Juroszek family increases GiG stake to 11.08%

The family is now the largest shareholder in the online gambling supplier.

Poland.- The Juroszek family, which recently agreed to sell 70 per cent of its Polish betting operator STS Holdings to Entain CEE, has increased its shareholding in Gaming Innovation Group (GiG). The family will become the supplier’s largest shareholder with an 11.08 per cent stake.

The family is making the purchases through three entities: MJ Investments, Juroszek Holding and Betplay Capital, which are each controlled by different family members.

Mateusz Juroszek, who continues as CEO at STS and has taken up a place on the board of Entain CEE, said GiG was one of the most attractive and undervalued igaming investments on the public market, “when the NOK and SEK exchange rates are taken into account”.

He said: “We as a family want to be a long-term investor. Our goal is to support the business and the growth.

“As a family we have been involved in the igaming industry for over 20 years and our aim is to extend our engagement in GiG’s shareholder’s structure. This is why we have recently finalised a number of such transactions.”

Juroszek noted that analysts have forecast the potential for GiG to see 70 per cent EBITDA growth and a 50 per cent increase in revenue. The supplier is undertaking a strategic review of its assets with an eye to split its platform services and media businesses into separate concerns.

Meanwhile, Entain has withdrawn its bid to buy Slovenia’s lottery and sports betting monopoly, Športna Loterija. Slovenian media had reported that the bids for the operator were believed to be worth around €50m.

However, the potential sale to a foreign gambling operator caused public controversy and raised fears for the impact on Slovenian sport, which receives funding via a levy on the Športna Loterija’s revenue.

The Skiing Association of Slovenia, Slovenian Olympic Committee, Slovenia Post and Lottery of Slovenia each own 20 per cent of the operator while the Slovenian Football Association holds a 17 per cent stake.

Entain’s expansion strategy has also been questioned, with shareholder Eminence Capital criticising the decision to fund deals by issuing new shares.