Betsson has acquired Gaming Innovation Group’s business to consumer (B2C) operations, which include the operator brands Guts, Kaboo, Rizk and Thrills.

Both companies are based in Malta.

Betsson will pay €31 million, including a €22.3 million cash payment for the acquisition and a prepaid platform fee of €8.7 million.

GiG will use the proceeds to repay its SEK300 million 2017 – 2020 bond.

“Betsson’s ambition is to outgrow the market in the long term, organically and through acquisitions. This acquisition confirms that Betsson is a driver of the consolidation of the market. We believe this deal offers a good opportunity for Betsson to consolidate, at good value, where we can create synergies and apply our core B2C skills and marketing insights to scale these assets to their true potential.

“The agreement with GiG further strengthens and expands Betsson’s outreach and growth potential for its proprietary sportsbook and payments platforms in the B2B market. As one of the largest European operators, Betsson is well positioned to continue building on its strategic position” Pontus Lindwall, Betsson AB’s Chief Executive Officer and Group President, said.

For GiG’s Chief Executive Officer, Richard Brown, the transaction provides multiple upsides to the company. “While putting the company in a financially sustainable position, it gives us the ability to focus on where we see real long-term shareholder value. This transaction serves as a strategic focusing of the company’s efforts towards the B2B segment,” he said.

He observed that the planned integration of Betsson’s sportsbook into GiG’s platform offering not only provides cost saving synergies but also allows the company to offer one of the most well-renowned European sportsbooks to its current and future B2B partners. “We are excited to support Betsson’s growth of the brands we have built and now look forward to GiG’s next chapter as a specialist iGaming B2B provider,” Mr Brown said.