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.