Global Gaming has reiterated its bullish stance regarding licence revocation earlier this year, after the firm once again saw revenue tumble during the year’s third quarter.
Asserting that the decision made “was wrong and disproportionate,” Global Gaming is to apply for a review permit in the Administrative Court of Appeal following its latest legal rejection.
Revenue for Q3 decreased 78 per cent to SEK 60.3m (2018: SEK 253.1m) which subsequently impacted full year figures with a 48 per cent drop to SEK 354.6m (2018: SEK 679.5m). The decrease in revenue is due to the revocation of the Swedish licence and Ninja Casino inactivity in the region.
The Malmö headquartered company also stresses confidence in an opinion that “the regulator’s decision needs to be thoroughly examined and needs reviewing in higher courts”. It states a belief that such a review is necessary not just for its own future in the market “but for the legislation and the future of the gaming industry in Sweden.”
Tobias Fagerlund, CEO of Global Gaming, explained: “When the Swedish Gambling Authority revoked our Swedish licences in mid-June, the word challenge took on a whole new meaning for us.
“At the beginning of the third quarter, we were in a whole new reality with just over three quarters of our revenue gone overnight and we were no longer able to operate in Sweden, our home market. Saying it was dark times would be a gross understatement.
“The regulator’s decision and our attitude towards it were discussed extensively both in our own communications and elsewhere, including in the media. Perhaps my personal perception of the legal system has had to endure a blow, but rest assured I understand the motives of the authorities and legislators.
“The regulator’s eagerness to show decisiveness, instead of offering guidance and support in how the new regulations should be interpreted, has led to the present situation.
“Fundamentally, I am very positive about the Swedish re-regulation but, like many others, am of the opinion that the so-called channelisation does not work satisfactorily and that the number of operators who attract Swedish players with unauthorised methods and offers is increasing, while the SGA insists on focusing on those who have applied for and obtained a licence in order to comply with and adapt to the new legislation.
“We are naturally disappointed that the Administrative Court rejected our appeal and we will pursue this further and apply for a review permit in the Administrative Court of Appeal. Whilst I will not dwell on the subject, allow me to say that we stand firm in our opinion that the SGA’s decision was wrong and disproportionate.”
Fagerlund moved on to address several other steps made by the organisation during the quarter, away from it’s Swedish court battle, with a cooperation alongside Finnplay related to the country gaining particular praise.
Launching the Nano Casino brand alongside the firm which sees Global Gaming act as a marketing partner, a “positive reception” has been documented with the debut meeting expectations.
“Like many of our shareholders, I am frustrated and disappointed by how 2019 turned out,” he added. “For what it’s worth, I’d like to reassure all those who are interested that we are by no means out for the count.
“Granted, we have a lot of hard work ahead of us and it will take time, but we still have a lot to give and you can expect to see results even short term. We are working relentlessly and the processes we can affect ourselves are moving forward according to our high expectations.
“Of course, we’d like to see quicker results and our patience may be stretched at times, but the future appears brighter now than it has for many months. We are in the process of building a long-term, flexible and high-quality business with the only aim to deliver positive financial results and return on investment to our shareholders.”
Concluding: “Although we both hope and believe that Ninja Casino will return to the Swedish market, it’s important for me to stress that it is not our main focus. We have good and growing revenues from other markets and are focusing on launching our products and brands on other and new markets – which we’ll show in 2020.”