Industry News

Betsson Sells its Stake in Global Gaming

Published

6 years ago

October 11, 2019

Niji Narayan

Betsson Sells its Stake in Global Gaming

Reading Time: < 1 minute

Betsson AB has sold its entire stake in Global Gaming 555 because of the latter firm’s ongoing struggles in Sweden’s regulated market. The sale was reportedly done sometime in July, mere weeks after Betsson was revealed to have equally quietly acquired 726k shares (1.8%) of Global Gaming.

Betsson’s shares are up 4%, while Global Gaming’s shares tumbled 9.3%. Global Gaming’s share price is now less than one-fifth of what it was at the start of the year, reflecting the turmoil the company has endured in its biggest market.

In June, Sweden’s Spelinspektionen revoked Global Gaming’s online license due to alleged anti-money laundering and social responsibility shortcomings at the company’s Ninja Casino brand. The company’s efforts to appeal the revocation were rejected by Swedish courts.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.