Global Gaming has reported a steep decline in revenue for the third quarter. The gambling operator posted an operating loss of SEK40m (€3.7m/$4.1m). For the same period the previous year, Global Gaming had reported a profit of SEK60.3m.
The online casino operator’s Q3 revenue slipped 76% to just SEK60.3m for the three months to September 30.
Global Gaming has blamed the drop in revenue on the license ban by the Swedish gambling regulator. Earlier in June, Spelinspektionen had revoked the gambling operator’s license with immediate effect.
Spelinspektionen suspended the Ninja Casino brand operated by Global Gaming subsidiary Safent, and asked the gambling operator to cease operations of the gambling site with immediate effect.
The decision to cease operations and suspend the license for Ninja Casino came after 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.
Following the ban, Global gaming appealed but the courts ruled in favor of the gambling regulator and upheld the ban.
“Our situation is unsurprisingly still difficult and there are no magic tricks that can restore our results or the market’s confidence and belief that we can bounce back. All we can do is work hard with the determination to do just that – bounce back,” said Global Gaming chief executive, Tobias Fagerlund.
“Adapting the business to the circumstances restoring revenue-generation and growth is a long-term endeavour and will continue for a while yet, but I’m pleased to note that we are already able to see the results of our efforts. The effects of our restructuring, cost saving measures, changes in strategy and technology are immediately tangible.”