Spiffbet, one of the iGaming Suppliers is now planning to get into the spectrum of B2C. The company is planning to merge with Metal Casino Brand, Vrtcl Gaming Group. As per the board of directors of Vrctl 51.2% of the operator shareholders are supporting the merger. If everything goes well then Metal Casino would soon become a subsidiary of the Spiffbet.
As per the agreement, the shareholders would receive six freshly issued shares of Spiffbet for each share of Metal Casino. As per the press release, a maximum of 21,230, 954 numbers of shares will be released by the Spiffbet. This is approximately 30% of the business and valued at $1mn.
The suppliers want to add the B2C sector to the B2B core sector to support further growth and seek opportunities. This would also help them reduce the overhead cost and develop exclusive content.
Henrik Svensson, CEO of Spiffbet said that this is a strategically important step for Spiffbet. He expressed the idea of entering the operator market within the operator segment. He said that the Metal Casino would be the new leg of Spiffbet and the company would grow significantly.
He further added the difference that it will bring. Developing and customizing a product in direct collaboration with a partner within the same group of companies would be a great change.
Michael Freudenthal, co-founder of Metal Casino would provide the benefit of stock exchange listing to the operator. Spiffbet is listed on Nasdaq. He further said that industry consolidation has strengthened the company. He said that they have access to financing in the capital market. He said that this is important if the company needs to be consolidated and strengthened.