This head of terms agreement between Crab Sports and Gaming Innovation Group (GiG) is the first deal made in the US for GiG. GiG and Sportnco will now be able to operate in Maryland through Crab Sports' platform and sportsbook.
Although the full contract has yet to be signed, it's anticipated that the contract will be completed in the next few months. From there, GiG expects to be live by H2 of 2022 and sees a positive contribution from Q4 2022 onwards.
The partnership will see Crab Sports provide GIG with a technical platform, CMS, and the recently acquired Sportnco Sportsbook. Gaming Innovation Group will then power these solutions using GiG Logic rules-based solutions.
Maryland's sports betting market is anticipated to generate $217m of revenue through the first year.
CEO of GiG, Richard Brown, 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 maximise their potential through a successful launch."
Originally founded in 2012, Gaming Innovation Group is an iGaming technology company, which provides solutions, products, and services to iGaming Operators. The company operates out of Malta and is dual-listed on both the Oslo Stock Exchange and Nasdaq Stockholm.
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."
Crab Sports was founded in 2021 and is a start-up mobile sportsbook operating in Maryland.
