GiG Software Takes a Big Step into US Markets with OTCQX Trading Launch

In a move that signals growing ambitions in North America, GiG Software has officially begun trading on the OTCQX Best Market under the ticker symbol GIGXF. The B2B iGaming technology company sees this as a strategic play to tap into a broader investor base while strengthening its foothold in the competitive US gaming landscape.

For a company that’s been pushing hard to transform itself after splitting from its parent organization, this latest development marks another chapter in what’s been a year of significant change and growth momentum.

Why the OTCQX Matters for International Companies

The OTCQX isn’t just any over-the-counter market. It’s the premium tier operated by OTC Markets Group, and it comes with some serious requirements. Companies need to meet high financial standards and demonstrate solid corporate governance to qualify. For international firms like GiG Software, which is already listed on the Nasdaq First North Premier Growth Market in Stockholm, the OTCQX offers a smart way to access US capital markets without the complexities of a full exchange listing.

What makes OTCQX appealing is how it bridges international and US markets. Research shows that companies joining OTCQX typically see their US ownership increase by more than seven times, while trading volumes in their home markets jump by an average of 28%. Liquidity improvements are even more dramatic for smaller firms, with trading volumes increasing by as much as 43% for companies in the lower half of the size distribution.

Richard Carter, who serves as CEO of GiG Software, emphasized the significance of this listing. According to Carter, accessing the diverse US investor community will bring multiple benefits, from stronger market presence to deeper engagement across North America. He added that the move underscores GiG’s dedication to creating shareholder value while maintaining its strong growth trajectory, and the company is eager to offer US investors a chance to be part of this growth story.

Who Is Richard Carter and Why Does His Background Matter?

Carter’s appointment as CEO in September 2023 was itself a strategic move for GiG. His resume is impressive in the iGaming world. Before joining GiG, Carter spent nearly five years as CEO of SBTech, where he orchestrated the company’s merger with DraftKings in a three-way deal worth noting. He also served as CEO of Bragg Gaming and spent time as a Director of Research at Deutsche Bank, where he led their Pan-European Gaming Equity Research franchise.

This background gives Carter deep knowledge of both US and international gaming markets, plus proven experience in navigating complex mergers and transformations, exactly what GiG needed as it underwent its own major restructuring.

The Technology Powering GiG’s Growth

GiG Software isn’t just another platform provider in the crowded iGaming space. The company has built a comprehensive suite of products that sets it apart from competitors. At the heart of its offering is CoreX, a cloud-based, multi-tenanted iGaming platform that’s designed to adapt quickly to different regulatory environments. This flexibility matters enormously in an industry where operators need to launch in multiple jurisdictions, each with its own complex set of rules.

CoreX is already live across Latin America, Europe, and North America, serving as the backbone for operators who need both power and agility. What makes it particularly interesting is how it integrates with GiG’s other products. SportX, the company’s sportsbook solution, offers real-time margin tailoring and a 24/7 trading team to support operators in competitive markets.

Then there’s the AI-driven tools that really showcase where GiG is headed. DataX and LogicX represent the company’s push into advanced analytics and automation. According to company data, DataX can improve conversion rates by up to 43%, boost retention rates by 14%, reduce average bonus costs by 17%, and even help reduce self-exclusion rates by 17%. LogicX, the automation rules engine, has shown the ability to increase average monthly turnover per user by 15.6% and push customer lifetime value up by 50%.

Recent Financial Performance Shows Momentum

GiG’s Q2 2025 results demonstrated the scalability of its business model. Revenue climbed 27% year-over-year to €9.3 million, while the company posted a positive adjusted EBITDA of €1.0 million, a dramatic turnaround from the €1.1 million loss in the same quarter the previous year. This marked the first time in recent quarters that GiG achieved EBITDA profitability, translating to a margin of roughly 10.8%.

The company executed three new platform rollouts during Q2, including a significant entrance into the Philippines market. GiG also secured three Heads of Terms agreements and four managed services contracts, reflecting growing commercial interest in its technology.

For the full year 2024, underlying revenue (stripping out discontinued operations) reached €29.2 million, marking a 25% increase from the prior year. More importantly, Annual Recurring Revenue grew by 34% to €33.4 million, providing a solid foundation for future growth. Looking ahead, GiG has set ambitious targets, guiding for €44 million in revenue for 2025 with adjusted EBITDA of at least €10 million.

Strategic Partnerships Driving Scale

GiG’s growth isn’t happening in isolation. The company has cultivated long-term relationships with major operators that provide both revenue stability and credibility in the market. Betsson Group stands out as a particularly important partner. In November 2024, GiG extended its partnership with Betsson, building on a relationship that began in 2022.

Under the extended agreement, GiG provides its platform, advanced AI tools like LogicX and DataX, and managed services to power Betsson’s Zecure brand across nine regulated markets, including Serbia, Germany, and Peru. The fact that Betsson, one of the industry’s most sophisticated operators with over 20 online gaming brands, continues to expand its relationship with GiG speaks volumes about the platform’s capabilities.

GiG also upgraded its long-standing partner GRAN|MADRID to the CoreX platform in early 2025. GRAN|MADRID, one of the largest casino operators in the Iberian Peninsula, has been powered by GiG since 2016. This migration to CoreX provides the operator with enhanced scalability, AI-driven risk management, and deep data insights to optimize operations and maximize player engagement.

The Sweepstakes Pivot and Market Strategy Shift

Earlier in 2025, GiG made headlines for a different reason when CEO Carter announced the company would drop five planned sweepstakes brand launches. This decision came amid growing regulatory uncertainty in the sweepstakes sector, which has faced increased scrutiny from state regulators and attorneys general across the US.

Carter explained the logic clearly: why waste resources launching with partners GiG wasn’t confident about when better opportunities existed elsewhere? Specifically, he pointed to Brazil’s newly regulated iGaming market as offering far more attractive prospects. Working with tier-one operators in Brazil who are committed to significant marketing investments made more strategic sense than pursuing uncertain sweepstakes deals.

The sweepstakes market itself has been under fire. In the first half of 2025, state regulators in Michigan, Maryland, Connecticut, and New York took enforcement actions against sweepstakes casino operators. New Jersey even passed legislation prohibiting sweepstakes casinos entirely in June 2025. Meanwhile, class action lawsuits have been filed against operators in multiple states, alleging fraud, breach of contract, and violations of gambling loss recovery statutes.

Despite stepping back from some sweepstakes opportunities, GiG hasn’t abandoned the space entirely. The company launched SweepX, a social sweepstakes casino platform specifically designed for the US market. SweepX went live with partner Primero Games in January 2025 under the goldrushcity.com brand. The platform combines a dual-wallet system, prize-redemption management, and AI-assisted content management technology, designed to give operators a competitive edge in the social casino vertical.

GiG subsequently signed three additional partners for SweepX, including a globally recognized social casino brand, a cryptocurrency affiliate, and a European iGaming business looking to expand into North America. While the broader sweepstakes market faces headwinds, GiG appears to be taking a more selective approach, focusing on partners with solid credentials and clear business models.

How GiG Stacks Up Against Competitors

The B2B iGaming platform market is intensely competitive, populated by major players with deep pockets and established relationships. Companies like Playtech, Evolution Gaming, Microgaming, and NetEnt dominate various segments of the market. Each brings different strengths to the table.

Playtech, for example, offers a comprehensive multi-channel platform with strong capabilities in both casino and sportsbook verticals, often positioning itself for enterprise-level operators with ties to land-based gaming. Evolution Gaming has essentially cornered the premium live casino market with its game shows and dealer experiences. Kambi specializes in pure sportsbook solutions for regulated markets, though GiG doesn’t see Kambi as a direct competitor given GiG’s positioning as a full-service platform provider.

GiG differentiates itself through several factors. First, its open-source, modular architecture enables rapid localization and market entry, critical for operators who need to launch quickly in new jurisdictions. The company is already certified or compliant in over 30 regulated markets worldwide, giving it one of the broadest geographic footprints in the industry.

Second, GiG’s newer product suite, the X-Suite (CoreX, SportX, LogicX, DataX, and SweepX), represents a fully integrated offering that few competitors can match. Most platform providers either excel at casino or sportsbook, but rarely both. GiG’s ability to offer a truly integrated sportsbook alongside its platform technology reduces integration complexity and operating costs for operators.

Third, GiG has focused strategically on regulated markets outside the US where competition is less intense. While many peers like Kambi and Playtech have invested heavily to compete in US sports betting, GiG has concentrated on markets in Latin America, Europe, and Asia where its expertise and speed-to-market provide genuine advantages. The recent entry into Peru with Betsson, which took only two months versus an industry standard of four months, demonstrates this capability.

Geographic Expansion and Market Opportunities

GiG’s geographic strategy centers on emerging and newly regulated markets where first-mover advantages can be captured. Brazil represents a major opportunity. The country’s iGaming market officially regulated in 2024, and GiG has already signed Heads of Terms with a Brazilian partner targeting significant market share. Given Brazil’s population of over 200 million and growing digital adoption, the market potential is substantial.

The Philippines is another key target. Updated PAGCOR regulations have created new online opportunities, and GiG secured its first operator in the Philippines market during Q2 2025. The company signed an agreement with Bloomberry and Solaire, which will utilize GiG’s CoreX platform along with AI tools LogicX and DataX.

France also presents interesting prospects as discussions around expanding online casino licensing could open the market to additional operators. GiG has already announced a commercial agreement to power a major European lottery, scheduled to go live during 2026. While specific details haven’t been disclosed, lottery operators entering digital casino gaming represent high-quality, well-capitalized partners.

The Road Ahead for GiG Software

With OTCQX trading now active, GiG has positioned itself to attract US investors while maintaining its primary listing in Stockholm. The dual listing strategy provides access to capital from both European and North American sources, potentially valuable as the company continues investing in product development and market expansion.

GiG has allocated €14 million for software development in 2025, supported in part by a €10 million capital injection from Gentoo Media. Additionally, the company raised €22 million through a directed share issue in August 2025, significantly strengthening its balance sheet. This financial cushion gives GiG room to pursue strategic opportunities and weather any short-term market volatility.

The migration of existing clients from the legacy Alira platform to CoreX remains a priority. This consolidation is expected to reduce system duplication and operational costs, with material savings anticipated beginning in 2026. Successfully executing these migrations while maintaining service quality will be important for demonstrating operational excellence to investors.

GiG’s pipeline remains robust, with a total annual contract value of €75 million as of late 2024, of which €16 million was already signed on long-term contracts. The company expects a 75% increase in brand launches compared to 2024, which should drive continued ARR growth.

The next several quarters will reveal whether GiG can sustain its Q2 profitability momentum and hit its full-year targets. The iGaming market has been experiencing rapid expansion, as evidenced by emerging technologies such as blockchain-based gaming platforms.

For US investors now able to trade GiG shares through OTCQX, the company offers exposure to the growing global iGaming market through a platform provider that’s demonstrated both technology innovation and strategic flexibility in navigating a complex, rapidly evolving industry landscape.