Betsson sets up subsidiary

BETSSON has decided on the distribution of all of the shares in the wholly-owned subsidiary, Angler Gaming plc. The distribution of shares in Angler is in line with Betsson’s technical and market-based focus. Angler’s operations will be based on technical solutions for which Betsson has decided to discontinue development work and on geographical markets lying outside Betsson’s core areas.

The company Angler, based in Malta, owns a gaming company which has a gaming license in Curaçao. This company will, initially, target approximately 30 markets in South America, Africa and Europe, based on client bases and technological platforms acquired from Betsson. The revenues for Betsson in these markets comprise less than 0.1% of Betsson’s total revenues, whilst the number of registered clients comprises approximately 5% of Betsson’s total number of registered clients. In conjunction with the distribution, the value of an independent Angler will be made apparent, which will benefit the shareholders. At the same time, Betsson will now be able to commit more development in finalizing a group-wide technological platform, and also to concentrate on its chosen focus markets.

In addition to the technological platforms and client bases mentioned above, Angler has an amount of cash totaling MEUR 2.5, which is expected to be sufficient to cover costs until the company has a positive cash flow, which is expected to take place during 2014. Michael Bennett has been appointed CEO of Angler. Michael was born in 1945, resides in Malta and has extensive experience within the gaming industry.