B2C and B2B iGaming business Glitnor Group has made a move to enter the U.S. market by acquiring a 37.5% stake in PlayStar Gaming Group over time. Glitnor is best known for its brands LuckyCasino and Swintt.
The strategic deal was made through Glitnor Ventures, a group initiative aimed at investing in emerging businesses. This acquisition is in line with the company’s growth strategy to expand into North America in 2023.
PlayStar Gaming Group, founded by online casino veteran Joel Wikell and led by CEO Per Hellberg, made a strong impact on the New Jersey online casino scene when it launched last August, says Glitnor, “thanks largely to its consumer-focused model.”
PlayStar CEO Per Hellberg
The brand aimed for a localized marketing approach featuring exclusive online promos and a number of offline incentives. “The brand’s resounding success in the state surpassed its targets, making it a truly remarkable first year,” says Glitnor.
Jörgen Nordlund, Co-Founder at Glitnor Group, stated: “Through our investment work with Glitnor Ventures, Glitnor Group aims to identify the best up-and-coming talent the iGaming industry has to offer – and in PlayStar, we believe we’ve identified the perfect partner in the U.S.
“Our investment in PlayStar comes off the back of an incredibly successful debut year for the brand that was characterized 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.”
Per Hellberg, Chief Executive Officer at PlayStar Casino, 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 U.S. market.”
The financial details of the deal were not disclosed. PlayStar garnered $15 million in equity funding in December 2022 to support its expansion into Pennsylvania. For its part, Glitnor , headquartered in Malta, has experienced sustained growth with its operator brands, including LuckyCasino and HappyCasino, as well as its B2B retention specialist, Swintt.
The company recently relocated to a larger office space as it prepares for a new era under the leadership of newly appointed CEO Richard Brown, starting in 2024.
Original article: https://www.yogonet.com/international/news/2023/07/25/68041-glitnor-group-ventures-into-the-us-igaming-market-with-375-stake-acquisition-of-playstar
