The Juroszek family has significantly increased its stake in Gaming Innovation Group (GiG), now holding 25% of the company, as New Zealand-based SkyCity Entertainment Group exits its position. The investment by the Juroszek family underscores their belief in the potential of GiG and the igaming industry at large. The shares are distributed among various entities affiliated with the Juroszek brothers, Mateusz and Tomasz.
Mateusz Juroszek, who serves on the boards of GiG Media and Entain, and Tomasz Juroszek, a board member of GiG’s upcoming sportsbook and platform division, have split the shares among different family-associated vehicles. The MJ Foundation Fundacja Rodzinna acquired 6,069,375 shares for SEK27 (£2.03/$2.58) each, amounting to a total expenditure of SEK163.9 million. This acquisition brought MJ Foundation’s stake in GiG to 8.2%.
Betplay Capital Foundation, another investment vehicle tied to the Juroszek family, also increased its holdings with an additional 1,348,750 shares. ZJ Foundation, the family foundation of Zbigniew Juroszek, added another 6,069,375 shares to its portfolio.
Betplay Capital Foundation holds a diversified portfolio within the igaming sector, including stakes in Flutter Entertainment, Evolution, Better Collective, Raketech, and Gambling.com Group. These interests signal the Juroszek family’s deepening involvement in various facets of the online gaming industry.
Meanwhile, SkyCity Entertainment Group has entered an agreement to sell its entire 10.5% stake in GiG, valued at approximately NZ$55 million ($33.7 million), stating that GiG was no longer strategically essential to their business framework. SkyCity had initially acquired its stake in GiG in April 2022 for around NZ$40 million ($24.5 million). The sale is seen as part of SkyCity’s ongoing strategy to manage its capital prudently and reduce debt. Despite divesting its shares, the company expects to maintain its relationship with GiG through its SkyCity Online Casino, which operates from Malta.
This strategic move by the Juroszek family to increase their stake highlights their optimism about GiG’s potential.
. “As a family, we should be the ones to stand up and show our commitment – we want to be the biggest shareholders as we believe in the businesses,” Mateusz Juroszek commented. “GiG is one of the most attractive and interesting igaming companies on the public market.”
At the time of this report, GiG shares were trading 0.25% lower than their opening price, at SEK27.30. The changes come as GiG continues to work towards a significant reorganization. Early last year, the company announced plans to separate its Media and sportsbook/platform divisions into distinct entities.
These strategic moves suggest the reorganization might not be far off. Recently, GiG unveiled the rebranding of its Media division, now known as Gentoo Media. This arm will continue to operate under the new Gentoo name, encompassing GiG’s media business and affiliate lead generation services.
Significant progress has also been made on the Platform and Sportsbook front. In August 2023, former SBTech chief Richard Carter was appointed to head this division. Additionally, Andrew Cochrane, another ex-SBTech and DraftKings senior executive, was named Chief Business Officer of the sportsbook arm in November.
In April, GiG confirmed that its platform and sportsbook businesses would be divided among shareholders later in the year. This decision is yet another indicator of the company’s ongoing structural transformation aimed at enhancing focus and operational excellence in its core areas.
In line with their expansion strategy, GiG also announced recent acquisitions. Earlier this month, the company bought the casino forum and review platform Casinomeister for €3.0 million. Just last week, GiG revealed plans to acquire SEO and content services specialist Titan for €3.2 million.
The Juroszek family’s increased investment and SkyCity’s exit mark a significant phase in GiG’s evolution, as it positions itself for a more streamlined and focused future. The strategic maneuvers by all involved parties illustrate an ever-evolving landscape in the igaming industry, where focus, commitment, and strategic investments are key to navigating the competitive market.
