Online gambling operator Betsson AB has established a new Malta-based subsidiary in order to target approximately 30 non-core markets in South America, Africa and Europe.
The new Angler Gaming subsidiary, which itself owns another entity with a Curacao online gaming license, is due to be listed on Sweden’s AktieTorget stock exchange from July and will be led by experienced gaming professional Michael Bennett as Chief Executive Officer.
Betsson stated that the markets Angler Gaming is due to target comprise less than 0.1 percent of its current total revenues and encompass around five percent of its existing registered client base.
“This company will initially target approximately 30 markets in South America, Africa and Europe based on client bases and technological platforms acquired from Betsson,” read a statement from Betsson.
“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.
“In addition to the technological platforms and client bases mentioned above, Angler Gaming has an amount of cash totaling €2.5 million, 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.”