Gaming Innovation Group to acquire OddsModel
Gaming Innovation Group (GIG) has agreed a deal to acquire sports betting technology company OddsModel.
Under the deal, GIG will integrate all OddsModel systems into iGamingCloud’s Sportsbook engine in a move designed to benefit both internal brands and B2B customers.
GIG is hoping to complete the initial integration process in time for this year’s Uefa European Championship national team football tournament, which begins in June, after which a complete integration will be concluded.
OddsModel develops software for use in automated and manual pricing of global betting markets, generating real-time pricing of pre-match and in-play sports events by using quantitative methods and proprietary analytical models.
GIG will issue 21.87 million new GIG shares as consideration for all shares in OddsModel, a figure that corresponds to a multiple of approximately six on the projected net result for OddsModel in 2016.
Robin Reed, chief executive of GIG, said: “We’ve been working towards this acquisition for nearly eight months and are thrilled to conclude.
“Sports betting is the largest vertical within the iGaming sector; through the acquisition and integration of the very exciting software, and vastly skilful people of OddsModel, GIG will significantly enhance its capability to serve attractive and innovative solutions to B2B and B2C customers.”
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