The Gaming Innovation Group (GiG) has announced that it will enter the regulated Croatian market in early 2020. In fact, the company, owner of Rizk Casino, signed a share purchase agreement for 75% of Top Games d.o.o on October 22. As a result, they will be the majority shareholder of this Croatian company. So, they’ll qualify for a remote gambling permit. The other 25% will stay with a local partner that has a strong reputation and history in land-based casino operations.
And so, this deal means that the Croatian market will have access to one of GiG’s in-house brands. Plus, this partnership will improve GiG’s B2C offering in a profitable growing and regulated market as well. Indeed, both companies will work together to move the business forward in line with the new CEO’s plans. But also to drive more value for GiG’s shareholders.
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To sum up, the deal is quite peculiar because it’s a cash-free agreement. In fact, they struck the deal by the shareholders contributing their resources. Also, the local partner will meet all of the initial upfront costs. Meanwhile, GiG will allow the company use of its branding, platform and expertise.
Hopefully, GiG will enter the Croatian market in the first part of 2020 if all goes to plan. However, they only expect to see a small impact on their revenue that year. Yet, GiG believes the financial impact will be more felt in 2021.
GiG has made no secret of its desire to enter new up and coming regulated markets. So, this move is perfectly in line with those plans. Clearly, the new market has much to offer and has plenty of room left for growth as well.
Did you know that Croatia’s population is only 4.1 Million? And there are just 5 licensed available in the whole country too. Plus, they block the IP addresses of other offshore casinos and unregulated casinos like the MGA and Curacao which are undoubtedly the most popular ones with online operators.
GiG CEO, Richard Brown is “excited to enter another regulated jurisdiction” which he says has “high potential”. And it’s easy to see how the market is appealing for the brand. But also for the new leader who still has much to prove.