Glitnor Group to acquire 37.5% stake in PlayStar

Glitnor Group is set to acquire a 37.5% stake in US-facing online casino operator PlayStar as it looks to make significant inroads stateside.

The LuckyCasino parent company said it will acquire the stake “over time” but did not provide a specific timeline.

No financial details of the acquisition have been disclosed by either party.

PlayStar launched last year in New Jersey and quickly established itself as a prominent challenger brand in the Garden State.

Spearheaded by former Catena Media head Per Hellberg as CEO, the operator secured a $15m investment from Meyer Global Management in December to support its growth plans.

The operator boasts more than 40 employees across offices in New Jersey, Gibraltar, Malta and Sweden.

The deal was agreed via Glitnor’s investment arm, Glitnor Ventures.

Speaking on the acquisition, Glitnor co-founder Jörgen Nordlund said the company had found the “perfect partner” in PlayStar.

Nordlund said: “Our investment in PlayStar comes off the back of an incredibly successful debut year for the brand that was characterised by an extensive range of locally specific, community-focused promotions, and we hope with our backing, they can go on to achieve bigger and better things in 2023.”

Hellberg said: “PlayStar is delighted for Glitnor Group´s committed investments and we believe their ongoing interest in our brand is a fitting reward for what has been a remarkable debut year for us in the New Jersey market.

“With Glitnor Group’s funding and support behind us, I’m sure PlayStar will go from strength to strength in 2023 and beyond, enabling us to further cement our position as the preferred online casino in the thriving US market.”

The move to acquire the stake in PlayStar comes eight months after Glitnor called off its proposed acquisition of affiliate KaFe Rocks.

Glitnor and KaFe Rocks mutually agreed to shelve the merger, which was first announced in February 2022, due to poor market conditions.