GiG divests Highroller.com to focus on core brands
Issuing a market filing Stockholm-listed Gaming Innovation Group (GiG) has confirmed that it has reached an agreement to divest its Highroller (Highroller.com) online casino property to Ellmount Gaming Ltd for a total consideration of €7 million.
As part of the agreement, Ellmount will become a B2B customer of GiG services, continuing to operate Highroller utilising GIG’s platform, front-end and managed services provisions.
Disclosing transactional terms, GiG will receive payment in monthly instalments over a contract period of 48-months.
GiG launched Highroller in 2017 as a proprietary brand seeking to engage wider gaming audiences with gamification and customisation features. The Stockholm enterprise discloses that Highroller generated revenues of €1.4 million and EBITDA of – €200,000 for the first six months of 2019.
Moving forward, GiG governance confirms that the company will focus on operating the four core brands of Rizk, Guts, Kaboo and Thrills.
Updating the investors, Robin Reed, CEO of GiG details: “The sale of Highroller is a confirmation of our discipline and focus as we are growing Rizk.Com to become a Tier 1 casino operator in select markets. Through this agreement, we gain increased cash flow, a strong B2B partner and Highroller will get the marketing muscle and focus it deserves. The brand was launched only two years ago and with this sale, it has returned three-digit ROI for GiG. I am looking forward to seeing the brand prosper in the hands of very capable owners, empowered by our full suite of products and services.”
Source: SBC News
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