Swifty Global agrees to acquire Goldchip
Financial and sports betting technology company Swifty Global has announced an agreement to acquire UK sports gambling company Goldchip.
The agreement comes as Swifty Global aims to accelerate its market access, after recently being approved for UK and Curaçao gambling licences. The company is set to launch a sports prediction app in the UK, with the Goldchip acquisition designed to support this process.
While detailed financial terms of the agreement were not disclosed, Swifty Global confirmed that the acquisition is being funded through a combination of cash, restricted shares and vendor finance.
James Gibbons, Swifty Global CEO, said of the agreement: “Everyone is delighted about the acquisition and to have the Goldchip clients and team on board. This is exactly the critical mass we need to put us on the fast track towards our bigger plans.”
Goldchip reported revenue of $94m and a net profit of $1.75m in the 2021/22 financial year, and is an established company that boasts nearly 750 VIP clients, among them celebrities and sports stars.
In a statement, Swifty Global detailed aims to “grow this VIP sportsbook to 900 clients by the end of 2022.”
The statement went on to outline plans to introduce the Swifty Global sports prediction app and casino to the existing Goldchip client base.
Goldchip was the subject of a licence suspension by the Gambling Commission last month, pending a review into the operation of the company.
Comprehensive details of the review were not released; however it was alleged that Goldchip was operating contrary to conditions laid out in the Gambling Act 2005.
Swifty Global said in its statement that the acquisition of Goldchip assets would provide an immediate resolution to this licence suspension.
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