Gaming Innovation Group (GiG) has signed a head of terms agreement with Crab Sports which will allow it to offer its platform and sportsbook to the US sports betting brand in Maryland.
Under the framework of the agreement, GiG will provide its technical platform, CMS, and its Sportnco Sportsbook – acquired late last year – to launch the sportsbook, all of which will be powered by its data and GiG Logic rules-based solutions.
Furthermore, Crab Sports will draw upon its vast online gaming experience to launch its ‘locally focused’ sportsbook brand. The firm states that it will leverage its ‘deep understanding of the market’ to build an engaging sportsbook for consumers in Maryland.
This agreement only sets out loose terms, however, a full agreement contract is set to be signed in the ‘next few months’, with a live date set for H2 of this year. GiG stated that it anticipates a positive contribution from the sportsbook in Q4.
Sports betting in Maryland was legalized back in 2021 but is still limited to retail sportsbooks, with online sports wagering not expected to launch until next year.
The legal sports betting market is expected to generate $217m in revenue during the first full year of legalization, as laid out by analyst Geoff Fisk. GiG and Crab Sports aim to enter the market ‘aggressively’ to challenge other established sportsbooks in the state.
Richard Brown, CEO of GiG, commented: “I am delighted to have partnered with Crab Sports. We see great potential in Crab Sports’ excellent team and local approach and we see great potential in Maryland. We look forward to working closely with the Crab Sports team to maximize their potential through a successful launch.
“This is a proud moment for us and highlights the faith we have in the synergies between GiG and Sportnco. This type of deal is directly in our ‘wheelhouse’, helping challenger brands drive value and enter newly regulated markets, showcasing our product in the ‘soon to be’ open Maryland market.”