Last Updated on Thursday, 8 August, 2019 at 5:19 pm by Christian Keszthelyi
Gaming Innovation Group Inc (GiG) launched its online casino with SkyCity Malta, GiG’s long-term Tier 1 partner, according to a press statement by the group. GiG will hence supply customers in New Zealand with its online casino experience. SkyCity Malta is a subsidiary of New Zealand-based SkyCity Entertainment Group Limited (SkyCity).
Today’s announcement follows the agreement penned by GiG and SkyCity on 21 May 2019 for the provision of its turnkey and fully-managed online casino solution, including a gambling licence. The turnkey solution, powered by GiG’s technology and architecture, includes a technical platform, fully-managed services, gaming content, front-end development, CRM, compliance and marketing. GiG will operate the online casino site from Malta on behalf of SkyCity.
SkyCity is one of Australasia’s online gambling, entertainment and hospitality groups with casino facilities in both New Zealand and Australia. SkyCity is a listed company in both New Zealand and Australia with a current enterprise value of around NZ$3b (€1.8b).
SkyCity estimates the offshore online gambling market in New Zealand to stand at approximately NZ$160m (€96m), while according to H2GC estimates the total gambling market in New Zealand is at NZ$2.7b (€1.6b). The New Zealand market appears to be following suit with the world-wide trend of an increasing growth in online channels, underpinned by changing demands of consumers and a constant evolution of technology. GiG says that the general expectation is that the country will regulate online casino gambling in the foreseeable future. All gambling which takes place in New Zealand is regulated by the country’s Department of Internal Affairs.
This partnership is expected to make a significant positive contribution to GiG’s revenues from 2020 onwards, however GiG does not expect a material impact on its revenues in 2019.
“This is an exciting day for SkyCity and one we have been working towards for some time alongside SkyCity Malta and our partner GiG. While ultimately a regulated online gaming market in New Zealand remains the preferred solution, the site launch is another step on our journey of pursuing opportunities to grow and diversify our earnings, addressing a new, fast growing industry which is highly complementary to our land-based activities and offering customers a multi-channel gaming experience,” said Graeme Stephens, Chief Executive Officer of SkyCity.
“GiG is pursuing a strategy of becoming the global partner for strong brands in iGaming. SkyCity Entertainment Group is the largest and most reputable gambling and leisure firm in New Zealand. We are very proud to have been entrusted to provide our full suite of gaming services to them. It has been great to work with Graeme and his accomplished team and due to a great collaboration, we have managed to launch a state-of-the art digital casino experience only two months after signing the agreement. We are looking forward to supporting SkyCity in its aspirations to provide a leading online gambling venue in New Zealand,” added Robin Reed, Chief Executive Officer at GiG.