gig makes its croatia play acquiring majority stake in top gamesby Joker 22.10.2019 0 comments
Stockholm-listed Gaming Innovation Group (GiG) has this afternoon confirmed that it has agreed to acquire a 75% stake in ‘Top Games d.o.o.’ – a Croatian gambling enterprise which maintains a remote gambling permit.
Updating investors, GiG governance states that the agreement will allow the company to launch its in-house B2C brands for the Croatian market, in which GiG will move to launch an online casino domain by the first-half of 2020.
The agreement will see GiG acquire a 75% stake in Top Games, with the remaining 25% of the business retained by Top Games’ land-based casino property, allowing GiG to fulfil remote operator requirements entering Croatia’s regulated online gambling marketplace.
In its update, GiG governance has chosen not to disclose financial terms related to its investment but underlines that it anticipates a moderate impact on its revenues deriving from this agreement from H2 2020.
Richard Brown, acting CEO of GiG, said: “I’m excited to further expand our B2C business by entering another regulated jurisdiction. Croatia is a very interesting marketplace for gambling and supports our strategy to grow our own brands in high potential and regulated markets. GiG has a track record of creating responsible gaming experiences with a captivating UX.
“This is a good opportunity to showcase the strength of our online casino offering and our passion for providing end users with a safe, responsible and competitive online gambling experience.”
At present, Croatia’s online gambling marketplace maintains six licensed online casino incumbents. GiG estimates that total gambling gross win for the market will reach approximately €360 million in 2020. Online gambling in Croatia is subject to a gambling duty of 15%.