Gaming Innovation Group (GIG) have agreed a deal to acquire sports betting technology company OddsModel.
GIG will eventually integrate all OddsModel systems into iGamingCloud’s sportsbook engine, but hope to complete the initial integration process in time for Euro 2016.
OddsModel develops technology platforms and statistical models to calculate probabilities of sporting outcomes, generating real-time pricing of pre-match and in-play sports events by using quantitative methods and proprietary analytical models.
GIG will issue 21.87 million new GIG shares as consideration for all shares in OddsModel, corresponding to a multiple of approximately six on the projected net result for OddsModel in 2016, with the new shares subjected to a two-year lock-up agreement.
GIG said they have achieved a milestone by confirming the acquisition agreement, and that they will gain a ‘team of top class experienced traders whom are sourcing the very best information and data into technology platforms to trade sports and hedge risk’.
Robin Reed, CEO for GIG, said: “Through the acquisition and integration of the very exciting software, and vastly skillful people of OddsModel, GIG will significantly enhance its capability to serve attractive and innovative solutions to B2B and B2C customers.”
Source: SBC News
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