GigaMedia Completes Sale of
Online Gambling Software Business
Reports Preliminary Q1 2010 Results
HONG KONG, May 13, 2010 — GigaMedia Limited (NASDAQ: GIGM) today announced that it has
completed the sale of a 60 percent interest in its online gambling software business to Mangas
Gaming, a leading European sports betting and online gambling group.
The sale has immediate effect. GigaMedia expects to record a significant one-time gain in the
second quarter as a result of the transaction.
Mangas Gaming is jointly owned by the Lov Group of famed media executive Stephane Courbit —
and SBM — the Société des Bains de Mer de Monaco, controlled by the Principality of Monaco.
SBM is the owner of the world renown Monte Carlo Casino in Monaco. Mangas Gaming is a leader
in European gambling with operations including BetClic, Expekt, and Bet-at-Home, together
offering sports betting, poker and casino services to over four million registered users in over 25
“We are very pleased to join our Everest Poker business with Mangas Gaming to create one of
Europe’s largest and best gaming platforms,” stated GigaMedia Chief Executive Officer Arthur
Wang. “Together we have the size and scale to claim top market share in the large European
Community, providing the highest entertainment value for our players and thereby driving the best
investment value for our shareholders.”
Everest Poker was awarded “Best Poker Operator” for two consecutive years by the independent
industry journal e-Gaming Review — and is one of the top poker sites worldwide by active player
The final price of the 60 percent sale will be set at the fair market value of the business as of
May 2012. As part payment for this 60 percent sale, Mangas has made an initial cash payment of
approximately US$100 million, which will be followed by a final earn-out payment to be made after
the May 2012 valuation depending upon the fair market value of the business at that time.
GigaMedia will continue to hold the remaining 40 perc