Gaming Innovation Group (GiG) is set to expand into the Croatian market after agreeing a deal to acquire a majority stake in Top Games, a local gambling enterprise which maintains a remote gambling permit.
GiG announced it will purchase 75 per cent of the shares in the Croatian operator for an undisclosed sum, while a local partner with a history in land-based casino businesses will retain a 25 per cent stake.
Payment for the acquisition is solely based on a contribution of resources by the shareholders, with no cash being paid. The local partner will upfront the initial costs, with GiG providing rights of use of its brand, a gambling platform and operational expertise.
GiG is planning to enter the online casino market in Croatia via this partnership in the first half of 2020. GiG expects a moderate impact on its revenues deriving from this agreement from H2 2020 with an accelerated increase in revenue contribution from H1 2021.
“I’m excited to further expand our B2C business by entering another regulated jurisdiction. Croatia is a very interesting marketplace for gambling and supports our strategy to grow our own brands in high potential and regulated markets,” stated Richard Brown, acting CEO of GiG.
“GiG has a track record of creating responsible gaming experiences with a captivating UX. This is a good opportunity to showcase the strength of our online casino offering and our passion for providing end users with a safe, responsible and competitive online gambling experience,” he added.
Croatia has a population of approximately 4.1m and is a regulated market with six licensed online casinos. Croatia supports the locally regulated online operators by IP blocking both offshore and other non-regulated operators. The total gambling gross win in Croatia has an estimated total value of approximately €360 million in 2020.Follow us on