GiG targets Croatian growth with Top Games acquisition

22 October 2019

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 gaming operator that qualifies for a remote gambling permit in the country.

GiG said it will purchase 75% 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% stake.

Payment will be based on a contribution of resources by shareholders, with no cash to be paid. The local partner will cover initial costs, while GiG will provide rights of use of its brand, a gambling platform and operational expertise.

Should the transaction go ahead, GiG plans to enter the Croatian online casino market during the first half of 2020. GiG said it will operate in the country via one of its in-house brands, but did not disclose further details at this time.

However, GiG did say it expects the deal to have a moderate impact on revenue in the second half of 2020, with an accelerated increase in revenue contribution from the first half of 2021.

“I’m excited to further expand our B2C business by entering another regulated jurisdiction,” GiG acting chief executive Richard Brown said. “Croatia is a very interesting marketplace for gambling and supports our strategy to grow our own brands in high potential and regulated markets.

“GiG has a track record of creating responsible gaming experiences with a captivating user experience. 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.”

The acquisition agreement remains subject to certain regulatory approvals.