Gaming Innovation Group terminates agreement due to ‘change in strategy’
Gaming Innovation Group Inc. (GIG) is a public company in the United States, headquartered in Malta. In addition, the company has offices in five other European cities (Marbella, Oslo, Kristiansand, Gibraltar, Copenhagen). The company was listed on the Oslo Stock Exchange in June 2015 under the ticker GIG.
The company's turnover in 2017 was 120.4 million euros.
Gaming Innovation Group offers online poker, online casino and sports betting services through its online gaming sites: Guts.com, Rizk.com, Betspin.com, Superlenny. com, Thrills.com and Kaboo.com; and internet marketing services. In addition, the company manages the platform iGamingCloud.com, cloud-based software for online gaming.
Gaming Innovation Group terminated its agreement with the European media group that was signed at the end of December 2020, due to a"change in strategy".
Gaming Innovation Group provided the group with a gaming platform and data to manage the undisclosed group under its own license.
The partnership was based on a revenue sharing model with various fixed fees with a minimum three-year contract term.
There were major changes in the strategy of the approach of the European Media Group, the partnership was no longer necessary for both sides.
At the end of 2019, Gaming Innovation Group decided not to support the white label model in the future, and when its potential partner changed its strategy, GiG decided to accept to terminate the contract.
The termination will not affect Gaming Innovation Group's financial forecasts for 2020 or its long-term financial goals. He explained that at present, the number of clients involved in the work remains stable, and he continues to increase sales.
Richard Brown, CEO of the gaming Innovation Group, said: "The change in strategy has led us to a dead end to move forward together. Unfortunately, we will terminate this deal, but we wish them to continue to move forward using the majority of our own capabilities."
Earlier this month, the group managed to sign deals with Fast Track and Kaizen Gaming.
Gaming Innovation Group also signs contracts with other companies, without naming them, as it did with the German operator in February.
