Global Gaming agrees €500k sale of Nano Casino to Finnplay
Former B2B partners agree IP-led deal following Viral Interactive’s market withdrawal
Global Gaming has sold its Nano Casino brand to its former online casino partner Finnplay Group in a €500,000 (£452,000) deal.
It is understood the agreement includes all remaining intellectual property rights to the Nano Casino brand, which was first launched in July 2019.
The decision forms part of the divestment of Finnplay’s Viral Interactive subsidiary, which exited the UK and Swedish regulated markets due to worsening financial conditions and the coronavirus pandemic in March.
At the time, Finnplay Group founder Martin Prantner claimed market conditions were not favourable for small operators in what he described as an “ever-regulatory framework resulting in diminishing profitability”.
“In the months to come, we will review our strategic options and restructure our business accordingly,” Prantner added.
Alongside Sweden and the UK, Viral powered white-label sportsbooks in Belgium, Bulgaria, Denmark, Hungary, Malta, Mexico and Romania.
Global Gaming inked a partnership deal with Finnplay in July 2019, culminating in the launch of the Nano Casino brand in August.
In September, Viral Interactive applied to the Swedish Gambling Authority (SGA) to transfer Global Gaming’s Ninja Casino brand onto its own Swedish licence, following the prior removal of the latter’s licence in June 2019.
The application was rejected by the SGA.
Global Gaming has been in virtual freefall since its Swedish licence was revoked in June 2019, with the firm forced to cut 50% of its staff in August 2019.
Company financials have nosedived since with operating profits dropping by almost 200% and a 55% year-on-year drop in full year company revenue for 2019.
The operator’s appeal against its Swedish licence revocation is still ongoing.
Last month, Nordic-focused operator Enlabs agreed a deal to more than double its stake in Global Gaming at a cost of SEK90.4m (£7.7m).