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Gaming Innovation Group

Gaming Innovation Group

GIG: Gaming Innovation Group acquires AskGamblers

07:20 / 15 December 2022 Gaming Innovation Group Press release

Gaming Innovation Group Inc. (GiG) has today signed an agreement to acquire the
casino affiliate websites,, and
several smaller domains from Catena Media Plc. The total consideration is EUR 45
million, of which EUR 20 million will be paid in cash on closing, EUR 10 million
twelve months after closing and the EUR 15 million balance 24 months after
closing. Closing is expected in Q1 2023. is an award-winning website recognised as a well-trusted website
source in the iGaming industry with strong brand recognition by users. and build on GiG Media's strategy to diversify its
business. With this acquisition, GiG Media cements its position in the industry
as the leading casino affiliate.

The acquired websites generated revenue of EUR 12.9 million in the first nine
 months of 2022 with an EBITDA of EUR 8.4 million. GiG expects to have an EBITDA
margin between 60-70% from the assets going forward. The assets are expected to
generate around 53.000 FTDs in 2022.

The acquisition will diversify GiG Media's business further in line with the
strategy to create sustainable long-term growth and provide the business with
several key strategic assets and multiple revenue opportunities. The acquired
websites are strong in markets that currently are non-core markets for GiG
Media, therefore expanding our current geographical reach. Further to the
revenue growth potential, operational synergies are expected to be realised
after the acquisition via the shared use of marketing technologies, business
intelligence systems and key functions.

The transaction is structured by way of a Share Purchase Agreement (SPA) with
GiG's subsidiary Innovation Labs Ltd. (part of GiG Media) and includes the
acquisition of the two companies Catena Publishing Ltd (Malta) and Catena Media
D.O.O. Beograd (Serbia). These companies currently employ around 90 people.

GiG will finance the initial consideration through a combination of own cash, a
revolving credit facility (RCF) and a share issue. Existing shareholders have
committed to participate in the share issue and the RCF, securing sufficient
financing to complete the transaction at closing.

Morten Hillestad, Director of Business Development in GiG Media, said: "After
three years of consolidating and expanding the GiG Media business - realising
strong annual organic growth - the time was ripe to act when this acquisition
opportunity emerged. GiG Media has developed world class marketing technology
and operational capabilities over the preceding years, and we feel that bringing
the AskGamblers brand into the company structure will provide multiple
opportunities for it to flourish."

Jonas Warrer, Managing Director of GiG Media, said: "We are very pleased to
welcome quality websites such as 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."

Catena Media CEO 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."

Richard Brown, CEO of Gaming Innovation Group commented: "GiG is extremely
excited to take over the premium AskGamblers brand from Catena. Combining the
assets with GiG's media technology and operational capabilities, provides us
with a great opportunity to expand our global reach and to deliver a path for
the brand to continue with its strong evolution. 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."

For more information, please contact:
Richard Brown, CEO of GiG, +34 661 599 025
Morten Hillestad, Director of Business Development, GiG Media,
,+47 99389858
Jonas Warrer, Chief Marketing Officer of GiG,, +45 30788450

This information is information that Gaming Innovation Group Inc. (GiG) is
obliged to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of the contact
person set out above, at 07:xx CET on 15 December 2022.

About Gaming Innovation Group (GiG)
Gaming Innovation Group is a leading iGaming technology company, providing
solutions, products and services to iGaming Operators. Founded in 2012, Gaming
Innovation Group's vision is 'To be the industry-leading platform, sportsbook
and media provider delivering world-class solutions to our iGaming partners and
their customers. GiG's mission is to drive sustainable growth and profitability
of our partners through product innovation, scalable technology and quality of
service. Gaming Innovation  Group operates out of Malta and is dual-listed on
the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm
under the ticker symbol GIGSEK.
Oslo Børs

This information was distributed by Oslo Børs