In December, Enlabs maintained that the Swedish market was “of great interest” to the company, despite detailing the decision to voluntarily revoke its licenses for commercial online gaming and betting within the country.

It is said that the reason behind the decision was due to the need for technical development work linked to the company’s certified platform, with internal work having already begun.

Asserting that the group reflects a “leaner, more agile and fully aligned organisation” after its Global Gaming integration, Enlabs says that it will adopt a dual geographic target moving forward, with plans to expand into emerging regions on hold due to COVID-19 impacts with its Chile and Peru projects closed. 

Spearheaded by its OptiBet and Ninja Casino flagship brands, the Baltics and Nordics are to become Enlabs’ prime focus moving forward, with Ukraine and Belarus to join Sweden in anticipated 2021 launch regions.

George Ustinov, CEO and president of Enlabs, said: “Enlabs has added Nordic market sales know-how to its team and a global Pay & Play brand to its portfolio. This gives me certainty to say that in 2021 Enlabs will be relaunching in Sweden and will take Ninja brand across all of its operational markets.”

Revenue during Q4 increased 82 per cent to €20.3m (2019: €11.2m), with gaming taking €19.7m (2019: €10.4m), media €400,000 (2019: €500,000), and other €200,000 (€300,000).

Casino took the lion’s share of the gaming revenue by finishing with a figure of €16.4m (2019: €6.5m) for the quarter, ahead of betting’s €3.1m (2019: €3.3m), and poker’s €200,000 (2019: €700,000).

Total active customers finished up at 77,357, an increase of 88 per cent from 41,163; as net profit dropped slightly to €2.2m (2019: €2.5m), and adjusted EBITDA almost doubled to reach €6.6m (2019: €3.5m).

For the full year, revenue increased 27 per cent from €39.6m to €50.5m, net profit reached €15.1m (2019: €9.4m), adjusted EBITDA rose to €13.8m (2019: €11.6m), and total active customers surged 63 per cent from 70,032 to 114,332.

Ustinov added: “Customer activity is the main driver behind Enlabs strong results during the quarter. Active customer count increased by 15 per cent quarter to quarter and 88 per cent year over year. Retail lockdowns have accelerated customer conversion from offline to online channels in many industries with igaming not being an exception. 

“Sports world is very active providing a large variety of events for betting and continued new casino content roll out leads to igaming, as a form of entertainment, gaining popularity. Enlabs aims to provide a safe and controlled igaming environment. 

“All our brands offer a full set of responsible gambling tools starting with self-control limits and betting pattern monitoring, ending with centralised self-exclusion registries and forced game-stop.”

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Global Gaming, of whom SafeEnt is a subsidiary which runs the igaming entity Ninja Casino alongside spellandet.com, will not lodge a further appeal to the Supreme Administrative Court – as is a permitted course of action.

The court judged that the company “has during the current time violated provisions in the Gaming Act on deposit limits for online games, customer contact, bonus offers and measures against money laundering”. Due to this, it says that there is reason for intervention under the Gaming Act.

Overall, the board of Global Gaming commented that it “welcomes the fact that the ruling has now been announced, and a consequence of this is that clear and distinct conditions for Global Gaming’s future operations now also exist”.

It adds that due to operational adjustment made following the Spekinspektionen’s decision, it is of the opinion that this latest judgement will have “no impact” on current or planned activities.

Speaking in a statement on behalf of the board of Global Gaming, it was added: “This has been a process that the company’s current newly appointed board inherited. The board has taken note of today’s judgment, and fully shares the views expressed by both the Administrative Court of Appeal and the previous court and thus also the Spelsinspekionen in the case.

“The board would like to point out that it took office only a few weeks before the hearing in the Court of Appeal, and in the then and still ongoing bidding process that Global Gaming is undergoing, measures that can be interpreted are of such a nature that they may undermine the value of the shares. In this case, companies under acquisition, not suitable or may be prohibited.

“Due to this, there was no reasonable opportunity for the board to stop the ongoing case even before the hearing in the Court of Appeal.”

On June 17, 2019, the Spelinspektionen revoked the licence of Global Gaming’s SafeEnt subsidiary related to the provision of betting and commercial online gaming in Sweden.

This was subsequently appealed to the Administrative Court and rejected; a decision which prompted a further appeal to the Administrative Court of Appeal.

“We have made a balance between the circumstances that speak for and against the revocation of the license. In this case, we consider that a warning is not a sufficient measure. The Spelinspektionen’s decision to revoke the company’s license should therefore not be changed,” noted Anders Poulsen, councillor of the Court of Appeal.

The Spelinspektionen welcomes the decision of one of “great importance” for the re-regulated gaming market, adding: “All licensed players must follow the existing rules. 

“It is particularly important that rules of great importance for the protection of consumers are complied with. If we are to ensure a healthy and safe gaming market, we must exclude those players who do not comply with essential parts of current regulations”.

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Announced by the group’s board of directors, Fagerlund vacates the position with immediate effect but will remain at the disposal of both Global Gaming and the board.

The group intends to initiate a recruitment process with the aim of seeking a new CEO, with board member Christian Rasmussen stepping in on an acting basis immediately and will handle the role on a consultative basis.

Fagerlund was initially appointed acting CEO of Global Gaming on April 29, 2019, and has occupied the position on a permanent basis since July 2, 2019.

“It is my opinion that Tobias during his time as CEO led Global Gaming in a very meritorious way. Tobias has implemented a large package of restructuring measures and shown evidence of a strong and clear leadership that was absolutely necessary for the company,” explained Niklas Braathen, chairman of the board of Global Gaming. 

“Tobias has thus with great success laid a good foundation for Global Gaming’s future operations. Now, however, the company is facing a new phase and we have identified a number of measures necessary to further strengthen the company’s position. 

“The CEO has worked from Stockholm, where he has been the company’s only employee, and there is a need for leadership to operate where our operating units are allocated, in Estonia and Malta.

“On behalf of the board and the company, I would like to thank Tobias for his work, and would like to point out that during the time I have been chairman of the board, we have had a very good collaboration and that I look forward to continuing in various forms.”

Last month Fagerlund declared that “Global Gaming is back to profitability” when addressing a 15 month period that was labelled “the most difficult and challenging period I have experienced in my professional life”.

Touching upon excitement at the next stage in the company’s history, which is to include “comprehensive sports betting offer” across current brands and markets as well further concerted growth efforts, Fagerlund lauded the company’s ability “to react quickly and forcefully in a very difficult situation”.

This follows a long protracted Swedish saga after regulator the Spelinspektionen withdrew the licence for commercial online gambling and betting of Global Gaming subsidiary SafeEnt, which runs the igaming entity Ninja Casino alongside spellandet.com, and subsequent appeals lodged and rumours dismissed.

For the quarter, operating profit closed at SEK 1.1m, contrasted to a loss of SEK 11.1m a year earlier, with loss after tax swinging from SEK 11.8m to a SEK 1m profit. 

Revenue amounted to SEK 71.8m, representing a 46 per cent drop from SEK 132.2m but an increase of 24 per cent compared to the first quarter. Its six month performance for the period ending June 30 declined 56 per cent to SEK 129.7m (2019: SEK 294.3m).

Most recently, Enlabs made its mandatory public offer to secure the remaining shares in Global Gaming, after previously taking its holding in the firm to 27,266,114 shares which corresponds to 66.70 per cent stake.

The offer value for the remaining 13,611,386 shares in global gaming is SEK 11 apiece, or SEK 149.72m (£13.18m), and therefore values all shares in the company at approximately SEK 450m (£39.63m).

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Touching upon excitement at the next stage in the company’s history, which is to include “comprehensive sports betting offer” across current brands and markets as well further concerted growth efforts, Fagerlund lauds Global Gaming’s ability “to react quickly and forcefully in a very difficult situation”.

This follows a long protracted Swedish saga after regulator the Spelinspektionen withdrew the licence for commercial online gambling and betting of Global Gaming subsidiary SafeEnt, which runs the igaming entity Ninja Casino alongside spellandet.com, and subsequent appeals lodged and rumours dismissed.

For the quarter, operating profit closed at SEK 1.1m, contrasted to a loss of SEK 11.1m a year earlier, with loss after tax swinging from SEK 11.8m to a SEK 1m profit. 

Revenue amounted to SEK 71.8m, representing a 46 per cent drop from SEK 132.2m but an increase of 24 per cent compared to the first quarter. Its six month performance for the period ending June 30 declined 56 per cent to SEK 129.7m (2019: SEK 294.3m).

Global Gaming’s flagship Ninja Casino accounted for 81.9 per cent of the group’s revenue for the quarter, with the number of customers accessing the entity via a mobile phone finishing at 71 per cent (2019: 80 per cent) . 

During the quarter, revenue from the group’s Nordic operations amounted to SEK 55.1m, the rest of Europe counted for SEK 9.6m and SEK 6.7m came from B2B collaborations. 

Breaking down the figures for the first half of the year, revenue from Nordic operations amounted to SEK 96.6m, the rest of Europe came in at SEK 18.7m and  B2B closed at SEK 14.3m. 

Fagerlund explained: “The last 15 months have been the most difficult and challenging period I have experienced in my professional life. When I took over as CEO of Global Gaming, we were badly hurt and had just recalled our already decided proposal for share dividend to the owners. 

“When we also lost our Swedish license in June last year, and with it 75 per cent of our income, many thought that our days were numbered. Now we are back in profit again! 

“A year ago, we showed an ability to react quickly and forcefully in a very difficult situation. We have step by step delivered what we set out to do and constantly adapted and adjusted our operational activities. 

“No part of the organisation has remained unchanged; we have changed the technical platform, restructured the management, downsized the organisation by nearly two thirds which led to our cost base being completely different compared before. 

“At the same time, in the midst of everything, we have very concentrated and successfully run our remaining business. Revenues from our current markets have grown by 26 per cent during the first six months of the year compared with the first half of last year and by 35 per cent when comparing the second quarters of the two years. 

“It is also gratifying to note that July’s average income per day has been about 12 per cent higher than the average per day during the first six months of the year. It bodes well for the rest of the year.”

Welcoming Petter Fagrell as new CEO of its Maltese subsidiaries, during the quarter Global Gaming after saw Enlabs become its largest shareholder after making an investment of more than SEK 90m (£7.69m) to take its total ownership to 29.9 per cent.

Focussing on future opportunities, Fagerlund closed by stating: “Global Gaming is now ready to enter the next phase of the company’s history. In the coming month, we will launch a comprehensive sports betting offer in our existing markets and brands, and in the third quarter we will complete what we previously communicated about launching in several new markets. 

“I am proud and happy about the very good work we have done during the past year and look forward with excitement and confidence to the future. Not least, I look forward to an in-depth dialogue with our new major owner, the Enlabs Group. 

“Regardless of the outcome, it is my absolute opinion that the development holds great and interesting opportunities for both companies’ shareholders and that the future of Global Gaming’s offering and brands looks brighter than in a long time.” 

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Global Gaming’s revenue came in at SEK 58m, below the estimated SEK 66m, with the gross margin seen as better than expected, mainly due to lower affiliation costs. Redeye stated that the ‘more economical marketing spend has a significant negative impact on revenues’.

The cost cuts in OPEX had not reached the levels expected, however, it is believed that it will come during 2020. The positive currency effects boosted earnings, and EBITDA came in at SEK 1.4m, above estimates of SEK 0.9m.

Despite the below-par revenues, Redeye emphasised that a strong Euro performance boosted the earnings and the company’s efforts in lowering its costs are beginning to show as Global Gaming looks to take advantage of growth opportunities.

Global Gaming, whose portfolio contains the Ninja Casino brand, is currently in a legal fight against the Swedish Gambling Authority after it rejected the addition of Ninjacasino.se to the Virtual Interactive Limited’s license.

Redeye confirmed that the chances of winning the legal dispute are ‘slim’ as the outcome to divest the brand in Sweden appears to be a likely outcome, with it stated ‘we are convinced that the NinjaCasino brand still has good brand awareness in Sweden’.

In the short-term, with Global Gaming’s revenues coming fully from the online casino vertical, the company is benefiting from coronavirus due to a multitude of globally mandated self-isolation measures – with Redeye expecting to see ‘a clear positive impact on the company’. Yet it also expressed that it expects to see lower player values in the long-term due to a coming recession.

With Global Gaming stating that it will enter several new markets by the end of 2020, it is believed this will contribute to ‘significant growth beyond’ in the following year with the company still in a strong financial position which, according to Redeye, should be maintained well above SEK 80m after the dividend, with SEK 0.4 per share also signaling confidence in the company’s financial position, yet due to the uncertainty remaining high, it maintains its fair at SEK 5.5m.

Moving forward, Global Gaming wants to enter new markets and maintain its focus on Pay’N’Play, with Redeye believing that, if the group is able to launch before competitors and gain a first-mover advantage in a new markets, it would be hugely beneficial.

Redeye continued to state that it believed the company will enter ‘at least two new markets before the end of 2020’. It’s expected that the expansion should drive growth during 2021 and could potentially be a game-changer for the company, according to the equity research and investment banking company.

For the Finish and Estonian markets, it’s expected that the company will grow in line with the markets, which would be between five to ten per cent annually with the numbers potentially boosted during the second quarter due to the current pandemic.

Redeye believes that Global Gaming has, like the rest of the gambling industry, been negatively affected by the regulatory worries and uncertainties connected to the European market, especially Sweden. 

Redeye stated: “After the regulation and the problematic start, all the Swedish based operators have seen a significant drop in sales and earnings. This has continued to pressure the multiples. However, since Global Gaming lost its Swedish license it is more about understanding how Global Gaming can adapt and what values there are left in the company. 

“In our view, the Ninja Casino brand, with its brand awareness in Sweden and Finland, would be an attractive acquisition. We believe the Ninja Casino brand would work well in several other markets and is a perfect Pay’n’Play brand. 

“Meaning, that for a larger operator that likes to have a Pay’n’Play focused brand to roll out on all markets, this is a perfect match. Moreover, product improvements and cost synergies will also add additional value to the taker.”

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Following Ninja Casino’s licence revocation in 2019 the company has seen a number of appeals fall by the wayside, however during the quarter saw the Administrative Court of Appeal granted a review permit.

This was followed by the Swedish gambling authority rejecting an application by Viral Interactive to resurrect the Ninja Casino brand within the online market.

The ongoing debate comes after Social Security Minister Ardalan Shekarabi proposed a number of temporary changes in gaming legislation due to the coronavirus pandemic, following which a Copenhagen Economics report has seen numerous organisation voice channelisation warnings.

“As a part of the ongoing Swedish debate about online gaming and the so-called channelisation during the last week, speculation occurred about if Swedish players can play games at Ninja Casino even though our licence are subject of legal proceedings. I want to make it crystal clear that so is not the case,” emphasised Tobias Fagerlund, Global Gaming CEO.

“We do not accept Swedish customers and have not done so since the SGA announced its decision almost a year ago. The revocation of our license is tried in court and we will have a verdict in due time. 

“We will not be active in Sweden before the courts have given us our licence back. Global Gaming continues to show that it is serious in rising and getting back from last year’s negative development. We are continuously strengthening our conditions and it is my absolute conviction that we now are prepared for growth and that we have a very interesting period ahead of us when the market eventually normalises.”  

Revenue for the year’s first quarter dropped 64 per cent to SEK 57.8m (2019: SEK 162.1m), with Ninja Casino accounting for 87.3 per cent of the figure. A slight revenue increase was reported quarter-on-quarter.

During the period, revenue from Nordic operations amounted to SEK 42m, the rest of Europe finished at SEK 9.1m and SEK 6.7m came from B2B collaborations. Gross profit dropped 58 per cent to SEK 32.9m (2019: SEK 77.4m).

With the firm’s sports betting launch postponed until later in the year, Global Gaming is to implement a number of organisational changes as it strives to navigate covid-19 challenges to ensure a fruitful long-term position.

Fagerlund added: “Global Gaming shows strength and delivers a first quarter in line with our expectations. Even though we have got help from a strong euro we are already now close to reaching our first goal for the year; to be break even during the first six months. We are serious with our goals of being back on profitability this year. 

“Our decision to give our owners dividend corresponding to more than seven percent yearly yield aims at underlining just that; we are prepared for growth and for returning to black numbers.

“Our intention to increase our presence at new markets and with new brands remains. We have during the quarter soft launched our new brand Boost Casino on our existing markets and will now increase the speed. When the year comes to its end Ninja Casino and Boost Casino shall be operational on at least three new geographical markets.”

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Following Ninja Casino’s licence revocation in 2019 the company has seen a number of appeals fall by the wayside, however events after the quarter saw the Administrative Court of Appeal grant the firm a review permit.

This was followed by the Swedish gambling authority rejecting an application by Viral Interactive to resurrect the Ninja Casino brand within the online market.

Revenue during the final quarter for Global Gaming decreased 76 per cent to SEK 57.5m (2018: SEK 236.4m), with a 55 per cent full year drop finishing at SEK 412.1 (2018: SEK 915.9m).

“Sweden is still important to us and we regret that the Swedish Gambling Authority recently rejected Viral Interactive’s application to add the domain ninjacasino.se to its offer. We do not share the Swedish Gambling Authority’s assessment and, to say the least, find the motivation strange,” Fagerlund stressed. 

“More important and more gratifying is that our appeal of the Swedish Gambling Authority’s decision to revoke our subsidiary SafeEnt’s licenses for the Swedish market has been granted review permit in the Administrative Court of Appeal. We look forward with confidence and excitement to the decision of the Administrative Court of Appeal, which we believe will be announced in the coming months.”

The company has also had to pull the plug on a previously announced sportsbook collaboration with Kambi, due to the uncertainty surrounding a potential Swedish launch. It is emphasised however that a “comprehensive” sportsbook offering is to debut ahead of this summer’s European championships.

Gross profit for Global Gaming during Q4 also saw a sharp decline to SEK 37m, representing a 74 per cent drop from SEK 142.6m, with full-year figures plunging 60 per cent from SEK 553.2 to SEK 221.3m.

Operating profit swung from a SEK 18m gain in 2018’s final quarter to a loss of SEK 26.6m in 2019, with full-year losses finishing at SEK118.7m from a profit of SEK 148.6m.

Maintaining the confidence evident in his previous CEO’s address, Fagerlund reassured: “During the period, our efforts to create the conditions to succeed with our short and long term goals have continued unabated.

“We have completed the technical migration to Finnplay’s platform, fine-tuned a partially new and much smaller organisation, regained control of our costs and – not least – internally anchored, launched and started delivering according to the ambitious road-map that followed this autumn’s extensive strategy work.”

Adding: “There is a good bit left for us before we have recovered from the 2019 setbacks and certainly there is much that can go against us. My most important message now, given the difficult starting position, is that there is a lot that goes well. 

“We firmly believe that the processes we control ourselves go according to plan and we firmly believe that when we sum up in 2020 in a year, it is something quite different from the year we have now left behind. We believe in what we do!”   

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Under the terms of the agreement Relax’s in-house content, including Temple Tumble and Money Train, will be made available, as well as upcoming releases from its growing catalogue of proprietary slots.  

Integrated third-party games from the supplier’s extensive portfolio will also go live, including a selection of igaming titles from a number of partners such as Big Time Gaming, Push Gaming, STHLMGAMING and Kalamba Games.

Dirk Camilleri, head of casino at Ninja Casino, said of the deal: “Relax Gaming not only offers a quality range of content but also a simple aggregation model and user-friendly interface that provides quick and smooth integration.

“We pride ourselves on utilising the latest cutting-edge technology to deliver the best possible casino experience to our customers and partnering with Relax allows us to further advance our offering with industry leading games.” 

The partnership with Ninja Casino is praised as adding “another major online name” to the online casino content provider and aggregation platform’s distribution network.

Daniel Eskola, Relax Gaming CCO, stated: “Securing this deal with Ninja Casino demonstrates that our offer of technical excellence and business simplicity provides real value to major operators in the European market. 

“Ninja Casino’s broad customer base will boost our distribution in both new and existing markets and help us to reach new players.”

Last week, the Spelinspektionen rejected an application by Viral Interactive to resurrect the Ninja Casino brand within the Swedish online gaming market.

Global Gaming transferred the Ninjacasino.se domain to Viral Interactive, a holder of a Swedish license for commercial online gaming issued by the Swedish Gambling Authority, five months ago after its licenses were revoked by the regulator.

It was said that Global Gaming would act as a marketing partner to Viral Interactive and would continue to provide support in terms of resources and expertise in marketing, customer experience and branding for Ninjacasino.se as well as the previous launched NanoCasino.com.

Alongside the transfer, Viral Interactive applied to add the domain to the others on its licence, a motion which the Spelinspektionen has now rejected.

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Global Gaming transferred the Ninjacasino.se domain to Viral Interactive, a holder of a Swedish license for commercial online gaming issued by the Swedish Gambling Authority, five months ago after its licenses were revoked by the regulator.

It was said that Global Gaming would act as a marketing partner to Viral Interactive and would continue to provide support in terms of resources and expertise in marketing, customer experience and branding for Ninjacasino.se as well as the previous launched NanoCasino.com.

Alongside the transfer, Viral Interactive applied to add the domain to the others on its licence, a motion which the Spelinspektionen has now rejected.

As a result Ninjacasino.se will not be able to launch on Viral Interactive’s license until further notice, although the company can appeal the decision.

Tobias Fagerlund, CEO of Global Gaming, gave his verdict on the decision: “It is noteworthy that the Swedish Gambling Authority, after almost five months of deliberation, chooses to reject Viral Interactive’s application to add Ninjacasino.se. 

“Viral Interactive can not in any way be regarded as a party in the legal procedure currently in place between SafeEnt Ltd and the Swedish Gambling Authority and can not be held responsible for any marketing previously conducted by Elec Games. The Swedish Gambling Authority’s decision to revoke SafeEnt’s license has not yet gained legal force and can therefore not be used as an argument. 

“It is obvious to me that there is a lot of prestige in the Swedish Gambling Authority’s decision and that the Swedish Gambling Authority continues to make questionable decisions which in our opinion lack clear support in the legislation.“

Last month Global Gaming’s Swedish licence revocation saga saw the Administrative Court of Appeal grant the firm a review permit relating to the appealed decision.

Issuance of the review permit means that the Administrative Court of Appeal in Jönköping will now decide whether the Swedish Gambling Authority’s decision to revoke the licence in June 2019 was correct.

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The firm saw subsidiary SafeEnt, which runs its flagship igaming entity Ninja Casino alongside spellandet.com, lose its Swedish licence for commercial online gambling and betting earlier in the year due to “serious deficiencies”.

A number of appeals have subsequently been launched, the most recent of which saw an appeal against the licence revocation rejected by the country’s Administrative Court.

Redeye outlines a belief that this could be a trend that could well continue if further appeals are launched: “The appeal of the licence revocation decision was rejected by the Administrative Court. This was, according to us, no surprise, and we believe that Global Gaming with take the appeal to higher courts. However, we don’t expect that higher courts will make a different decision.”

The year’s third quarter marked the first without any revenue from Sweden for the Ninja Casino brand, with it said that “adapting to a new reality where Finland and Estonia are Ninja’s main source of revenues will take time and is likely to bring major losses in the short-term”.

As marketing spend during the period dropped as well as a “substantial decline in revenue” being in line with expectations, a cost cutting exercise is expected to take full effect during the first half of 2020 to allow Global Gaming to focus on profitable growth and expansion into new markets.

Turning attention back to the company’s flagship entity, Redeye added: “Ninja Casino is still one of the Swedish market’s best-known casino brands. If Global Gaming can get it back up and running, this would be a major game-changer. There is also a good chance that an external ‘saviour’ might find the brand attractive. 

“If Global Gaming can restore Ninja Casino at home without losing too many players and with a good supplier deal, the case offers potential. If not, the company’s main asset is lost. Our DCF analysis shows a base case value of SEK 6 (6). As uncertainty is high, we maintain our stance that risk/reward is unappealing.” 

Stressing that adaption will take time and is likely to bring substantial losses in the short-term, a valuation summary was also offered. However, caution is issued due to the risk/reward nature of the firm at present: “We believe there currently are values in the company that motivates a value above SEK 6 per share. However, the many uncertainties and challenges for Global Gaming make it difficult to predict how much of the values that will erode during the coming 12 months. 

“Moreover, we believe several larger operators view Global Gaming, with its Ninja Casino Brand, as an attractive acquisition target. With potential synergies and swift migration of the Ninja Casino brand, the acquirer can add additional value. Nevertheless, an acquirer wants to see a large upside to add value to its shareholders. Implying that potential bids would, most likely, come in below SEK 8 per share, if any. 

“All in all, the Global Gaming share is for the risk-loving investor, and in our view the risk/reward is not appealing enough at the current state. We will, however, follow the development of the flagship brand, Ninja Casino, very closely going forward.”

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