Gentoo Media, formerly GiG Media, has become a standalone listed affiliate business after completing its full legal separation from Gaming Innovation Group’s B2B platform business.
Gentoo Media Inc. is now trading under the G2M ticker on the Oslo Stock Exchange and as G2MSEK on Nasdaq Stockholm.
CEO Jonas Warrer (pictured receiving GiG Media's prize for Best Casino Affiliate in the 2022 iGB Affiliate Awards) said he was “thrilled” by the opportunities to further strengthen its market leadership and enhance shareholder value.
Gentoo teed up its breakaway with a 14th consecutive quarter of unbroken revenue growth to €30.3m in Q2 with adjusted EBITDA of €14.8m. By contrast, the Richard Carter-helmed GiG Software PLC signed off on life as part of a combined business with a 21% fall in sportsbook and platform revenues to €7.3m coupled with an EBITDA loss of €1.6m.
GiG Software has been funded with a “starting cash balance sufficient to secure its operations”, while Gentoo contributed some proceeds from the June 2024 share issue to repay €5.9m in bank loans belonging to the Sportnco platform business acquired in 2021.
Gentoo, which operates 150 websites including CasinoTopsOnline, AskGamblers, Time2Play, WSN and most recent acquisition CasinoMeister, also provides the GiG Comply brand-protection tool to operator affiliate programmes including Bet365 Partners and Betsson Group Affiliates.