Gaming Innovation Group has reached a head of terms agreement with Crab Sports (a US sports betting company)
The deal with Crab Sports is the first in an expanded offering from GiG and its recently acquired partner, Sportnco.
GiG will be powering Crab Sports using its turnkey solution which includes the technical platforms CMS and Sportnco data.
Crab Sports will use GiG technology for a more focused offering to the Maryland community.
While it’s not an official partnership agreement, it is expected that the head-of-terms agreement will be converted into a complete contract in the coming months. GiG anticipates that Crab Sports will contribute to its Q4 2022 deal, when online gambling is legalized in Maryland.
Becoming regulated for land-based operations in December 2021, Maryland’s sports betting market is expected to generate $217m in its first year.
Maryland’s total gaming revenues for May were $178.8m, almost 4 percent more than the year before.
With a locally focused offering, Crab Sports and GiG hope to enter the Maryland market as challengers with a differentiated strategy.
GiG CEO Richard Brown Said: “I am delighted to have partnered with Crab Sports. We see immense potential in Crab Sports’ excellent team and local approach, and we see potential in Maryland.
“We look forward to working closely with the Crab Sports team to maximise their potential through a successful launch.
“This type of deal is directly in our ‘wheelhouse,’ helping challenger brands drive value and enter newly regulated markets, [highlighting] our product in the ‘soon to be’ open Maryland market.”
Kindred Group was granted a Gambling License by the Netherlands Gambling Authority. Kansspelautoriteit has granted the group approval to provide online gaming services for commercial purposes.
In early May, the Gambling Commission opened up this year’s application process for regulatory settlement funding, with stage one applications due by 1 July. The payments are made by individuals who have chosen to make the settlement.