the focus we at GiG have placed on legislation, providing the framework essential for sustainable and prosperous growth within the online igaming industry. 

“We are delighted to be fully prepared to power new and potential partners with our award-winning technology in the area.”

With the authorisation and registration in Peru, GiG will be able to offer its platform to licensed operators in the regulated market, giving them access to advanced AI tools, DataX and LogicX, in addition to benefiting from its integration with content and payment providers.

Earlier this month, Gentoo Media Inc (formerly Gaming Innovation Group Inc) finalised its restructuring process and split up its media and platform division into two independently listed companies – Gentoo Media and GiG Software PLC.

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Following final approval from its board of directors, Gentoo Media stated that “all necessary legal steps have been completed, and the assets and subsidiaries of the platform business have been extracted from Gentoo Media Inc. and distributed to the shareholders”. 

Completing the split initiated in February last year, GiG Software will continue as an independent B2B company, providing the igaming industry with its proprietary platform and sportsbook technology. The business will be listed on the Nasdaq First North Premier Growth Market.

Meanwhile, supplying marketing affiliate services to the igaming industry, Gentoo Media will be listed on the Oslo Stock Exchange in Norway with the ticker symbol G2MNO, in addition to being listed on Nasdaq Stockholm in Sweden with the ticker symbol G2M.

Jonas Warrer, CEO of Gentoo Media, noted: “We are thrilled by the opportunities this split presents, allowing us to strengthen our market leadership while enhancing shareholder value.”

Gentoo Media has also entered into a €25m Revolving Facility Agreement with Citibank Europe plc, “securing financial flexibility and operational excellence in its daily operations”.

“This marks a new chapter in the ongoing evolution of our media affiliate business,” stated Mikael Harstad, Chair of the Board at Gentoo Media.

“Gentoo Media is now well-positioned to continue its remarkable growth journey as an independent and vertical-focused company within igaming.”

The distribution of the GiG Software business to the shareholders has taken place “in the form of depository receipts in GiG Software PLC, i.e. Norwegian Depository Receipts (NDRs) to investors holding shares in Euronext Securities Oslo (VPS), and Swedish Depository Receipts (SDRs) to investors holding shares in Euroclear Sweden”.

GiG Software’s SDRs will be listed on the Nasdaq First North Premier Growth Market, but neither the SDRs nor the NDRs will be listed on any stock exchange in Norway. 

However, holders of NDRs can convert the NDRs to SDRs by contacting their banks or brokers. GiG Software aims to list the NDRs on the Euronext NOTC market.

Richard Carter, CEO of GiG, commented: “Today marks a pivotal moment for GiG as we embark on a new chapter of growth and opportunity. The strategic spinout allows us to unlock the full potential of our proprietary technology and provides GiG with the focus, agility, and innovation needed to excel in the B2B space. 

“By standing alone, we can fully commit to delivering value to our partners and investors, all while leveraging the foundations that we have already laid for sustainable long-term growth. This is the start of an exciting new era, with GiG positioned to deliver as a leader in the global B2B igaming industry.”

The platform business has received a starting cash balance sufficient to secure its operations. Meanwhile, the media business has used part of the proceeds from the share issue in June 2024 to repay €5.9m of bank loans held by Sportnco before the split.

“GiG represents a very exciting growth story: having full control over our technology stack, combined with management’s vision and the execution of our strategic initiatives, the company is well positioned for success,” said Phil Richards, CFO at GiG.

“In addition, the quality of our platform will give us a significant competitive advantage. We’re confident that as we continue to deliver on our strategy, the full value of the potential of this business will be realised.”

Petter Nylander, Chair of the Board at GiG, added: “Today is the realisation of our long-held confidence in the company’s ability to thrive independently. By focusing exclusively on our technology and full end-to-end services, we are unlocking new avenues for growth and innovation. 

“The board fully believes in the vision and the leadership team driving this business forward. We are confident that GiG is uniquely positioned to capitalise on the immense opportunities ahead, and today’s listing marks the beginning of an exciting journey that will create significant value for our investors.”

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In a statement on the Gentoo Media (formerly GiG Media) website, the company also said it has continued its dual-listing on Norway’s Oslo Stock Exchange with the ticker symbol G2MNO, as well as on Sweden’s Nasdaq Stockholm with the ticker symbol G2M.

The name change from GiG to Gentoo is part of the company’s restructuring process of dividing its media and platform division, a planned split which is expected to take place on 30 September.

GiG’s restructuring process has been in the works since a strategic review of the company was initiated back in February 2023, with the company now following up on the planned timeline of the split announced earlier in September.

From the end of the month, GiG’s platform and sportsbook division will be spun off to operate as an independently listed company under the name GiG Software PLC.

GiG Software will be listed on the Nasdaq First North Premier Growth Market, with its first day of trading expected to be 1 October.

Recently, GiG appointed Andreas Söneby to the board of directors of GiG Platform.

Söneby brings experience from the gaming and technology sectors to the role, having previously served in leadership positions for Unibet, Kindred Group and Kambi. He has also held executive positions at White Hat Gaming and Instabox and is currently a Venture Partner at Industrifonden, a venture capital firm in Sweden.

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The igaming technology company said that on 23 September, a special shareholders meeting will be held to put forward a proposal to complete the restructuring, which has been in the works since a strategic review was initiated in February 2023. 

In turn, this split of GiG will create two separate entities, Gentoo Media (formerly known as GiG Media) and GiG Platform, the latter of which will be spun off to operate as an independent public company.

Subject to the proposal being approved, GiG has stated that the spinoff “will be completed in the form of a distribution in kind in Euronext Securities Oslo of one Norwegian Depositary Receipt (NDR) per share held in GiG” with the ISIN number for the NDRs being 0013326033. 

The company added that each NDR will represent the beneficial interest in one share in the Maltese company which will operate GiG Platform, GiG Software PLC.

Outlining its restructuring timeline, GiG said that the last day of trading in the GiG share inclusive of the right to receive NDRs will be 23 September 2024, with the date of resolution taking place on the same day.

The ex-date and record date will then be the following two days on the 24 September and 25 September respectively, followed by the distribution date, which will be on or about 30 September.

In addition, GiG provided information for investors holding shares in Euroclear Sweden trading on NASDAQ Stockholm. The company stated that they will receive “one Swedish Depository Receipt (SDR) per share held in GiG” and that the ISIN number for the SDRs is SE 0022760229.

The company claimed that according to third-party analysis, “GiG Platform may be valued at 14% of the total value of GiG before the Spinoff” on average.

However, GiG noted that the analysis was “prepared for general distribution and not intended to be advisory and that they may not be indicative of the market capitalisation of GiG Platform once trading in the GiG Platform depository receipts commences at the NASDAQ First North Premier Growth Market in Stockholm”.

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Replacing Tomasz Juroszek who is leaving the GiG Platform board, Söneby brings experience from gaming and technology sectors to the role, having previously served in leadership positions for Unibet, Kindred Group and Kambi.

At Kambi, he was Chief Information Officer, overseeing a team of over 300 professionals and driving the company’s technology strategy, while as CTO and IT Director at Unibet Group, he managed operations and played “a crucial role in establishing Kambi as an independent entity within the Unibet Group”.

Söneby has also held executive positions at White Hat Gaming and Instabox and is currently a Venture Partner at Industrifonden, a venture capital firm in Sweden.

Petter Nylander, Chair of GiG Software, commented: “We are delighted to welcome Andreas to our GiG Platform board. His deep industry knowledge and leadership experience will be instrumental as we continue to strengthen our position as a leading player in the gaming industry. 

“We are confident that Andreas’s insights and expertise will bring significant value to our board and to the company as a whole.”

Alongside Söneby, the GiG Platform also includes Nylander, Hessi Mocca, Mikael Riese Harstad and Nicolas Adlercreutz.

Temporarily, the GiG Platform board is a committee of GiG board of directors who are dedicated to the Platform & Sportsbook vertical until its spin-off. 

Last week, within GiG’s Q2 2024 results, Harstad announced that the company’s strategic split into two separate listed entities – Gentoo Media (formerly GiG Media) and GiG Platform – would be completed by the end of September.

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Addressing investors, Group CEO Richard Carter emphasised that the firm has had major success within its strategic enablers. 

In a 14th consecutive year of record revenue, Q2 revealed that Gentoo Media generated €30m of revenue, up 39% from 2023 comparatives of €22m.

Carter also detailed that he believes operation execution will continue to gain traction and recurring revenue growth will continue to elevate amidst a sea of successful enablers for the company. 

One of these is the SweepX social casino platform, which according to Carter has had a major impact on the firm’s total addressable market and will begin to gain revenue in the second half of the year. 

Success of the firm and the growth of the group was significantly enriched by their M&A strategy as completed AskGamblers and KaFe Rocks deals provided an uplift for the group. 

This trend is set to continue for the group as it benefits from Titan SEO and the heritage online gambling player community CasinoMeister in the second half of the year. 

The group updated investors that it is taking a meticulous approach when it comes to domains and new acquisitions, as it ensures it enters new markets in the most effective possible way. 

The group’s dependency on ‘exotic markets’ continues to decline as well, as it bolsters growth in North America and Europe. In terms of the CasinoMeister brand, the group emphasised that the opportunity was simply too good to pass up. 

There is a real belief that within the next few years, the casinomeister brand will become one of the group’s flagship brands. 

GiG Chairman Mikael Riese Harstad, also provided an outlook on the state of the sweepstake market as he revealed that having signed up one of the largest land based casino operators to its SweepX platform, the group also revealed that there is a significant appetite from remote operators to be involved in the digital sweepstake space. 

Harstad emphasised that the company hopes to take advantage of the ‘big opportunity’ within the sweepstake market, as it isn’t an opportunity exclusive to the US, believing that sweepstake opportunities will open up in other regions. 

Harstad continued on the group’s performance: “It is with this confidence that I am happy to announce the finalisation of our strategic split into two separate listed entities: Gentoo Media (formerly GiG Media) and GiG Platform. This split is now set to be completed by the end of September 2024.”

“I am fully confident that both companies will flourish as independent entities, each continuing to lead and innovate within their respective areas of focus.”

Overall GiG’s divested Platform & Sportsbook business registered a 21% decline in revenues to €7.3m (Q2 2023: €9m).

Revenue declines were anticipated as the divested Platform & Sportsbook business has changed its auditing structure under IFRS rules.

Harstad concluded: “The second quarter of 2024 has truly been one of significant achievement and strategic progress. As we move forward with the final steps of our strategic split, Petter Nylander, Chairman of Platform & Sportsbook, and I are confident that both Gentoo Media and Platform & Sportsbook will continue to grow, innovate, and deliver value to our shareholders like never before.”

“Despite the many changes in external market conditions and internal organisation, GiG has always remained steadfast in its commitment to its core values.

“At the heart of our company lies a deep passion for igaming—we live and breathe the excitement, strategy, and dynamics of this ever-evolving industry. While others may chase trends, we have always trusted that our deep expertise, state-of-the-art technical infrastructure and data-driven approach will yield long-term success.”

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Through the agreement extension, the gambling operator will continue to use the market affiliate’s GiG Comply tool for the sixth year in a row, “reinforcing its commitment to robust regulatory compliance and integrity”.

“We are delighted to continue our partnership with bet365,” commented Rasmus Bank Nielsen, Head of GiG Comply.

“This extension demonstrates the effectiveness of GiG Comply as a compliance- and brand protection tool, once and again used by one of the largest and most respected operators in the industry. We look forward to continuously supporting bet365 in maintaining their high standard of regulatory compliance.”

Using advanced monitoring capabilities, GiG Comply will provide bet365 with the necessary tools to make sure that its operations and marketing remain compliant with regulatory requirements in different regions across the globe.

A spokesperson for bet365 added: “We look forward to entering our sixth successive year of partnership with GiG Comply.

“Their automated solution is a valuable tool in helping to maintain marketing compliance of the award-winning bet365 Partners programme globally. The versatility of the tool means that we can effectively adapt to the ever-changing regulatory landscape.”

Earlier this month, Gentoo Media secured a similar partnership for its GiG Comply tool with SkyCity Entertainment Group.

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Through the agreement, GiG Comply will assist SkyCity in monitoring affiliate marketing, making sure that it is abiding by brand guidelines and regulatory requirements, with an emphasis on responsible gambling and safeguarding the brand.

Mads Birch Jespersen, Director of Marketing & Media from SkyCity, stated: “In a rapidly evolving online casino landscape like New Zealand and given the comprehensive compliance standards that SkyCity is determined to uphold, GiG Comply offers an additional filter for us to meet these standards.

“The tool allows us to explore and expand our online presence while keeping everything in line within our regulatory strategy.”

Gentoo Media noted that the link-up demonstrates the two parties’ dedication to high compliance and brand protection standards, with SkyCity able to meet ever-changing igaming regulatory requirements.

“We are thrilled to add SkyCity to our growing list of partners for GiG Comply, and we look forward to assisting them with their compliance strategy, safeguarding their brand,” added Rasmus Bank Nielsen, Head of GiG Comply.

“We hope our new partnership with SkyCity is the start of a long-standing collaboration to strengthen their affiliate marketing compliance, ensuring that they will remain in control of all of their marketing, and are in line with responsible gaming.”

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