Mr Green Ltd., a popular provider of online casino games, part of the Stockholm-based group Mr Green & Co, announced its plans to enter the Italian market after it had inked a deal for the acquisition of Mybet Italia, a former subsidiary of mybet.
Earlier today, Mr Green released a statement confirming that it will indeed manage Mybet Italia and will use its license to introduce the Mr Green brand in Italy. The company, however, is yet to receive the necessary approvals from the local regulatory body, formally known as the Autonomous Administration of the State Monopolies (AAMS).
Mr Green did not comment on the price of its new acquisition but pointed out that it will not significantly influence liquidity and the company will be able to pay the respective sum by means of its current cash assets.
It was also reported that the online casino operator generated a total of SEK136.5 million or US$16.6 million during the third quarter of the fiscal year 2014.
In September 2014, German operator mybet sold its quite unprofitable Italian subsidiary to Gianluca Torricelli, its previous managing director. Back then, Mr. Torricelli immediately announced his plan to overhaul the company’s product offering so as for it to be able to adjust its focus to the Italian online gambling market.
Earlier today, Mikael Pawlo, chief executive officer of Mr Green & Co, shared with media representatives that the purchase of Mybet Italia will certainly help the group to implement its strategy for a significant increase in revenues from various regulated markets over the following few years.
Mr. Pawlo said that Mr Green and Mybet Italia started discussing the deal right before Christmas. He also pointed out that the purchase is yet to be approved by the AAMS. This is why no plans have been made concerning the operator’s presence on the Italian market.
The Italian gambling market requires that operators should hold a license in order to be able to provide their services. However, no such licenses are being issued by the local regulatory body at present. In other words, companies can offer their products in the country only if they work together with operators that have been granted such licenses or by purchasing already established licensees.
Mr. Pawlo hinted at the possibility of Mr Green launching a sportsbook option at some point in future. Yet, he pointed out that the group will keep on being primarily concerned with the provision of online casino operations.
