Spiffbet to streamline business amid uncertain European landscape

Casino and sports betting operator Spiffbet has announced plans to adapt its operations to “handle changes in regulations concerning European markets” as part of a review of its brand portfolio. The Stockholm-listed firm, whose brands include Metal Casino, Cashmio, Buster Banks and Sir Jackpot and Spiffbet Sports, is to place a particular focus on B2B operations within the framework of its recently rebranded casino arm, Rhino Gaming. Spiffbet has also announced plans to streamline the business with cost-cutting measures including the liquidation of a number of its “passive companies” obtained through acquisitions in 2020 and 2021. The move to do so is intended to drive customers towards its bigger brands. Spiffbet expects the results of the streamlining process to kick in almost immediately and during Q2, although some measures “may spill over into the third quarter”. CEO Henrik Svensson said: “After an expansive 2021 with a focus on acquisitions, the time is now ripe to consolidate both acquired brands and businesses. “The goal of achieving break-even is of the highest priority for us and we will work intensively with this during the first quarter when we now implement a plan to significantly streamline the merged operations. At the same time, we must focus on growth and … the new partner Rhino Gaming has turned out well.” Spiffbet’s home country of Sweden has seen a number of legislative changes aimed at restricting the industry through deposit and bonus caps as well as the introduction of stricter marketing measures. An additional five-month period of deposit and bonus limits, which was set to start on 7 February this year, has now been scrapped. Earlier this month, Spiffbet CFO Jens Bruno announced that he will be leaving the company in April. The search for a replacement is currently underway.