Glitnor Group, a Malta-based company renowned for brands like LuckyCasino and Swintt has officially announced its acquisition of a minority stake in PlayStar Gaming Group. This eagerly anticipated deal is set to make waves in the iGaming industry in New Jersey.
A spokesperson from Glitnor revealed that specific details regarding the value of the transaction and the timelines involved are being kept confidential for the time being. However, a joint statement by the companies involved disclosed that the shareholding will be acquired gradually “over time,” indicating a strategic and calculated approach.
PlayStar’s Success And Glitnor’s Expansion Strategy
Founded by chairman Joel Wikell, PlayStar has already created a name for itself, thanks to its $15m equity investment from Meyer Global Management back in December 2022. It was a deal that was finalized merely 5 months after its own launch in New Jersey, and only two months after announcing its casino app with the best USA no deposit bonuses.
The operator’s success has been attributed to its consumer-centric model, which has allowed it to exceed key performance indicators during its initial months in New Jersey. PlayStar’s emphasis on locally-specific and community-focused promotions has resonated with players, establishing the brand as a prominent player in the industry.
Glitnor Ventures, a subsidiary established by Glitnor Group to support and invest in thriving businesses, was responsible for sealing the deal. The acquisition aligns perfectly with Glitnor’s expansion strategy in North America, as it seeks to identify and support emerging talent in the iGaming industry.
A Win-Win Deal Welcomed By Both Companies
The recent announcement of Richard Brown, CEO of Gaming Innovation Group, joining Glitnor Group as its new CEO in January 2024 further highlights the group’s commitment to growth and innovation. Brown’s appointment will replace the outgoing CEO, David Flynn, who stepped down in December last year, with Jörgen Nordlund currently serving as interim CEO.
Commenting on the acquisition, Nordlund expressed enthusiasm about the partnership with PlayStar and the potential it holds for Glitnor Group. He stated that their investment in PlayStar comes on the heels of a remarkably fruitful debut year for the brand, which had been distinguished by a wide range of locally-specific, community-focused promotions. He also expressed hope that with their dedication, commitment and support, PlayStar can continue to thrive, achieving more and more successes in 2023.
PlayStar Casino CEO, Per Hellberg, welcomed the deal as a well-deserved acknowledgment of the casino’s impressive performance in the New Jersey market. With Glitnor Group’s financial support and expertise, Hellberg is optimistic that PlayStar will continue to thrive and cement its position as the preferred online casino in the promising US market.
Embracing Further Growth And Aligned Ambitions
Following a successful inaugural year, PlayStar’s expansion plans extend beyond New Jersey, with ambitions to grow across North America, including the highly lucrative Pennsylvania market. Glitnor’s commitment to supporting PlayStar in reaching greater heights is an indication of their shared vision and aligned ambitions.
As the iGaming landscape in the United States continues to evolve, this strategic partnership between Glitnor Group and PlayStar Casino is poised to make significant waves in the industry. Players and stakeholders will undoubtedly be watching the unfolding development as the two companies combine their strengths to lead the charge in the North American iGaming Market.
