Spiffbet Sells Game Development Business to Million Games

Casino operator and games developer, Spiffbet AB, announced its plans to sell its game development business, amid changes and focus on its own casino services and casinos. The company announced Friday it will sell its game development business to the Swedish game studio, Million Games AB. The price tag for the takeover, which “depends on the outcome of the transferred business,” is capped at SEK 3.5 million ($327,800) maximum.

Spiffbet confirmed that the transaction includes the STHLM Gaming Sweden AB, all of its game titles and relevant intellectual property rights for those games. Additionally, the acquisition includes the Rhino Gaming portfolio and intellectual property rights. Still, Spiffbet explained that its “business of offering partner casino services will remain even if the Rhino Gaming brand is included in the sale.”

The sale of STHLM Gaming and Rhino Gaming comes at a time when Spiffbet considers changing focus from game development to its casino business. The company planned to decrease investment in game development. Additionally, Spiffbet explained that its game development arm had been subject to liquidation analysis after not contributing “to the business for a year now.”

While offloading its game development business, the company said it plans to continue growing its core business, involving its casinos and casino services. In light of the transaction, Spiffbet will be able to continue using games from the game development business for a year, free of charge, effective from the moment they are acquired by Million Games. According to Spiffbet, the sale of its game development business is expected to positively impact its Q3 2023 earnings via increased savings.

Million Games to Benefit from the Acquisition

Henrik Svensson, Spiffbet’s CEO, explained that the sale of its game development business helps the company transition to the casino vertical. According to him, upon initially acquiring STHLM Gaming, the company saw good returns and it was a successful takeover.

However, Svensson said that the company did not have the necessary resources to develop the business together with its casino operations, highlighting that significant investments are required. “Therefore, it was a fairly simple decision to search for a new owner of the game development business who can develop it further,” he said in conclusion.

“For Spiffbet, this marks the end of Spiffbet being a player in game development, but at the same time also a finding that Spiffbet has today changed into a casino player.“

Henrik Svensson, CEO at Spiffbet

Thomas Nimstad, Million Games’ CEO and founder, explained that the takeover of Rhino Gaming and STHLM Gaming represents a unique opportunity for the company. He spoke about the benefits the acquisition will bring by strengthening Million Games’ portfolio within the highly-competitive gambling sector.