LONDON (January 6, 2016) – Gamevy, the online games developer and winner of the 2015 Pitch ICE competition, has increased in value by ten-fold (900%) in less than a year – according to co-founder and Gamevy Marketing Director, Helen Walton.  

Helen Walton, co-founder Gamevy

Helen believes that the experience gained at ICE was invaluable.  She explained: “There’s no doubt ICE was a game-changer for us. It was the catalyst that helped us find investment, sign our first two customers and make a major change in our strategy. This last point is key. The conversations we had at ICE helped us to establish a route to market which was slower but also more pragmatic. I would say that the ability to stay open to the new possibilities we came across at ICE has been a key part of our success.

“Although the snappy soundbite might be that winning ICE helped us find investment, that was not actually its true value. Far more important was the change in direction that we undertook as a result of the conversations that opened up. We believe that the business has increased in value by almost ten times since Feb 2015 – a truly staggering growth rate, but one which we expect to see confirmed by an upcoming external valuation.”

The Board of Directors of Gaming Innovation Group Inc. (GIG) has decided to issue 23,000,000 new shares at a price of NOK 1.95 per share. The share issue will be directed towards Swedbank Robur Fonder, one of the largest mutual fund managers in the Nordic region. The transaction will significantly strengthen GIG‘s financial position and enable the Company to step up efforts to pursue strategic growth opportunities.

The issue of 23,000,000 new shares will add total gross proceeds to the Company of approximately NOK 45 million. The pricing of the new shares is based on the volume-weighted average price on 4 January 2016. Following the share issue, Swedbank Robur Fonder will hold 4.38% of the shares in the Company.

Robin Reed, CEO of GIG, said:

“GIG is pleased to announce the investment in the Company by Swedbank Robur. We are delighted to see such a credible and successful player approach us which we see as a testament to the development of Gaming Innovation Group. Last year GIG did not pursue attractive acquisition opportunities because of the need to channel focus and revenues into our rapid growth. We know today that these acquisitions would have been complementary to our strategy and profitable. The Company is now ready to take advantage of such opportunities from an operational perspective and a strengthened balance sheet will allow us to pursue such opportunities rapidly as they arise. Furthermore, as part of the transaction we are getting a substantial and long-term shareholder”.

The Board of Directors of Gaming Innovation Group Inc. (GIG) has decided to issue 23,000,000 new shares at a price of NOK 1.95 per share. The share issue will be directed towards Swedbank Robur Fonder, one of the largest mutual fund managers in the Nordic region. The transaction will significantly strengthen GIG‘s financial position and enable the Company to step up efforts to pursue strategic growth opportunities.

The issue of 23,000,000 new shares will add total gross proceeds to the Company of approximately NOK 45 million. The pricing of the new shares is based on the volume-weighted average price on 4 January 2016. Following the share issue, Swedbank Robur Fonder will hold 4.38% of the shares in the Company.

Robin Reed, CEO of GIG, said:

“GIG is pleased to announce the investment in the Company by Swedbank Robur. We are delighted to see such a credible and successful player approach us which we see as a testament to the development of Gaming Innovation Group. Last year GIG did not pursue attractive acquisition opportunities because of the need to channel focus and revenues into our rapid growth. We know today that these acquisitions would have been complementary to our strategy and profitable. The Company is now ready to take advantage of such opportunities from an operational perspective and a strengthened balance sheet will allow us to pursue such opportunities rapidly as they arise. Furthermore, as part of the transaction we are getting a substantial and long-term shareholder”.

Dan Engel, co-founder of the Pop-u-Lotto online lottery brand, which is scheduled to launch in Brazil in Q1 2016, has accused some of the world’s most famous lotteries of risking player alienation and  lottery fatigue through the creation of games which make winning into nothing more than a pipe dream.

Dan Engel, co-founder of the Pop-u-Lotto™ online lottery brand.

Reserving his ire for the UK’s National Lottery, operated by Camelot, Engel said: “Where’s the concept of ‘fair play’ that the British are renowned for when Camelot increase the number of balls from 49 to 59 and in one ‘foul’ swoop reduce the odds of winning the jackpot from 1 in 14 million to 1 in 45 million?

“There’s a huge risk that players will simply vote with their wallets and purses and find an alternative way to enjoy their leisure spend.  My fear is that initiatives by operators to boost profits is blinkered and may well be to the detriment of the entire lottery industry.   A cursory look at the internet forums quickly identifies disgruntled ex-players bemoaning the fact that it’s just too difficult to win what they refer to as ‘a normal lottery jackpot.’ When the changes were announced, the National Lottery’s official Facebook page was bombarded with complaints from players who insisted they had had enough. When you reduce the chances of winning you also extinguish the excitement.”