Spiffbet continues M&A drive with two new acquisitions

Spiffbet AB has acquired online casinos Sir Jackpot and Live Lounge in a deal worth SEK2.5m (£219,413). The operator inked the deal with the pair’s parent company Live Lounge LTD, with the payment being broken down into two tranches. The first tranche of SEK2m takes the shape of a promissory note to be redeemed after two months by Live Lounge in either cash or newly issued Spiffbet shares. The second tranche, worth the remaining SEK0.5m, will be paid in cash, providing certain conditions are met by 30 June 2021. Under the remit of the acquisition, Spiffbet will gain the domain rights to sirjackpot.com and livelounge.com, alongside their respective customer databases and IP rights. The deal marks the seventh acquisition by Spiffbet in as many months, with the domains joining the likes of Metal Casino and Goliath Casino under the Spiffbet umbrella. The operator indicated in March 2020 that it intended to embark on an M&A drive to be “an engine for the consolidation of the European online casino market”. Henrik Svensson, Spiffbet CEO, said the acquisitions demonstrated the group’s ability to deliver on its growth and acquisition strategy. “Sir Jackpot and Live Lounge contribute to our existing business with both sales and earnings, which allows us to allocate fixed costs on a larger revenue base and increase our bargaining power vis-à-vis suppliers and partners,” said Svensson. Spiffbet head of casino Maria Boelius added: “This is a good add-on acquisition that gives us two more established brands to work with. “Thanks to the fact that the business is on the same platform as us and with the same support system in general, there will be minimal measures to integrate the business. “It suits us perfectly to strengthen the organisation now that we are accelerating the business of acquisitions made in 2020,” she concluded.