OSLO, NORWAY: The Board of Gaming Innovation Group (GiG) has decided to initiate a strategic review with the intention to distribute its subsidiary Innovation Labs Ltd to GiG’s shareholders.
Such distribution would result in a split of current Gaming Innovation Group into two main business segments:
- Media Services includes all of GiG’s lead generation business generating online gambling leads through online media buys and publishing.
- Platform & Sportsbook includes the technical iGaming platforms (including Sportnco), front end development and other managed services such as player safety, customer operations and CRM/marketing.
The purpose of the split is to sharpen the focus for each business segment, optimise growth opportunities and ensure each business can benefit from the strategic and financial flexibility of their distinctive business models.
The split will form two industry leading businesses with the potential to grow much faster than in the current corporate structure.
The strategic review will be initiated immediately and continue throughout 2023, and will initially focus on outlining the strategic and operational objectives that need to be achieved in order to execute the split.
Final execution will be subject to all necessary corporate actions, including shareholder approvals.
Richard Brown, CEO of GiG, said: “This is a very exciting time, both for the company and its employees but also for the shareholders of GiG. I strongly believe that a split has the potential to remove hurdles and unleash new possibilities for each business segment and that we can create two very successful companies.”
Petter Nylander, Chairman of the Board, said: “Each of our Platform and Media business has reached such a maturity where it makes perfect sense to evaluate a potential split. We are looking forward to initiate the review and see how we can maximise operational output and shareholder values.”