Mühlbach, who has held the role of COO since April this year, will replace current CEO Michael Holmberg with immediate effect.

Christian Lundberg, Chairman of the Board at Raketech, said: "Oskar has a clear vision of how Raketech will develop towards becoming a global partner to players in the online gaming industry.

"With his excellent skills in the company’s core business, I am confident we will ensure the right balance between organic development and expansion.

"As we now enter a new phase in the company’s development, I am convinced he is the right person to execute on our strategy and lead the company through the challenges we and the entire industry experienced in 2019."

In the lead-up to this change, Raketech had generated revenue of €6m ($6.7m) for Q3 2019, a 15% fall year-on-year.

Adjusted EBITDA was €2.7m, a drop of 34%, while profit for the period was €1.2m, a decrease of 29%.

Despite this, revenue for the first nine months of 2019 saw a 1% increase, to €18.1m.

The affiliate blamed the Q3 revenue drop partly on "a continued challenge in the Swedish gaming market."