The Stockholm-listed Gaming Innovation Group (GiG) has stopped investing with immediate effect in the development of its patented’ GiG Games’ studio.
The closing of the facility was conducted in order to decrease the operating costs of GiG, while at the same time bringing the group to the heart of the development of technology systems and further igaming regulations.
In its statement, GiG states that the closure of its Games division will save the company approximately €250,000 per month once its complete impact has been realised.
Richard Brown, acting Chief Executive Officer of GiG, commented: “The decision to halt in-house content production is a strategic choice to facilitate full focus and resources on becoming the platform of choice for the iGaming industry.
“This forms part of recent strategic initiatives taken to reduce non-marketing related OPEX, together with our commitment to execution and bottom-line earnings. I would like to thank everyone who has been involved in building our own games for their contribution and dedication to the Company.”
GiG Games vertical was established in 2017 and headed by Mathias Larsson as Managing Director of the division. This branch of business was established with the aim of developing unique IP gaming content to support the expansion of GiG’s network services for both the B2C and B2B sectors.
GiG claims that it will continue its deliverance of casino games to inner and external third party operators.
Closing its declaration, GiG states that, as a result of the closing, 25 employees hired by GiG Games were given redundancy packages. At present, the games studio will be maintained on a provisional basis until the end of the trading year.