Gaming Innovation Group Inc. (GIG) has signed a Letter of 
Intent to acquire all shares in iGaming company Betit 
Holding Ltd. (Betit), creating one of the largest and 
fastest growing players in the Scandinavian iGaming market.

GIG will issue 153.5 million new shares as consideration for 
all shares in Betit. Further, GIG and major shareholder in 
Betit, Optimizer Invest (Optimizer), has agreed to convert 
Optimizer's 10% holding in GIG's subsidiary iGaming Cloud 
Ltd. into 56.5 million new GIG-shares. 

Betit was founded in 2013 and owns the three iGaming 
operators Kaboo.com, SuperLenny.com and Thrills.com. Since 
then, Betit has seen rapid growth with an average quarterly 
growth of around 15% with revenues in 2015 of EUR 20.6 
million and EUR 6.9 million in Q1 2016. 

The main shareholder of Betit, Optimizer Invest, is an 
iGaming investment company founded and owned by Henrik 
Persson, Andre Lavold and Mikael Riese Harstad, who in 
addition to having founded BetIt, previously have managed a 
number of successful iGaming companies such as Betsafe, 
NordicGaming Group (NordicBet) and BestGames Holdings.

Combined, BetIt and GIG will operate six brands, and the 
acquisition will create attractive commercial, operational 
and technological synergies, as well as enable cost savings 
and accelerated growth. Through use of innovative and 
proprietary products, digital marketing and by setting the 
benchmark for user experience, the combined company aim to 
become a market leader. 

Betit's proprietary front-end platform enables synergies 
between the brands and provides powerful marketing 
capabilities such as innovative gamification and CRM 
features, in addition to providing a best in class mobile 
product for all brands. This will also enhance the offering 
of GIG's gaming brands going forward and is highly 
complementary to GIG's current offering.

"Through this agreement, we team up with some of the most 
accomplished entrepreneur's in the industry, significantly 
enhancing our reach to end-users, marketing partners and 
professionals. Our vision is to make the industry an open 
and connected eco-system and we will all benefit from the 
commercial and operational synergies. The acquired 
technology will accelerate our ability to grow and 
strengthen our base for further M&A activity", says Robin 
Reed, CEO of GIG.

"Today is a very proud day for the Betit team. In less than 
three years, we have managed to build a successful multi-
brand company and have now secured a great deal and a bright 
future for our shareholders. To be honest we would probably 
not have done a deal at this stage with anyone else other 
than Gaming Innovation Group. They share our view on 
culture, the importance of product focus and that it is the 
people who make the company succeed. Together with GIG we 
will now become a major player in Scandinavia. With the 
strategy that is set and with the people we have, we're very 
proud to become a part of GIG," says Tomas Backman, CEO of 
the Betit Group.

"Optimizer is extremely excited about this partnership with 
GIG, and we see a great opportunity to create a leading 
iGaming company. As a significant shareholder in GIG, we 
will take an active role to make sure the company will 
release its full potential in the years to come. This is a 
journey in its early innings, and we see this as a long-term 
commitment within the iGaming sphere. We believe that by us 
joining forces, we have a very strong constellation to 
further accelerate growth as we seek to revolutionize the 
iGaming industry," says Henrik Persson, partner in Optimizer 
Invest.

Currently, there are 608,556,266 shares outstanding in GIG 
(686,111,340 on a fully diluted basis) and the number of 
authorized shares is 750,000,000. Following the 
transactions, the number of outstanding shares will be 
818,556,266, whereof Optimizer Invest will hold around 130 
million GIG shares, around 15.9% (14.5% on a fully diluted 
basis). The new shares will be subject to an 18 month lock-
up agreement. The agreement includes a non-compete clause 
towards any new iGaming business by Optimizer.

The closing of the transactions are subject to a 
satisfactory due diligence review, approval by GIG's Board 
of Directors and a shareholder approval to increase the 
authorized shares in GIG and necessary approvals from 
relevant gaming authorities. GIG will call for an 
extraordinary shareholder meeting expected to be held in 
August 2016.

For further information on the transactions and Betit, 
please see separate GIG disclosure "Detailed stock exchange 
announcement". GIG will also issue an information memorandum 
pursuant to and in accordance with the Norwegian Securities 
Trading Act section 7-3, cf. section 7-5 no. 7.

Carnegie acts as financial advisor to GIG in connection with 
the transactions.

For further information, contact: 
Robin Reed, CEO GIG, +356 9999 0382, 
(Robin@gaminginnovationgroup.com)
Tomas Bäckman, CEO Betit Group, +356 997 67 018, 
(tomas.backman@betitgroup.com)
Henrik Persson, Optimizer Invest, +46 706 914343 
(henrik@optimizerinvest.com)

About GIG:
Gaming Innovation Group Inc. is an emerging gambling 
solutions and interactive entertainment provider. The Group 
offers cutting-edge Cloud based Services and B2B Performance 
Marketing, and owns B2C gambling operators offering games 
from the best-of-breed suppliers across the online sports 
betting and casino industry. Gaming Innovation Group 
operates out of Malta and is listed 
on the Oslo Stock Exchange under the ticker symbol "GIG".

For more information about the Group and our services:
https://gaminginnovationgroup.com
https://igamingcloud.com
https://www.guts.com
https://www.betspin.com
https://www.rizk.com
https://www.thrills.com
https://www.kaboo.com
https://www.superlenny.com