Revocation of Global Gaming’s license to operate online Ninja Casino in Sweden has clearly taken a toll on the company’s Q2 revenues. According to the figures released by the company, its Q2 revenues have slipped by 42% year-on-year to SEK132.2m (£11.4m/€12.3m/$13.8m).
Global Gaming CEO Tobias Fagerlund has termed the catastrophic fall in revenue as “the most turbulent and difficult” time for the company.
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.
“When we got to the month of June, we positively thought we could realistically expect to be back into black figures already in the second quarter, thus achieving the intended turnaround,” Fagerlund said.
“Everything changed on the morning of 17 June, when the Swedish Gambling Authority announced that they had withdrawn – with immediate effect – the gaming license that lay at the foundation of the group’s Swedish operations.
“Those who have followed the extensive media coverage of the decision know that we do not share the Swedish Gambling Authority’s opinion and have therefore appealed it.”
Global gamings Q2 revenue was down to SEK 132.2m from SEK 227.8m year-on-year.
While Global Gaming appealed against the regulator’s decision it has not achieved much in the legal battle.
Last week, Sweden’s Supreme Administrative Court rejected Global Gaming’s appeal to allow it to operate its Ninja Casino in Sweden. The decision has practically shut all doors for the gambling operator to restart Ninja casino operations while the gambling authority is still reviewing its license revocation.