GIG Stops Investments in Proprietary Game Studio with Immediate Effect

After releasing only four in-house developed games over a period of almost 2 years, Gaming Innovation Group (GiG) has decided to shut down all investments regarding its game studio. The parent company launched GIG Games in 2017 and Wild Reels, Midnight Madness, Book of Souls and Fruit Slot in the next year with three more titles to follow in 2019, including Popstar, Mega Nova and Dark Joker.

As reported by the Oslo-listed iGaming company, new products haven’t contributed big revenues to the business and therefore their further development is to be ceased. GiG also confirmed that the decision corresponds to its long-term plans to reduce operating expenses and target only key strategic areas.

After estimating cash savings, the company should be able to set aside $250,000 per month.

“The decision to halt in-house content production is a strategic choice to facilitate full focus and resources on becoming the platform of choice for the iGaming industry. This forms part of recent strategic initiatives taken to reduce non-marketing related operating expenditure, together with our commitment to execution and bottom-line earnings.

I would like to thank everyone who has been involved in building our own games for their contribution and dedication to the Company,” said acting CEO Richard Brown.

In spite of everything, GiG will still deliver its casino products to both internal and external operators through third-party providers. Brown also commented that the studio could re-enter the vertical in the future, but only if proprietary software proves strategically important for the market.

Extending Sports Betting in Iowa

Meanwhile, as sports betting expands across the mobile sports betting kick off.

Engaging betting experience has already been launched in arrangements with Betfred and Betsson, offering its marketing compliance screening tool.

Ronni Hartvig, chief commercial officer at Betsson commented the following:

“We are looking forward to working with the GiG Comply product to reinforce Betsson Group’s existing compliance processes. The product will us in guaranteeing that activity and marketing is compliant and sustainable.”

Back in August, the group reached an agreement with Ellmount Gaming Ltd to divest its B2C brand Highroller for a total price of EUR 7 million.

Source:

“Gaming Innovation Group ceases investment in GiG Games studio”, gamingintelligence.com, September 24, 2019.