Spiffbet AB, a Swedish provider of online casino and betting games, is to acquire a 45% stake in a new Swedish joint venture company that will own and operate the Copacabana Gaming, a B2B game studio that provides content for the LATAM markets.
NGT Interactive LLC, the current owner of Copacabana Gaming, will also hold a 45% share of the new joint venture company.
Founded in 2017, Copacabana Gaming is primarily developing games aimed at the Latin American markets. The studio has started gaining traction in the local market with some clients and a steady flow of new game releases.
The forecasted sales of Copacabana Gaming for 2019 amounts to €75k with the company expecting to be breakeven on a monthly basis during 2020.
If and when concluded, the proposed JV will see Spiffbet invest resources in terms of sales capacity, technological platform and sharing know-how. In addition, the company will inject €225k over a period of 20 months in order to boost expansion further.
NGT will transfer all shares in Copacabana Gaming to the joint venture as consideration for their 45% share of the new joint venture company, and will add resources in terms of key personnel, local contacts, technology etc.
Staffan Cnattingius will be appointed CEO of the joint venture and will hold a 10% ownership stake in the company. He will head up sales of both Spiffbet and Copacabana Gaming.
Cnattingius has long experience of sales in the gambling industry and has spent a major part of his career living and working in Brazil and Latin America. Prior to this, he was CCO of QTech, a game distribution network, and before that he was Head of Latin America at Play n’ Go, a game producer.
Listed on Nasdaq First North, Spiffbet develops online casino and betting games that are marketed under the Spiffbet Casino, STHLMGAMING and Spiffbet Sports brands.
As it happens for the top online casinos in the UK, Spiffbet Casino provides a large portfolio of 30 games, including different variants for Black Jack, Baccarat, Roulette, Video Poker and slot machines
Spiffbet Sports develops hybrid games in live betting for sports such as football, tennis and basketball.
The operating activities are conducted by the subsidiaries Spiffbet Malta Ltd. and Spiffbet Curacao N.V.
Founded in 2017, NGT Interactive is a product developer in the retail and online gambling industry, with operations in Mexico, Philippines, Dominican Republic, Costa Rica, Peru and Brazil and clients all around the world.
The company is headquartered in Delaware, USA.