After outlining the decision to voluntarily revoke its licences for commercial online gaming and betting within the country, Enlabs has maintained that the Swedish market ‘is of great interest’ to the company.
In the near future, the company, which notes that its current business operations are ‘very limited’ and that the measure would therefore have only a short-term marginal effect on earnings, intends to reapply.
The reason behind the decision to voluntarily revoke its licences is said to be due to the need for technical improvement work linked to the certified framework of the company, with internal work already under way.
On behalf of a group company, Enlabs plans to apply for new licences in 2021, and hopes to be able to launch several dedicated labels on the Swedish market by the summer of next year.
George Ustinov, president and CEO of Enlabs explained: “The Swedish market is of great interest to Enlabs. However, our platform currently lacks support for the ‘Pay & Play’ technology, which is absolutely necessary for some of the brands we intend to launch in Sweden.
“The internal development work has already begun, and we believe we have technology, licenses and organisation with a clear marketing plan for the launch of several of our most important brands, in place by the summer of 2021.”
The group has also disclosed in recent months that it has formed a legal entity in Ukraine ahead of the expected start of the licencing process in the Eastern European country.
Enlabs anticipates that Ukraine, as well as Belarus, will become key business development priority jurisdictions in 2021, asserting a casino first strategy through the Ninja brand in an online gaming market that it estimates at EUR 300m.
Last month, the company announced its latest quarterly results, with Q3 sales rising 42 percent to EUR 13 million (2019: EUR 9.2 million), as the casino took the lion’s share of EUR 10.2 million (2019: EUR 5.7 million), followed by betting EUR 2.7 million (2019: EUR 2.9 million) and poker EUR 100 000 (2019: EUR 600 000).