Entertainment Laboratories has bolstered its igaming portfolio further still after the group acquired a 66.5 per cent majority stake in Malta-based online casino operator Shogun Group.

The group says that it will migrate operations under its own licenses to its proprietary platform, add Enlabs’ sportsbook BetX and provide full support to accelerate business growth.

The acquisition of Shogun, which currently operates through a third party gaming platform under Maltese license and is said to have just left the start-up phase, will be done in two stages.

Firstly, Enlabs has bought the 66.5 per cent majority interest in Shogun from a group of investors for €664,000, which will be settled by issuing 229,995 new Enlabs shares. The remaining 33.5 per cent ownership is held by the Shogun founders.

In addition Enlabs will invest €1m into the Shogun business operations, as well as holding an option to buy the remaining 33.5 per cent in January 2023 for a valuation of five times its net profit.

“The collaboration with Enlabs and becoming a part of the Enlabs organisation will ensure the ongoing success of Shogun and gear up our development plans,” explained Eric Holmberg, Shogun Group co-founder

“In addition, new possibilities will arise through Enlabs. This is a great development and we are very excited for the future.”

The latest move follows Enlabs increasing its stake in Global Gaming after making a further investment of SEK 108.65m (£9.43m) to take its holding in the firm to 54 per cent.

In June, Enlabs became Global Gaming’s largest shareholder after making an initial investment of more than SEK 90m (£7.69m) to take its total ownership to 29.89 per cent.

“Our investment into Shogun Group will compliment and speed up our development into new markets bringing to the table new brands and proven regional sales expertise,” commented George Ustinov, Enlabs CEO.

“It is an exciting opportunity to take a white-label operation in-house in order to enrich our sales knowledge, and test and develop our technical capabilities. Enlabs makes a confident step towards becoming a more global igaming operator.”