Juroszek family ups GiG stake to 25%, as SkyCity offloads shares
The shares are split between various vehicles affiliated with brothers Mateusz Juroszek, who sits on the board for Gentoo (GiG Media) and Entain, and Tomasz Juroszek, who is also a member of the board for GiG’s future sportsbook and platform arm.
MJ Foundation Fundacja Rodzinna purchased 6,069,375 shares at a price of SEK27 (£2.03/$2.58) each, for a total of SEK163.9m. The firm took its holding to 8.2%.
Betplay Capital Foundation, a gaming investment vehicle also associated with the Juroszek family, acquired 1,348,750 additional GiG shares, while ZJ Foundation, the family foundation of Zbigniew Juroszek, acquired 6,069,375 shares.
Betplay Capital holds various other igaming interests including Flutter Entertainment, Evolution, Better Collective, Raketech and Gambling.com Group, the firm notes on its website.
Running parallel, New Zealand’s SkyCity Entertainment Group has entered an unconditional agreement to sell its entire 10.5% shareholding in GiG for approximately NZ$55m ($33.7m). The firm said GiG was no longer seen as being “strategically necessary” to the SkyCity business.
Prior to the sale, SkyCity was the second largest shareholder behind the Juroszek family, who in July 2023 acquired an 11% shareholding in the gaming platform provider.
The group purchased its holding in GiG in April 2022 for approximately NZ$40.0m ($24.5m), with former SkyCity CEO Michael Ahearne joining the GiG board of directors.
SkyCity said it planned to use the proceeds from the shares to pay down debt as part of its ongoing “prudent” approach to capital management.
The operator does expect to continue its “valuable relationship” with GiG through its involvement with the SkyCity Online Casino which is operated in Malta.
“We see great potential”
On the Juroszek family’s increasing its interest in GiG, Mateusz Juroszek said he saw great potential in the company and the industries it operates in.
“As a family we should be the ones to stand up and show our commitment – we want to be the biggest shareholders as we believe in the businesses,” he said.
“GiG is one of the most attractive and interesting igaming companies on the public market.”
At the time of writing GiG shares were trading 0.25% down on opening price at SEK27.30.
GiG yet to complete planned spin-off
The sale comes as GiG continues to work towards dividing its business. Announced early last year, GiG Media and its platform and sportsbook arms will become separate businesses.
While the split is yet to take place, recent developments suggest it may not be too far away. Last week, GiG announced the rebrand of its GiG Media division, which will now be known as Gentoo Media.
The company will be trademarked under Gentoo Media and will operate as Gentoo from now on, while consisting of GiG’s media business, including its affiliate lead generation services.
Prior to this, progress was largely focused on the Platform and Sportsbook business. Former SBTech chief Richard Carter was appointed to lead this arm in August 2023. Meanwhile, ex-SBTech and DraftKings senior executive Andrew Cochrane was named chief business officer of the division in November.
In April, GiG also confirmed itd platform and sportsbook business will be divided between shareholders at a point later in the year.
Early this month, GiG acquired casino forum and review platform Casinomeister for €3.0m. Last week, it also announced it would acquire SEO and content services specialist Titan for €3.2m.