Juroszek family increases stake in Gaming Innovation Group12th July 2023 9:59 am GMT
Mateusz Juroszek, the former owner and CEO of Polish sports betting company STS, has increased his family’s stake in Oslo-listed supplier Gaming Innovation Group.
Juroszek’s MJ Investments acquired 1,324,145 shares of Gaming Innovation Group (GiG) on July 7, taking the Juroszek family’s holding to 14,285,614 shares or 11.08 per cent of the business.
“GiG is one of the most attractive and interesting iGaming companies on the public market, especially when the NOK and SEK exchange rates are taken into account. In our opinion GiG is undervalued and has a great potential,” said Juroszek.
“We as a family want to be a long-term investor. Our goal is to support the business and the growth. As a family we have been involved in the iGaming industry for over 20 years and our aim is to extend out engagement in GiG’s shareholder’s structure. This is why we have recently finalized a number of such transactions.”
The acquisition of the shares follows the strategic review launched by GiG in the first quarter of this year, which is expected to lead to the separation of the company’s media segment from the platform and sportsbook segment.
“When it comes to media part of GiG’s business, the revenues have grown tremendously recently. Their come from multiple and well diversified markets. The Company also acquired number of entities and secured a list of crucial partnerships. GiG focused also into Americas and I believe that is a key for future growth. We are also very happy with the acquisition of Askgamblers and we can see a great work done by GiG Media team to turn that business around,” Juroszek added.
“The second part of business is developing very well too – it is a number one platform when it comes to market access with +40 secured licenses. GiG, after acquisition of Sportnco, is extending into sports betting which will create a new leg of revenues for the company and their offerings are now becoming a full stop shop. GiG has already cooperated with significant international clients.”
Tomasz Juroszek, chief investment officer at Betplay Capital, has served on the board of GiG since May on behalf of the Juroszek family.
Shares in Gaming Innovation Group Inc. (OSL:GIG) closed 2.28 per cent higher at NOK26.90 per share in Oslo Tuesday.