Following a head of terms announcement on January 24, Gaming Innovation Group Inc. (GiG) recently signed its comprehensive agreement with Palasino Malta Ltd. (PML), a subsidiary of Trans World Hotels & Entertainment a.s. (TWHE).
Through the partnership, GiG will offer its highly regarded player account management platform (PAM), front-end delivery, and content management system (CMS), enabling TWHE to launch its traditional retail business online through Palasino.com and opening up opportunities in a number of established and developing online markets around the world.
The news represents the ninth traditional retail operator to select GiG as their partner in order to digitally transform their company and increase the amount of online revenue they generate from their retail operations.
In 2018, the Hong Kong-based Far East Consortium (FEC), a leader in international development, bought TWHE, a company that had been in operation in the retail casino sector for over 25 years. The group, with interests in Germany, the Czech Republic, and Austria, runs a variety of casinos and boutique hotels throughout Europe. It has actively pursued ambitions to expand operations, increasing its standing as a leading brand in the continent's gaming and hospitality industries.
According to projections by VIXIO Gambling Compliance, the overall European online growth of regulated GGR is expected to increase at an annual pace of 7.6 percent to €37.3 billion by 2026.
GiG has established a solid reputation among land-based operators aiming to further their digital objectives as a top iGaming platform and sportsbook provider. GiGs platform has a sizable global footprint that currently covers 29 regulated markets, with plans to expand to an additional 8 markets. GiGs platform was specifically created to provide a flexible, localised, and personalised solution, tailored to the needs of individual operators in complex markets.
The agreement is in place for a five-year initial term and is anticipated to go into effect in the first quarter of 2023.
Marcel Elfersy, CCO of GiG, said: "We're really pleased to have the ink dry on this deal with Palasino, seeing a wealth of opportunity in the partnership for both businesses to expand into. We're continuing to see growth in the online gaming space across the industry, with the brand equity of experienced retail brands gelled with specialised third party technology such as ours, positioned well to establish a strong foothold in global markets."
Colin Chapman Stewart, Director of Gaming at FEC commented: "Partnering with GiG provides TWHE, Palasino and our shareholders with the confidence and ability to launch our online division operating out of Malta with an MGA license. Bringing our brand online to new international players who can experience the same feeling in the casinos we have successfully operated for the past quarter century, is an exciting time for us all here at Palasino."
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