The choice to divide came in early 2023, with GiG initiating a strategic review in February.
This will result in the GiG Media affiliate and Platform & Sportsbook divisions becoming distinct entities.
GiG Media encompasses all media offerings, such as affiliate lead generation services.
Platform & Sportsbook includes technical iGaming platforms like Sportnco, acquired in April 2022, along with front-end development and other managed services.
Throughout 2023, GiG has been laying the groundwork for the division.
This includes making several senior appointments, with Richard Carter appointed as CEO to lead the Platform & Sportsbook business and Jonas Warrer heading GiG Media.
Meanwhile, GiG announced in September the departure of Richard Brown as CEO, occurring ahead of schedule.
Brown was initially slated to stay at GiG until the end of 2023 but moved on to become CEO of Glitnor Group in January.
In other recent news, GiG revealed in November the acquisition of KaFe Rocks, a move aimed at boosting its presence in the North American market.
This acquisition followed the purchase of AskGamblers in January 2023.
Despite these changes, GiG reported robust results for 2023, with both revenue and net profit increasing compared to the previous year.
Chairman Petter Nylander expressed optimism about the company’s growth potential for 2024 and beyond, affirming commitment to strategic objectives, including the planned split.
Nylander stated, “Looking ahead, we remain committed to our strategic objectives, including the planned split of the company into two separate entities.
This strategic move will unlock new growth opportunities and maximise value for our shareholders.”
The consolidated group revenue for 2023 reached €126.0 million (£108.1m/$136.0m), marking a 40.8% increase year-on-year.
However, due to the division, GiG reported Platform & Sportsbook as a discontinued operation in its financials.
Consequently, consolidated revenue for the year rose by 44.4% to €89.1 million, solely from GiG Media.
This growth was supported by increased publishing revenue and a 34.0% rise in first-time depositors.
Revenue from Platform & Sportsbook amounted to €37.8 million, up by 33.6%, buoyed by the Sportnco acquisition.
GiG now operates with partners in 29 markets through its Platform & Sportsbook division.