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Gaming technology company Gaming Innovation Group (GiG) has signed a head of terms agreement with US-based sports betting brand Crab Sports.
This being the first deal in the US for the new and expanded offering of GiG and Sportnco since the completion of its merger in April, brings GiG’s Sportsbook solution to bettors in the state of Maryland.
According to the press release, the deal provides “an example of the potential of the combined product offering” and is projected to be finalized in the next few months. The product is scheduled to go live in the second half of 2022.
It is anticipated that Maryland’s sports betting market will already generate $217 million in revenue during the first year alone something which makes both GiG and Crab Sports “excited to enter the market as an aggressive challenger with a differentiated strategy.”
“Crab Sports’ leadership team will leverage over 20 years’ experience in online gaming to launch and drive their locally focused brand,” the press release further explained.
Richard Brown, CEO of GiG, said:
“I am delighted to have partnered with Crab Sports. We see great potential in the Crab Sports excellent team and local approach and we see great potential in Maryland. We look forward to working closely with the Crab Sports team to maximize their potential through a successful launch.”
Brown continued:
“This is a proud moment for us and highlights the faith we have in the synergies between GiG and Sportnco. This type of deal is directly in our ‘wheelhouse’, helping challenger brands drive value and enter newly regulated markets, showcasing our product in the ‘soon to be’ open Maryland market.”