Glitnor Group Secures EUR 55M Facility from HG Vora Capital

Glitnor Group has secured a significant financial investment following a contribution of EUR 55 million ($64.2 million) from the US-based HG Vora Capital Management. This capital injection will support the operator’s expansion via mergers and acquisitions while bolstering strategic growth initiatives in regulated markets across Europe and North America. The deal should also help Glitnor regain its momentum after the company’s recent regulatory troubles.

The Operator Remains Set on Delivering Sustainable Growth

Glitnor, headquartered in Malta, has a rapidly expanding network of offices spanning from Stockholm to Sofia, employing over 300 individuals. The company has secured its position as an aspiring challenger in Europe’s online gaming space, leveraging its premier casino brands and its in-house studio, Swintt, to remain relevant despite the Old Continent’s challenging regulatory climate and intense competition.

This additional financing comes on the heels of Glitnor’s 2024 acquisition of OneCasino, consolidating its presence in Spain, Denmark, and the Netherlands. CEO Richard Brown acknowledged the financing as a substantial boon for the group. He drew attention to the company’s robust foundations and was confident that Glitnor would be able to capitalize on emerging opportunities and deliver sustainable growth.

The support from our financing partners underscores the strength of our current positions as well as the opportunities to accelerate growth, operating power, and profitability.

Richard Brown, Glitnor Group CEO

According to Glintor, part of the newly acquired funds will help finance a recent and yet-undisclosed acquisition. Industry observers note that the company’s M&A-driven strategy aims to bolster its presence in regulated markets while diversifying its product offerings. Increased financial flexibility means Glintor can take swift action, capitalizing on potential opportunities.

Glintor Seeks to Retain Momentum Despite Rising Challenges

Glitnor’s trajectory is one of the reasons why HG Vora Capital, an investment firm focused on gaming and hospitality, decided to support the operator. Parag Vora, founder and portfolio manager, lauded the company’s operational achievements and stellar prospects. He hoped that the capital injection would further bolster the operator’s trajectory.  Advisory firms Imperial Capital and Spectrum Gaming Capital guided Glitnor through the transaction.

This investment reflects HG Vora’s conviction in both Glitnor’s strategy and the significant opportunities in regulated online gaming markets globally.

Parag Vora, HG Vora Capital founder and portfolio manager

Although the financing is a boost to the company, it has also caused some concern, specifically regarding HG Vora’s past association with Maverick Gaming, which has recently filed for bankruptcy. Some industry analysts have suggested that financial partners may have pushed Maverick toward rapid, debt-fueled expansion, which ultimately ended in its downfall.

Glitnor is also facing some challenges. In March, Sweden’s gambling regulator fined the operator’s LuckyCasino brand SEK 28 million (roughly $2.7 million) due to alleged harm prevention deficiencies. Despite the setback, Glitnor remains committed to its growth plans. The company must demonstrate it can harness fresh capital without repeating the missteps that have tripped up other industry players.