Spiffbet sells its gaming division to Million Games

Spiffbet sells its gaming division to Million Games

Spiffbet sells its gaming division to Million Games
Spifftbet AB has confirmed the sale of its gaming division to Million Games, a Swedish game developer with an established reputation for producing top-notch products that are among the iGaming industry’s most sought-after titles. Million Games’ founder, Thomas Nimstad is a seasoned industry veteran who has worked at many of the biggest operators and companies, including Vera&John, Golden Hero, Solid Gaming, and MariaCasino. The transaction covers Spiffbet’s entire game development portfolio, with Million Games acquiring STHLM Gaming Sweden AB which is the umbrella for these company operations. Spiffbet is similarly acquiring the Rhino Gaming brand, but Spiffbet will retain control over its operational capacities when it comes to running online casinos. The deal is estimated at up to SEK3.5m ($330,597). Nimstad has welcomed the opportunity to acquire the gaming portfolio and consolidate its own game development positions. The executive added: “Completing this acquisition and gaining access to STHLMGAMING and the games under the Rhino Gaming brand is a great opportunity for Million Games to rapidly expand the game portfolio to strengthen us in a market with high competition and many players.” Spiffbet is confident that the sale will have a positive impact on its third-quarter results and see earnings go up. In addition, Spiffbet will be able to use the games developed by its own brands that are now being transferred to Million Games on the company’s online casinos. This will happen free of charge and the grace period will be valid for a period of one year after the acquisition of these assets by Million Games. Spiffbet CEO Henrik Svensson was similarly excited about this new opportunity and what it meant for his company. He noted that the transfer of assets marked the end of an era during which Spiffbet was known as a game developer. The company is now moving to become a “casino player” instead. “The acquisition of STHLM Gaming was good when it was done and has given us good returns. However, we have not had the resources to develop this alongside the casino operations,” Svensson added, explaining why the company felt the sale was the better course of action. He acknowledged the costs of doing business in game development and said that the company was keener to expand into its online casino business. All in all, the decision to sell to Million Games was a fairly simple one, Svensson concluded. Image credit: Unsplash.com

07 AUG 2023

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