Million Games acquires Spiffbet’s game development business for SEK3.5m
Swedish operator confirms lack of investment into arm necessitated its sale as it plans to focus on B2C and B2B platform operations
Spiffbet has sold its game development business to Million Games in a deal worth up to SEK3.5m.
The sale will include STHLM GAMING, all games in Rhino Gaming’s portfolio and related intellectual property rights.
Spiffbet rebranded its in-house games studio to Rhino Gaming from its previous iteration of Spiffbet Casino in June 2021.
Spiffbet will now focus on its online B2C casino businesses including Metal Casino and its B2B platform services arm.
Last year, the Swedish operator announced it would be streamlining its business with a series of cost-cutting measures.
As part of the deal, Million Games will offer its games to Spiffbet and its partner operators that use Spiffbet’s platform free of charge for a year.
Speaking about the acquisition, Million Games CEO and founder Thomas Nimstad said the opportunity to acquire the assets was a great chance to expand the company’s gaming portfolio.
Nimstad said: “Completing this acquisition and gaining access to STHLM GAMING and the games under the Rhino Gaming brand is a fantastic opportunity for Million Games to quickly expand the games portfolio to strengthen us in a market with high competition and many players.”
Spiffbet CEO Henrik Svensson confirmed that the move was the end of an era for the company and the start of the operator’s new focus as he noted a lack of capital to adequately fund the arm necessitated the sale.
Svensson said: “For Spiffbet, this marks an end to Spiffbet being a player in game development, but at the same time also a statement that Spiffbet today has changed into a casino player.
“The acquisition of STHLM GAMING was good when it was completed and has given us good returns. However, we have not had the resources to develop this alongside the casino business.
“A successful game development business requires investments in developing new games and developing sales channels. Given the focus on the casino business, this did not exist. Therefore, it was a fairly easy decision to search for a new owner for the game development business who can develop it further,” he added.
Svensson recently invested SEK2m into the company and purchased 52,852,479 subscription rights on top of the 1,201,591 that he was allocated following an ongoing rights issue at the firm.