Change in industry landscape prompts GiG to discontinue five sweepstakes brands
In a significant move, GiG Software, a leading software provider in the online gambling industry, has announced a strategic shift in its growth strategy. According to CEO Richard Carter, the decision to prioritize the regulated Brazilian market over sweepstakes was an easy one.
Brazil, it seems, is a core part of GiG Software's new growth strategy. The company aims to expand in Brazil's regulated markets by partnering with major Brazilian operators through strategic agreements. This move is expected to help GiG Software target significant market share, focusing on high-quality, experienced partners and launching regulated market offerings.
This change of plan was confirmed by Carter during the Q2 earnings call. He mentioned a tier-one operator in the Brazilian market willing to invest heavily in marketing, which could potentially generate more revenue than the five postponed sweepstakes launches combined.
However, this shift isn't without its challenges. Carter expressed concerns about the uncertainty surrounding operational results with sweepstakes partners, leading to a decision to postpone five sweepstakes brand launches. Local partners in the regulated Brazilian market, on the other hand, have shown strong commitment.
Sweepstakes companies, on the other hand, are equivocating. Carter questions the value of investing resources in uncertain sweepstakes partners, suggesting instead a focus on growth in regulated markets like Brazil.
The CEO believes that better-quality clients are poised to take the place of sweepstakes in GiG Software's strategy. This belief is based on the strong commitment shown by local partners in the regulated Brazilian market.
As GiG Software navigates these changes, it remains committed to delivering high-quality, innovative solutions to its clients and partners, ensuring sustainable growth in the rapidly evolving online gambling industry.
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