XLMedia offloads European casino assets for $4m
Casino.se, Casino.gr and Casino.pt, which target Sweden, Greece and Portugal, respectively, were sold to Beach Services.
In the year ended 31 December 2022, the three assets generated $840,000 in revenue. This accounted for 6% of all European casino revenue, while gross profit reached approximately $750,000.
XLMedia said, despite the sale, it would continue to operate its gaming business in the Swedish and other European markets.
Cash generated from the sale will be used as additional working capital and to fund further investment to drive expansion. This includes the ongoing growth strategy for XLMedia’s North American sports and gaming footprint and advancing its European portfolio.
“The board is pleased to be able to realise further substantial value from the sale,” said a spokesperson for XLMedia. “This comes after we recently also completed the sale of the loss-making personal finance business for $2.1m.”
Sale of personal finance assets
XLMedia sold its entire personal finance assets portfolio last month in line with its strategy to exit non-core activities.
The sales of the MoneyUnder30 domain and website for $675,000 marked the end of the process, which was first announced in December 2022. At the time, XLMedia said it had held talks with various parties regarding the potential sale of the personal finance division as part of a restructuring process.
XLMedia said it would switch focus to sports and gaming activities. This included expanding its North American sports footprint and refining and developing its European sports portfolio and gaming assets in certain markets.
Together with the sale of DoughRoller and previously announced disposals, offloading the personal finance assets raised $2.1m.