Wednesday January 28,2015 : MR GREEN ONLINE CASINO FIRM ENTERS ITALIAN MARKET
Acquisition of Mybet Italia s.r.l. opens up Italian online gambling possibilities.
Through its subsidiary online casino Mr Green Ltd, the Stockholm-listed internet gambling group Mr Green Co has entered into an agreement with the owners of Mybet Italia srl under which Mr Green will acquire the operations of Mybet Italia srl.
A company spokesman said the purpose of the move is to support Mr Green in the launch of its services and brand in the regulated Italian market. The launch is subject to the Italian gaming regulator, AAMS, approving the Mr Green as the new licensee.
“The acquisition presents an exciting opportunity to enter the Italian market,” Mikael Pawlo, CEO of Mr Green & Co said Wednesday.
The consideration involved has not been disclosed, although Mr Green has assured investors that it will not appreciably impact company liquidity, and the transaction will be funded from existing cash assets.
Mybet Italia management will remain with the company, with the CEO, Gianluca Torricelli, focused on the penetration of the Italian market by Mr. Green.
Pawlo commented: “It is the Group’s strategy to conduct operations in several regulated markets and to increase the portfolio’s share of revenue from regulated markets to significant levels over the next few years.
"While this will entail lower risk and greater marketing opportunities, it will also mean that license costs will vary according to the market.”
Pawlo said that Mr Green expects to launch its online casino in Italy in the second quarter of 2015, which presupposes the approval of the Italian gaming regulator AAMS. The venture is not expected to make a positive contribution to earnings in 2015.
The management of Mybet Italia executed a management buy-out of the company from its German parent in September last year