Gambling Operator Betsson Sells Its Stake In Global Gaming

Gambling Operator Betsson Sells Its Stake In Global Gaming

Gambling operator Betsson has sold its stake in Global Gaming. The company confirmed the news, however, it hasn’t yet disclosed the amount.

According to the local media reports Betsson had earlier acquired 726,000 shares of Global Gaming. Betsson’s stake represented about 1.8 percent of the company’s shares.

On Wednesday Betsson’s shares closed at SEK47.90, up 4% on the opening price, while Global Gaming shares were down 9.3% to SEK6.70.

Global Gaming has been having a tough time in Sweden. The gambling operator’s Q2 revenues slipped by 42% year-on-year to SEK132.2m (£11.4m/€12.3m/$13.8m). The company blamed most of it on the revocation of its ninja casino license.

Earlier this year, on June 17 Swedish gambling regulator, Spelinspektionen suspended the Ninja Casino operations asked the gambling operator ‘SafeEnt’, Global Gaming subsidiary, which operated the online casino in the country to cease operations of the gambling site with immediate effect.

However, Global Gaming is not giving up on the Ninja casino. In order to continue with the brand, the gambling operator has transferred its domain to Finnplay subsidiary Viral Interactive in an extended partnership deal. As such Global Gaming is hoping to get the brand relaunched.

Viral interactive is already operating Global Gaming’s Nano Casino brand in Sweden.

Earlier this year, the gambling regulator revoked the gambling operator’s license to operate the Ninja casino brand.

The gambling regulator found significant deficiencies and drawbacks in the company’s operations. As per the reports, the gambling regulator found that the company was not ensuring the compliance guidelines and was also lax on implementing anti-money-laundering measures.

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