Mr Green acquires Latvian operator for Baltics expansion
Operator also rebrands its parent company to MRG to reflect its mulit-brand strategy
Mr Green has acquired Latvian casino and sports betting operator, 11.lv in an effort to break into the Baltic market.
Mr Green purchased 75% of the company’s shares for €2.8m and plans to use 11.lv’s Latvian license to launch its Mr Green brand in the market.
Revenues for the 11.lv grew 44% in Q118 to €944,000, making it the third largest online operator in Latvia.
Mr Green Group CEO, Per Norman, said: “This is a major step in our strategy to expand into locally regulated markets. We foresee excellent growth opportunities for our strong Mr Green and Redbet brands in the Baltics”
“11.lv has a strong brand recognition in Latvia and will be the base for our expansion in the Baltics,” Norman added.
“Our first step is to launch Mr Green in Latvia which, together with 11.lv, give us a broad, attractive offering for the Baltic market.”
The Baltic online gambling market grew 45% in 2017, and has attracted a number of operators recently, including Swedish firm Global Gaming which is currently acquiring an Estonian licence from which to operate its flagship Ninja Casino brand.
In other news, Mr Green announced this morning at its capital markets day it had rebranded its parent company to MRG to reflect its multi-brand and multi-vertical strategy.
“MRG is a digital, high growth company with a significantly broader operation with more brands and larger geographical presence than a year ago,” Norman said.
“We invest in new innovative digital areas within iGaming and esports. MRG is reflecting our vision ‘Shape the future of the iGaming industry’.”
MRG has also partnered with entertainment group entertainment company Gamingzone Entertainment to develop an online esports community.
