In a notable development within the gaming industry, the Juroszek family has significantly increased their stake in Gaming Innovation Group (GiG) to 25%. This move comes as New Zealand-based SkyCity Entertainment Group decides to offload its shares, deeming them no longer strategically necessary.
The Juroszek family, known for their substantial investments in the gaming sector, has made this latest acquisition through several vehicles associated with family members. Brothers Mateusz Juroszek, a board member for Gentoo (formerly known as GiG Media) and Entain, along with Tomasz Juroszek, who serves on the board for GiG’s future sportsbook and platform arm, have strategically divided the shares amongst their various foundations.
The MJ Foundation Fundacja Rodzinna has taken a notable step, purchasing 6,069,375 shares at a price of SEK27 (£2.03/$2.58) per share, thus spending a total of SEK163.9 million. This acquisition boosts the MJ Foundation’s stake to 8.2%. Additionally, the Betplay Capital Foundation, another gaming investment vehicle tied to the Juroszek family, has acquired an additional 1,348,750 shares in GiG. Adding to this, the ZJ Foundation, the family foundation of Zbigniew Juroszek, has also bought 6,069,375 shares, further consolidating the family’s influence within the company.
Betplay Capital holds a diverse portfolio in the iGaming sector, including stakes in renowned companies such as Flutter Entertainment, Evolution, Better Collective, Raketech, and Gambling.com Group. This diversification underscores the strategic approach of the Juroszek family in the rapidly evolving iGaming industry.
In parallel, SkyCity Entertainment Group has entered an unconditional agreement to sell its entire 10.5% shareholding in GiG for approximately NZ$55 million ($33.7 million). The firm stated that GiG is no longer viewed as strategically essential to its business operations. Prior to this divestment, SkyCity was the second-largest shareholder in GiG, following the Juroszek family, which had already increased its holdings to 11% in July 2023.
SkyCity acquired its stake in GiG back in April 2022 for approximately NZ$40 million ($24.5 million), with then-CEO Michael Ahearne joining the GiG board of directors. The company has expressed intentions to utilize the proceeds from this sale to pay down debt, reflecting its ongoing prudent approach to capital management.
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Despite the sale, SkyCity aims to continue a “valuable relationship” with GiG through its involvement in the SkyCity Online Casino, which is operated out of Malta. The shift away from equity ownership is seen as a strategic realignment rather than a complete severance of ties.
On the Juroszek family’s increasing interest in GiG, Mateusz Juroszek highlighted the family’s deep belief in the potential of the company and the broader iGaming industry. “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,” he stated. GiG is perceived as one of the most attractive and interesting companies in the public iGaming market.
As of the time of writing, GiG shares were trading slightly down by 0.25% on the opening price, at SEK27.30. This fluctuation comes amidst a broader restructuring within GiG’s business operations.
Announced early last year, GiG is working towards splitting its business into separate entities: GiG Media and the platform and sportsbook arms. This division is aimed at creating more focused and efficient segments within the company. Last week, GiG announced the rebranding of its GiG Media division to Gentoo Media, marking a significant step in the restructuring process. The rebranded entity will include GiG’s media business, affiliate lead generation services, and operate under the trademark Gentoo Media.
Previously, much of the progress seemed centered around the Platform and Sportsbook business, with former SBTech chief Richard Carter appointed to lead this division in August 2023. Additionally, Andrew Cochrane, a senior executive with experience at SBTech and DraftKings, was named chief business officer of this division in November.
In another strategic move, GiG confirmed that its platform and sportsbook business would be divided among shareholders at a later date this year. This decision is part of GiG’s larger goal to streamline operations and enhance value for its stakeholders.
Moreover, GiG has been active in acquisitions to bolster its market position. Early this month, it acquired the casino forum and review platform Casinomeister for €3.0 million. Following this, GiG also announced the acquisition of SEO and content services specialist Titan for €3.2 million, demonstrating its commitment to expanding its digital footprint and operational capabilities.
As the Juroszek family solidifies its position in GiG and SkyCity repositions its assets, the iGaming landscape continues to evolve, driven by strategic investments and corporate realignments.
