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Betsson Sells its Stake in Global Gaming

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5 years ago

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Betsson Sells its Stake in Global Gaming
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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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