Spiffbet selling off its game development business

4 August 2023
Spiffbet is focusing all of its attention onto its casino business. And in doing so, the company is selling its game development business to Million Games AB.
The exact purchase price by the Swedish game studio will depend on the outcome of the transferred business and can amount to a maximum of SEK 3.5 million.
Million Games was founded by Thomas Nimstad who has been active in the gaming industry since 2004 and has built several generations of casino platforms where he has been involved in projects such as Maria Casino, Vera&John, Solid Gaming and Golden Hero.
Million Games will acquire all shares in STHLM Gaming Sweden AB, where all game titles and other intellectual property rights attributable to the game business are collected. The Rhino Gaming brand is also transferred in the transaction. However, Spiffbet's business of offering partner casino services will remain even if the Rhino Gaming brand is included in the sale.
"Completing this acquisition and gaining access to STHLMGAMING and the games under the Rhino Gaming brand is a great opportunity for Million Games to rapidly expand the game portfolio to strengthen us in a market with high competition and many players,” said Nimstad.
The games covered in the sale will be offered free of charge to Spiffbet for one year after they are available on the Million Games’ platform.
For the past year, the gaming development business hasn’t contributed to the bottom line for Spiffbet and was the subject of a liquidation analysis.
"For Spiffbet, this marks the end of Spiffbet being a player in game development, but at the same time also a finding that Spiffbet has today changed into a casino player,” said Henrik Svensson, Spiffbet’s CEO. “The acquisition of STHLM Gaming was good when it was done and has given us good returns. However, we have not had the resources to develop this alongside the casino operations. For a successful business in game development, investments are required in developing new games and developing sales channels. Given the focus on the casino business, this did not exist. Therefore, it was a fairly simple decision to search for a new owner of the game development business who can develop it further.”

Jarrod LeBlanc

Jarrod serves as Casino City's associate editor and helps produce and edit all of our weekly newsletters, as well as the GPWA Times Magazine. He has more than six years of experience as a writer and editor and enjoys playing fantasy sports, but spends most of his time with his family, running and coaching youth sports. Contact Jarrod at jarrod@casinocity.com and follow him on Twitter at @CasinoCityJL.