GiG To Sell Consumer Operations To Betsson, LeoVegas Scales Back

Gaming Innovation Group (GiG) has said it will sell its consumer-facing brands to Betsson Group, while LeoVegas drops short-term revenue forecasts as more evidence surfaces of troubles in the Nordic market.

Stockholm-listed GiG is selling its consumer brands including Rizk, Guts, Kaboo and Thrills to Betsson Group for €31m to "reduce complexity and improve efficiency”, it said.

An agreement for Betsson to continue to use GiG’s platform for at least 30 months would push the value of the deal to €50m, the companies said. 

Separately, LeoVegas will drop its previous targets of reaching €600m in revenue and €100m in EBITDA by 2021 to focus on profit “in an increasingly dynamic business environment”.

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