{"id":207908,"date":"2022-04-04T09:39:12","date_gmt":"2022-04-04T16:39:12","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=207908"},"modified":"2022-04-04T12:14:51","modified_gmt":"2022-04-04T19:14:51","slug":"gaming-innovation-group-completes-acquisition-of-sports-betting-platform-provider-sportnco","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/gaming-innovation-group-completes-acquisition-of-sports-betting-platform-provider-sportnco\/","title":{"rendered":"Gaming Innovation Group Completes Acquisition of Sports Betting Platform Provider Sportnco"},"content":{"rendered":"<p>Gaming Innovation Group is solidifying its ownership of sports betting platform provider Sportnco. The two have completed the deal, as Sportnco continues to expand its online footprint.<\/p>\n<figure id=\"attachment_207907\" aria-describedby=\"caption-attachment-207907\" data-style=\"width: 1230px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-207907\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/Gaming-Innovation-Group.jpg\" alt=\"Gaming Innovation Group\" width=\"1230\" height=\"648\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/Gaming-Innovation-Group.jpg 1230w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/Gaming-Innovation-Group-858x452.jpg 858w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/Gaming-Innovation-Group-430x227.jpg 430w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/><figcaption  id=\"caption-attachment-207907\"class=\"text-description\">Outside one of Gaming Innovation Group&#8217;s offices. The iGaming B2B company finalized its acquisition of Sportnco last week, giving it additional strength in the online gaming industry. (Image: <em>EGR Global<\/em>)<\/figcaption><\/figure>\n<p>GiG has been actively pursuing different avenues of expansion over the past year. Last December, Gaming Innovation Group (GiG) announced that it would purchase online sports betting platform provider Sportnco. It expanded GiG&#8217;s ability to be a well-rounded iGaming B2B supplier.<\/p>\n<p>The acquisition is now complete, according to a recent announcement by GiG, and is already paying off.<\/p>\n<p>GiG sees significant potential in the company, agreeing to a purchase package worth \u20ac51.3 million (US$56.7 million). Of that amount, \u20ac27.8 million (US$30.53 million) is a cash payment. Additionally, GiG included company shares worth \u20ac23.5 million (US$25.8 million). However, Sportnco is still on the hook for \u20ac18.6 million (US$20.42 million) it has in outstanding loans.<\/p>\n<h2>Sportnco Stock Outlook<\/h2>\n<p>GiG didn&#8217;t go after Sportnco alone. The deal included support from SkyCity, which invested \u20ac25 million (US$27.45 million) in GiG last December. In return, SkyCity received almost 13.5 million GiG shares.<\/p>\n<div class=\"callout\">\n<p>Sportnco won&#8217;t be able to turn the new GiG shares into cash for at least six months. That&#8217;s the length of a freeze put in place against their sale. However, it&#8217;s a small risk for a potentially larger payout. If GiG and Sportnco continue to beat expectations this year and next, Sportnco shareholders could receive an additional \u20ac11.5 million (US$12.62 million) a year.<\/p>\n<\/div>\n<p>Last year, GiG continued to show significant company growth. Its full-year revenue was 28% higher than a year earlier, reaching \u20ac66.8 million (US$75.8 million).<\/p>\n<h2>New Expansion Efforts Arriving<\/h2>\n<p>As GiG conquers new targets in Europe and North America, it will benefit even more from Sportnco&#8217;s footprint. That&#8217;s already taking place through a new deal that arrived almost when the two were finalizing the contract.<\/p>\n<p><strong>Last week, Sportnco entered into a new agreement with Betway. The partnership will see the platform provider service Betway&#8217;s operations in Portugal, which it manages under the GM Gaming brand.<\/strong><\/p>\n<p>GM Gaming and Sportnco already partnered for operations in France. However, Betway went a different route when it entered Portugal. Now, it is changing course once again by bringing in Sportnco.<\/p>\n<p>Portugal&#8217;s online sports betting industry continues to impress. The year 2021 delivered year-on-year growth of over 32%, as more sports events became available. <a href=\"https:\/\/www.casino.org\/news\/portugal-implements-ban-on-publication-of-live-odds-for-sports-events\/\">New restrictions on live odds<\/a> may constrict some growth in the future, but plenty of action still draws interest.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gaming Innovation Group is solidifying its ownership of sports betting platform provider Sportnco. The two have completed the deal, as Sportnco continues to expand its online footprint. GiG has been actively pursuing different avenues of expansion over the past year. Last December, Gaming Innovation Group (GiG) announced that it would purchase online sports betting platform [&hellip;]<\/p>\n","protected":false},"author":64,"featured_media":207907,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,33810],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gaming Innovation Group Completes Acquisition of Sports Betting Platform Provider Sportnco - Casino.org<\/title>\n<meta name=\"description\" content=\"Gaming Innovation Group is solidifying its ownership of sports betting platform provider Sportnco. 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The two have completed the deal, as Sportnco continues\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/gaming-innovation-group-completes-acquisition-of-sports-betting-platform-provider-sportnco\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-04T16:39:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-04T19:14:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/Gaming-Innovation-Group.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1230\" \/>\n\t<meta property=\"og:image:height\" content=\"648\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erik Gibbs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erik Gibbs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/gaming-innovation-group-completes-acquisition-of-sports-betting-platform-provider-sportnco\/\",\"url\":\"https:\/\/www.casino.org\/news\/gaming-innovation-group-completes-acquisition-of-sports-betting-platform-provider-sportnco\/\",\"name\":\"Gaming Innovation Group Completes Acquisition of Sports Betting Platform Provider Sportnco - Casino.org\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/gaming-innovation-group-completes-acquisition-of-sports-betting-platform-provider-sportnco\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/gaming-innovation-group-completes-acquisition-of-sports-betting-platform-provider-sportnco\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/Gaming-Innovation-Group.jpg\",\"datePublished\":\"2022-04-04T16:39:12+00:00\",\"dateModified\":\"2022-04-04T19:14:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/21bf33e35290a1da9c572298dac6b7ca\"},\"description\":\"Gaming Innovation Group is solidifying its ownership of sports betting platform provider Sportnco. The two have completed the deal, as Sportnco continues\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/gaming-innovation-group-completes-acquisition-of-sports-betting-platform-provider-sportnco\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/gaming-innovation-group-completes-acquisition-of-sports-betting-platform-provider-sportnco\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/gaming-innovation-group-completes-acquisition-of-sports-betting-platform-provider-sportnco\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/Gaming-Innovation-Group.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/Gaming-Innovation-Group.jpg\",\"width\":1230,\"height\":648,\"caption\":\"Outside one of Gaming Innovation Group's offices. The iGaming B2B company finalized its acquisition of Sportnco last week, giving it additional strength in the online gaming industry. 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His scope includes Europe, Latin America, the Caribbean and Asia. Erik has covered gaming markets in Europe and Asia for the past six years. Erik joined Casino.org in November 2021. Erik has written for numerous gambling- and a handful of industry publications has quoted casino-related media outlets over the years and. He is always excited to bring a new perspective on what's happening in the gaming space. Erik enjoys following the global gaming industry, paying particular attention to innovation and regulation. Originally from the US, Erik has spent extensive time living in various countries across the globe. He enjoys anything that has to do with the outdoors and exploration, although he readily admits that he would have no trouble spending all day fishing on a boat. He currently resides in Spain. 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The iGaming B2B company finalized its acquisition of Sportnco last week, giving it additional strength in the online gaming industry. 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