Gaming Innovation Group (GiG) has reached an agreement to sell its B2C brand Highroller to Ellmount Gaming Ltd for €7m ($7.8m).
Highroller was launched in December 2017 and generated revenue of €1.4m for H1 2019, with EBITDA of -€0.2m.
As a result of the deal, Ellmount Gaming will operate Highroller using GiG’s platform services, frontend solution and managed services.
Payment will be made with regular instalments over a 48-month period, beginning in March 2020.
Initially, Highroller will remain as an operator under GiG’s licenses through a long-term white label agreement. It will then need regulatory approval before it can be transferred onto Ellmount Gaming’s licenses.
The agreement demonstrates GiG’s desire to increase brand equity for online casino Rizk, one of four brands still left under the supplier’s control.
Rizk represents 71% of GiG’s total B2C revenue and the supplier hopes to grow it into a tier-one casino operator in select markets.
Robin Reed, GiG CEO, said: “Through this agreement, we gain increased cash flow, a strong B2B partner and Highroller will get the marketing muscle and focus it deserves.
“The brand was launched only two years ago and, with this sale, it has returned three-digit ROI for GiG.”