GiG Becomes the New Owner of AskGamblers
iGaming and sports betting developer Gaming Innovation Group (GiG) has bought gambling information service and online forum AskGamblers.com. The news was announced in a press release by GiG on 15th December 2022. The owner of AskGamblers, Catena Media Plc., has signed a binding agreement which stipulates that GiG will take over not only the AskGamblers website, but will also acquire other Catena assets such as NewCasinos.com and JohnSlots.com, both of which specialise in online casinos. Other, yet unnamed “smaller European domains” will also be transferred to GiG as part of the agreement. The total value of the deal was agreed at €45m, €25m of which will be paid upfront in cash, and the rest will follow in two payments of €10m and €15m made 12 and 24 months after the transfer of ownership. Part of the funds will come from the company’s holdings, while the rest will be raised through RCF and share issue. Sufficient funding has already been raised for the transaction to be completed.
The agreement comes as part of the ongoing expansion of GiG Media, which is the media arm of GiG. It is ran by MD Jonas Warrer, who led the information division to a landmark win of the prestigious Best Casino Affiliate Awards in August 2022. Educated at the prestigious New York Stern Business School, Warrer tried his hands at running iGaming and sports betting websites with his first projects livegoals.com and Rebel Penguin. His aim back then was to provide the US with an alternative of the European sports media giant ESPN. 14 years later, Warrer is at the helm of a project that is considered one of the main factors behind GiG’s success, and the £45m deal is only an ambitious development and expansion program that has been running all through 2022.
A statement by Warrer in relation to the acquisition reads:
“We are very pleased to welcome quality websites such as askgamblers.com into the business and look forward to integrating with the skilled teams that have built up the websites acquired. We want to be the leading casino affiliate in the industry, and this acquisition cements our position.”
GiG’s CEO expanded on this by stating that GiG is very excited to be taking over AskGambler.com and that the deal would prove a great opportunity for GiG to reach more people globally and to continue with its ambitious expansion. He finished by saying:
“The expansion of our strategic position in conjunction with the deal structure gives the group another great blueprint for growth. We look forward to integrating the assets and current staff into Gaming Innovation Group.”
It is clear that GiG sees the purchase as a work in progress and a challenge, which has been reflected in the transaction statement. The statement points out that the inventory acquired by GiG generated €12.9m in revenue between January and September 2022, and that the EBITDA was €8.4. Warrer and company’s aim is to improve the EBITDA margin to 60-70.
Experts in the area of sports betting affiliate websites commented that this is another milestone for GiG as the company continues to diversify its portfolio. As covered on Findbettingsites, new betting companies are constantly launching and the same also occurs int he casino sector. It has been pointed out that GiG’s acquisition of the websites will let them get their foot in the door when it comes to markets that are so far considered non-core for GiG Media.
Catena Media Plc has also achieved a lot by signing the contract. One of their corporate directives, which they announced during H1 trading, was to power their expansion in North America. It is believed that the €45m gained through the deal will be invested in this, thus completing one of their core objectives. The CEO of Catena, Michael Daly, said:
“Today’s agreement is a major step in our journey to focus the business on online sports betting and casino affiliation in high-growth, regulated markets in the Americas. I am confident that in GiG we have found a buyer that will provide a strong environment for AskGamblers and the other brands and their talented people to develop and grow.”
GiG is well established in the UK sports betting market, as well as across Europe and other essential gambling jurisdictions. GiG’s innovative and bespoke services are already used by a variety of sports betting platforms and online casinos such as Betway, Casumo and PlayStar Casino. It is clear that the company is planning further expansion and development, and experts expect that GiG will venture into new markets in 2023 in order to reach a range of new bettors. This is exciting news for sports betting fans worldwide who might soon get to experience GiG’s outstanding software solutions for excellent user betting experience.