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NEWS 15 August 2019

Global Gaming reports “most turbulent and difficult” H1 following revocation of Swedish license

By Owain Flanders

Revenue at Global Gaming fell 42% year-on-year to SEK 132.2m ($13.8m) for Q2, with a 31% decrease in total H1 revenue to SEK 294.3m.

Q2 operating profit also fell from SEK 41m to a loss of SEK 11.1m. Operating loss for H1 was SEK 54.5m.

The company blamed the fall in revenue on recent events in Sweden, which saw the revocation of subsidiary Safe Ent Ltd’s license.

Prior to the ban, SafeEnt had been running both its Ninja Casino and SpelLandet online gaming brands in Sweden via online casino and sports betting licenses.

Sweden’s Supreme Administrative Court recently rejected Global Gaming’s injunctive relief appeal, calling for the court to review the case.

Global Gaming claims the decision has also led to negative reactions from suppliers and partners, which saw the company auditor, KPMG, terminate its contract without any further explanation or notice.

Tobias Fagerlund, CEO of Global Gaming, said: “It is no understatement to say the last three months have been the most turbulent and difficult in the history of Global Gaming.

“Despite the draconian measures and drastic organisational changes we are facing, we cannot fail to notice that, internally, our fighting spirit and will to prevail are very much alive, which in itself creates conditions we should not underestimate.”

 

RELATED TAGS: Financial | Legal & Regulatory
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