Mr Green rebrands as MRG and enters Baltics

MRG has signed an agreement to acquire a majority stake in the Latvian gaming operator 11.lv to gain a foothold in the fast-growing Baltic region.

The Baltics, made up of Estonia, Latvia and Lithuania, is a fully regulated igaming region and grew by 45% last year, according to a note issued by the Stockholm-listed operator to the market today.

Also today at its Capital Markets Day, the casino specalist announced it was rebranding as MRG “to reflect the profile as a high growth digital Group.”

Per Norman, CEO of MRG, called the acquisition of 11.lv, the third largest igaming operator in Latvia, “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 also in the Baltics.”

He said the plan was to use 11.lv as its base for expansion across the region.

11.lv offers betting, casino and live casino off a Latvian licence, and generated revenue of €944k and EBITDA of €162k in Q1 of 2018. 

MRG has paid €2.8m in cash for 75% of the shares in 11.lv with two of the founders remaining in the company and retaining a 25% shareholding.

11.lv currently has 15 employees, all based in Riga in Latvia.

MRG also issued a financial update today, revealing revenue for the period 1 April – 22 May was up 40% year-on-year, with customer deposits up more than 60% over the same period.