PlayStar Gaming Group Celebrates Remarkable Success and Solidifies Position with Glitnor's Strategic Investment

STOCKHOLM--(BUSINESS WIRE)--PlayStar Gaming Group AB, the up-and-coming online casino operator in the United States, is thrilled to announce a significant milestone in its journey to success. Following a remarkable debut year in the U.S. market, PlayStar has secured a strategic investment from Glitnor Group PLC (Glitnor), further solidifying its position in the industry.

Since its launch into New Jersey in August 2022, PlayStar has surpassed all its forecasted major Key Performance Indicators (KPIs), establishing itself as one of the fastest-growing online casinos in that market. With a strong focus on personalization and player engagement, PlayStar's innovative approach leverages a combination of technologies design to deliver a tailor-made experience.

In recognition of PlayStar's exceptional performance and potential for future growth, Glitnor has chosen to invest and become a shareholder in the company. Through this investment agreement, Glitnor will acquire 37.5% ownership in PlayStar over time, providing the necessary funding to fuel the company's aggressive expansion plans, post positive cashflow generation from the New Jersey operation.

Per Hellberg, Chief Executive Officer at PlayStar, expressed his excitement about the partnership, saying, "We are delighted to welcome Glitnor as a shareholder in our business. While several online gambling sites have faced challenges in the past year, we've had an amazing first year, surpassing our initial forecasts and positioning ourselves for even greater growth. The funding and industry expertise from Glitnor will enable us to build on this initial success as we continue to grow our U.S. operations."

Jörgen Nordlund, Co-Founder at Glitnor Group, said: “Through our investment work with Glitnor Ventures, Glitnor Group aims to identify the best up-and-coming talent the iGaming industry has to offer – and in PlayStar, we believe we've identified the perfect partner in the U.S.

“Our investment in PlayStar comes off the back of an incredibly successful debut year for the brand that was characterized by an extensive range of locally-specific, community-focused promotions and we hope with our backing, they can go on to achieve bigger and better things in 2023.”

About PlayStar Gaming Group AB

PlayStar Gaming Group AB (http://www.PlayStar.com) offers a fully licensed online casino in the U.S. Managed by a team built exclusively from the most experienced talent in the industry across the U.S. and Europe, PlayStar delivers a “casino first” platform through award-winning slots, table games and promotions. PlayStar is committed to delivering a hyper-personalized experience alongside unique engaging content, all built on real-time player data. PlayStar launched in New Jersey in August 2022 and plans to launch in further states the future.