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Online Casino Contract Extension

The deal between SportingBet plc and Global Interactive Gaming (GIG) has been extended according to the latest announcement. The two companies have been partnered up for some time, but they have been operating off-contract for the past several months. The partnership has been beneficial cash-wise to SportingBet, and for that reason, among others, the companies have chosen to work continue working together and SportingBet will continue to provide online casinos sports betting related services for GIG. And while SportingBet certainly benefits from current agreements, the new fee agreement between the two online casinos related companies will help GIG remain cash-positive in the coming fiscal year.

The new deal was signed into agreement just last month, but the GIG online casinos gambling company will see fees reflecting the new deal as of February 1, 2008. The new deal maximizes the amount of money that GIG receives from SportingBet in terms of revenue share. The new deal sees GIG receiving the larger of two monthly amounts – an agreed upon monthly minimum that is higher than the previous amount, or a percentage of the monthly revenue.

The CEO at Interactive Systems Worldwide, Inc, the parent company of GIG which operates as a wholly owned subsidiary of ISW, announced the new arrangement and commented on how this new deal will benefit the online casinos gambling group. Bernard Albanese remarks, “The extension will provide [GIG] with a much-needed increased level of stable cash flow. It is expected that the anticipated cash receipts will allow GIG to be cash flow positive on a go-forward basis. This is the first time that GIG has been able to achieve this milestone."

And that is certainly something significant for GIG considering how unstable and volatile the online casinos gambling industry has been in the past year and more.