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After reporting that “the last three months have been the most turbulent and difficult” in its company history, Nordic online gambling operator Global Gaming has decided to let go of half its staff in a bid to reduce costs.
The decision comes soon after the Stockholm-listed company released its financial report card for the three months ending June 30, during which revenue fell 42% year-on-year to SEK132.2m (US$13.7m), while the company booked an operating loss of SEK11.1m for the quarter.
Global Gaming, which was already struggling to adapt to Sweden’s new regulated market, was thrown into chaos on June 17 when the local regulatory body Spelinspektionen revoked the company’s gaming license.
The company’s flagship Ninja Casino brand was accused of serious failures in its anti-money laundering and social responsibility obligations. Global Gaming continues to reject the charges, however, all the company’s attempts to appeal the verdict have been rejected by Swedish courts.
It is expected that Global Gaming will reduce its current team from 190 people down to approximately 90-100 by the end of the year.
“The technology organisation in Sweden will be completely shut down during the remainder of the year, and the organisation in Malta has already shrunk considerably,” explained Global Gaming CEO Tobias Fagerlund, who also recently called the past three months“the most turbulent and difficult time” in the company’s history.
Global Gaming has already launched a new Swedish-facing brand (NanoCasino) using Finnplay’s local license.
