Gaming Innovation Group (GiG) has received an online sports wagering operator licence in Maryland and a full Interactive gaming manufacturer licence in Pennsylvania.
The licences come ahead of the brand launching new partner brands on its technology and further expanding the regulatory reach of its iGaming platform and sportsbook in North America.
Along with GiG’s multiple live and upcoming partners in regulated Ontario, the deal aims to bolster GiG’s ‘established’ five-year presence in the US and existing licences in New Jersey and Iowa.
Marcel Elfersy, Chief Commercial Officer at GiG, stated: “With our plans to open our new US hub later this year and having recently been shortlisted with EGR North America in the full-service platform provider of the year category, our new licensed status in these very attractive online markets creates further opportunity for us to add value for new and established partners in the region.
“We’re excited about the possibilities these new states provide, starting with the launch of Crab Sports in Maryland in May on our PAM and sportsbook.”
The licence issued by the Maryland Lottery and Gaming Control Agency (MLGCA) will initially see GiG power the launch of Crab Sports in the Old Line State this May.
Crab Sports has outlined that it will look to leverage GiG’s experience at launching new brands in ‘complex regulated markets’ to help establish an early foothold.
The licence retrieved from the Pennsylvania Gaming Control Board (PGCB) follows the announcement of its interim authorisation in October, with a planned brand launch expected in due course expanding on a relationship with one of its existing partners in North America.
“Having placed a strong focus on expansion in regulated markets, we’re understandably pleased with the confirmation of our licences in two new US states,” concluded Claudio Caruana, General Counsel for GiG.
“Regulation will continue to drive the industry in North America, as markets mature, allowing us to support and protect operators and their customers, establishing suitable, robust frameworks for sustainable growth.”
Last month, the group reported ‘all-time high’ revenues for its Media, Platform and Sportsbook services, driving substantial business growth for the firm during Q4 2022.
Total quarterly revenue rose year-on-year by 44% from €18.1 to €26m, with adjusted EBITDA up 71% to €10.8m (Q4 2021: €6.3m), with a margin of 41.4% (34.9%).
EBIT, meanwhile, stood at €4m, an 80% increase on corresponding 2021 figures of €2.2m, with a margin of 15.5% (12.4%), whilst the Malta-based supplier closed the year with positive cash flow of €8.5m (€4.9m).