Contagious Gaming is moving towards optimizing costs by restructuring its European business. This was revealed in an official press release which elaborated on a share agreement annulment among Digitote Ltd, Digitote Software GmbH Deutschland, Gabriele Knicker, Guenter Boyks and Contagious.
By doing so, Contagious is seeking to develop its UK sports betting platform taking advantage of a royalty-free license.
There will also be further benefits to the restructuring. For one, Digitote’s loan burden amounting to approximately $700,000 will be spared. Moreover, Contagious will also be able to do away with its contingent consideration liability of about $2.1 million.
According to Peter Glancy, chief executive and director at Contagious, the process is going to bring about positive change. On the one hand, it will eliminate Digitote’s financial burden whose tangible impact has been felt since the loss of its major customer last October. Mr Glancy also reiterated the news of the upcoming launch of Contagious’ UK online gaming platform CNSBet on a royalty-free basis.