In a move poised to redefine the organization’s business structure and create an optimized opportunity for stakeholders, Gaming Innovation Group Inc. (GiG) has confirmed its plans to divide its Platform business as a part of a strategic reformation. Announced initially in February 2023, the decision will steer GiG towards the establishment of two distinct publicly listed companies—GiG Media and GiG Platform. The latter, currently functioning as a subsidiary, is set to be allocated among GiG shareholders in the later part of 2024.
GiG Media will persist under the operational umbrella of GiG, which will remain as the listed holding company in charge. Significant advancement in the process was made on April 8, when GiG disclosed the progression of its planned split. This strategic maneuver aims to harness each entity’s separate market strengths more effectively.
The company has also carefully considered the governance of both projected public entities, with the nomination committee meticulously reviewing prospective board formations tailored to their specific business needs. Nevertheless, the appointment of the GiG Platform’s board has been postponed and will not take place during the 2024 Annual General Meeting as once expected. Instead, the selection process will be scheduled for another time, with keen attention to aligning the board with the emerging business’s direction and objectives.
Amidst this corporate reshuffling, three new board members have been proposed to bring fresh perspectives to GiG’s board of directors. Among the candidates are Mateusz Juroszek, Nicholas Batram, and Cristina Romero de Alba. Juroszek brings significant industry experience to the table as the former CEO of the Polish sportsbook operator STS, which achieved prominence following a substantial £750m acquisition by Entain CEE. Now at the helm of STS’ supervisory board, Juroszek and his family have further evidenced their investment commitment by recently increasing their shareholding in GiG to 15.06%, reinforcing their position as leading investors in the igaming field.
Romero de Alba is recognized for her legal expertise and serves as a partner at the Madrid-based firm Loyra. Her roles include directorship at Omnigame ApS and a partnership at Alantra Asset Management. Batram, with a rich history in corporate development, formerly occupied a notable position at Entain and has since established a consulting venture. Lastly, in the incumbent board, there are re-nominations for Mikael Riese Harstad, along with a proposal for him to take on the role of chairman of GiG’s board of directors. Harstad and Hesam Yazdi may also be reinstated as board members, with these appointments and roles to be conclusively determined during the general meeting on May 22, 2024.
The prospective detachment of GiG Platform raises questions as to whether it will continue as an unlisted entity post-distribution. Inquiries to GiG regarding this matter are pending a response. GiG Platform encapsulates a robust suite of technical online gaming platforms, notably inclusive of the previously acquired Sportnco. Further completeness is provided by GiG’s development of technology and managed services.
Richard Carter, assigned as CEO of GiG Platform the preceding August and previously steering SBTech through an acquisition and leading Bragg Gaming Group, is at the forefront of the Platform’s strategic direction. Additionally, GiG has seen Richard Brown, the CEO at the time of the announcement, leave ahead of his planned departure date.
Despite these shifts in leadership, the company’s performance indicators appear robust with a reported 33.6% year-on-year rise in revenue for 2023, partly credited to the strategic acquisition of Sportnco. This proves GiG’s resilient business model and strategic foresight as it embarks upon a transformational pathway by dividing its assets, poised to maximize business prospects and stakeholder value in the dynamic igaming marketplace.
