Stockholm-headquartered online casino operator, Cherry AB (CHER-B.ST) recently received confirmation that the Swedish Gambling Authority has approved all eight of its licenses to conduct online gaming and betting.
According to the official press release from Cherry…
Eight brands from within Cherry’s Online Gaming business area will, from January 1, 2019, be able to offer betting and games in the Swedish market.
Commenting on the approvals, President and Chief Executive Officer for Cherry, Gunnar Lind (pictured) said…
“Although, the license applications have involved a considerable amount of work, we are convinced that the Swedish regulations provide better conditions for gaming operators, our customers as well as for us as a company and therefore also for our shareholders. Sweden is an important market and we intend to continue growing from our already strong position.”
Business Area Manager and President of ComeOn, Lahcene Merzoug said…
“ComeOn offers games to customers under various brands and we have chosen to apply for licences for our companies operating brands targeting the Swedish market. ComeOn currently holds gaming licences in several European countries and is therefore experienced in conducting operations in line with the Swedish requirements.”
ComeOn acquisition:
Among the largest online gambling operators in Scandinavia, Cherry is responsible for over a dozen gaming domains including CherryCasino.com, SunnyPlayer.com and SveaCasino.com. The firm spent approximately $85 million in July 2016 to acquire a 49 percent stake in ComeOn Malta Limited before exercising an option for the remaining share of its smaller rival later in December the same year.
In May last year, Cherry completed the takeover for just over $228.12 million, which according to the company at the time, was funded from its own cash reserves to the tune of about $136.88 million while the remaining amount came from the $146 million it raised the month prior (April 2017) via the issuance of secured bonds.
Land-based offering:
Along with its multitude of online casino operations, the Swedish firm is one of a select few operators who currently offer land-based commercial gaming in the Scandinavian nation.
The firm’s Restaurant Casino business area offers traditional casino gaming including roulette and blackjack, which is operated at more than 260 Swedish restaurants, hotels and nightclubs. The business area has since its inception in 1963 been subject to permitting and with the fast-approaching re-regulated gaming market, Cherry Spelglädje will be able to increase its stakes in dice, card and table games and to further grow its offering.
Replacement licenses:
The Restaurant Casino business area (Cherry Spelglädje) has submitted upwards of 270 license applications to the Swedish Gaming Authority for land-based commercial gaming, enabling its current gaming permits to be replaced in 2019. Each one of the licenses is for a gaming venue within a facility where Cherry Spelglädje has arranged for gaming there.
The following trademarks have been granted licenses for online betting and gaming effective January 1, 2019: Snabbare and two partner brands, Mobilautimaten, Hajper, ComeOn, Cherry Casino and Casinostugan.
Pragmatic Play deal:
In October this year, ComeOn entered into a content deal with leading online casino games developing platform, Pragmatic Play. The partnership allows the Malta-based operator’s players to access their complete portfolio of award-winning game titles, including recent releases Da Vinci’s Treasure, Peking Luck and Madame Destiny, as well as top performers Wolf Gold and Great Rhino.
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