GiG signs first US sportsbook deal since Sportnco acquisition with Crab Sports for Maryland market

iGaming technology company Gaming Innovation Group (GiG) announced it has signed a head of terms agreement with US-based sports betting brand Crab Sports to provide its Platform and Sportsbook solution in Maryland. This is the first deal in the US for the new and expanded offering of GiG and Sportnco, since a merger was completed in April and "provides an example of the potential of the combined product offering," according to a press release.

GiG describes the turnkey solution as powered by its technology and flexible architecture, and includes the technical platform, CMS, and the recently acquired Sportnco Sportsbook, "all powered by GiG's data and GiG Logic rules based solutions."

"Crab Sports' leadership team will leverage over 20 years' experience in online gaming to launch and drive their locally focused brand," a press release explains. Using their understanding of the market, the team intends to build "a compelling experience" and a brand that will "resonate strongly with customers in Maryland." 

We are happy to announce the signing of a head of terms agreement with US based sports betting brand Crab Sports. This is the first deal in the US for GiG and Sportnco. https://t.co/73xkrTqcyR#Sportsbook #Sportsbetting #Platform #OnlineCasino #iGaming #Sportnco $GiG pic.twitter.com/BoIkehzGFa

— Gaming Innovation group (GiG) (@GIG_online) June 7, 2022

The full contract is projected to be signed in the next few months, and the product is scheduled to go live in H2, 2022. As a result, GiG expects a positive contribution from Q4, 2022, onwards. 

Maryland's sports betting market is anticipated to generate $217 million in revenue in the first year alone. Both GiG and Crab Sports stated that they are "excited to enter the market as an aggressive challenger with a differentiated strategy."

"Combining a strong locally recognized brand with a quality product focused on user experience, conversion, retention and the highest standards of responsible gaming and customer support, both Crab Sports and GiG are highly optimistic for the future of the partnership," a company statement reads.

"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," said Richard Brown, CEO of GiG. "We look forward to working closely with the Crab Sports team to maximize their potential through a successful launch."

"This is a proud moment for us and highlights the faith we have in the synergies between GiG and Sportnco," he added. "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."