Betsson on the Verge of Finalizing GIG B2C Assets Deal by Mid-April
Betsson group is on the verge of securing an approval from the anti-trust regulators to go on with their planned acquisition of the Gaming Innovation Group (GiG) B2C assets. The real money deal is now facing completion by the mid of April.
GIG in February settled to sell its valued B2C assets. This includes the Ritz, Guts, Kaboo along with Thrills brands to Betsson. This real money deal is likely to be worth €33.0m that is (£28.9m/$35.9m).
However, for this group to be legitimized the Betsson group and the GiG have sought for approval from the certain reputable anti-trust regulatory body so that the deal will go ahead sealed and complete rather.
Under the deal, Betsson will go on and pay €33.0m on completion and €2.0m so that they will be able to secure GiG Spanish online casino license.
However, GiG highlighted that they will go on and make use of proceeding so that they will be able to repay a SEK300m bond during the period between 2017 and 2020. This will allow GiG to strengthen it balance sheet and significantly trim down the financial leverage ratio.
The Gambling Companies Speaks Out
Addressing on the acquisition from the GiG the Betsson AB CEO Pontus Lindsay said, “We believe this deal offers a good opportunity for Betsson to consolidate, create synergies and apple our core B2C skills and marketing insights to scale these assets to their true potential”.
He went on to highlight that the agreement between the companies will surely extend Betsson growth potential. With a lot of attention being placed on online sportsbook and payment platforms.
Moreover, the CEO of GiG Richard Brown spoke on how they are excited about the business transaction that is going to take with Betsson this month.
He highlighted that it’s going to provide numerous benefits to their organisation. This means that they are going to face massive financial stability and they will be able to focus more on searching for a long-term shareholder.
This transaction serves as a strategic focusing of the company’s efforts towards the B2B segment, “I am certain that together with their speciality, focus and strong track record on driving B2C growth, it will be a fruitful partnership.
Betsson Prospects for the Future
One would wonder what does the future hold for real money casino gamblers soon after the deal has been completed. Well, the future looks vividly bright.
With the full 2019 revenue for GiG was being at €123m with an EBITDA of €141.1m, there is no doubt that the gambling industry is now heading towards the right direction. These deals are surely massive and real money gamblers are surely in for a good treat.
The sale of GiG is surely something that is going to review the prospect of gambling both online and land-based gambling. New ideas are likely to emerge and new online casino games and payment methods are also likely to be revived.
All we can simply do now is to watch how the new developments in the gambling sector will emerge and cater for real money players.