Spiffbet agrees to sell games development business to Million Games

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Spiffbet has agreed to sell its game development business to Swedish games studio Million Games for up to SEK3.5m (£257,412/€298,787/$326,889).

Under the deal, Million Games will acquire STHLM Gaming Sweden, the entire Rhino Gaming portfolio and related intellectual property rights.

According to Spiffbet, the game development division has not contributed to its business for the past year. It added that the segment has been subject to a liquidation analysis.

Spiffbet also said the sale reflects its shift in focus from game development to online casino operations. Spiffbet will solely focus on running its online casinos when the deal completes.

The deal states Spiffbet can offer games included in the transaction to players free of charge for one year after content has been added to the Million Games platform. This covers offering games on its own casino platforms and via partner businesses.

Spiffbet added that the sale will have a positive impact on earnings from the third quarter. 

Games development investment not possible for Spiffbet

Spiffbet CEO Henrik Svensson said STHLM Gaming delivered a good level of return to the business. However,it did not have the resources to develop the segment alongside its online casino operations.

“For a successful business in game development, investments are required in developing new games and developing sales channels,” Svensson said. “Given the focus on the casino business, this did not exist. 

“Therefore, it was a fairly simple decision to search for a new owner of the game development business who can develop it further.”

Million Games founder Thomas Nimstad added: “Completing this acquisition and gaining access to STHLM Gaming NG and the games under the Rhino Gaming brand is a great opportunity for Million Games to rapidly expand the game portfolio to strengthen us in a market with high competition and many players.”

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