GIG is a B2B iGaming and sports betting supplier consisting of two segments, platform and media. It sells marketing services to other gambling operators and sells its own software platform and sportsbook to other B2C operators, as well as land-based casinos, enabling them to offer casino and sports betting services. GIG’s footprint is in Western Europe, but it also has US exposure through its sales of B2B services. The recent acquisition of SportnCo was transformative, contributing to a strong turnkey platform offering.
We see regulatory risks (the firm could face litigation if it fails to comply with local laws and practices in the regions where it operates) and counterparty risk (it faces many counterparties and some customers on the B2B side are smaller firms with low levels of solidity). Although the SEK 450 million bond has been refinanced with more favourable terms and matures in 2024, this still means that there are some financial risks involved.