In the iGaming industry, we are accustomed to focusing on a few giants that define the industry landscape: Flutter, Entain, Betsson, Kindred. They act like lighthouses, setting the pace of growth and regulatory tone. However, beyond the vision of these giants, an obscure group is pushing itself into the "first tier" through rounds of development.
Its name is Glitnor Group.
Founded in 2018, this company has rapidly transitioned from a "market newcomer" to a "quasi-integrated group" in the past few years. For practitioners, the greatest value of Glitnor lies in—it is trying to replicate the integration curve of large groups with a medium-sized volume.
👾 Glitnor's "Trinity" map (B2C × B2B × Traffic)
Glitnor is a uniquely positioned iGaming group: it is both a B2C operator (LuckyCasino, OneCasino) and a B2B content and platform provider (Swintt, internal studios), while also attempting to layout affiliate traffic and investments.
Its goal is very clear—to replicate the vertical integration model of large groups, but to complete the loop in a lighter, faster way.
Its strategic framework consists of three parts:
1⃣ B2C (Operators): Cash flow and data source
LuckyCasino, HappyCasino, the re-licensed Vera&John, and the major acquisition of OneCasino in 2024, form the revenue base of Glitnor. Especially OneCasino's self-developed platform + studio + Dutch license, which elevates Glitnor from a regional operator to a "group with underlying technological assets," marking a structural turning point.
2⃣ B2B (Content and Platform): Profit center
Swintt has over a hundred games and MGA/UKGC licenses, while OneCasino's internal team is responsible for localized development, together forming a "global content + local content" dual engine. The addition of B2B makes Glitnor one of the few medium-sized groups that can simultaneously output brand, content, and platform, which is also the real source of valuation multiples.
3⃣ Traffic and Affiliates (The missing key puzzle piece)
Glitnor knows that without a strong affiliate traffic matrix, the loop cannot be completed, hence it attempted to acquire KaFe Rocks, but ultimately failed, making customer acquisition costs still highly dependent on external channels. Although Glitnor Affiliates and Ventures have some layout, they are still far from building a "media moat."
It is in this context that Richard Brown's joining becomes a plot twist. He previously promoted capitalization at GiG through a path of "strengthening B2B + building an affiliate empire + lifting the profit curve," which is exactly what Glitnor is missing.
👾 Richard Brown's appointment: Glitnor enters the "integration phase"
In January 2024, Glitnor appointed former GiG CEO Richard Brown, announcing that the company has officially entered the "systematic integration phase." Over the past few years, Glitnor has rapidly expanded through B2C operations, content studios, and platform assets, but structurally it still resembles "a bunch of nice but not fully integrated business units."
Brown's arrival is to reorganize these scattered assets into a scalable, capitalizable whole. Brown's experience at GiG enables him to have the capability to "turn complex businesses into platforms." For Glitnor, this means that OneCasino's underlying platform, Swintt's content engine, and the internal studio's customization capabilities will be integrated into a truly exportable product system.
Glitnor is no longer just a regional group operating multiple brands, but is upgrading to a "B2B2C technology company"—capable of self-operating traffic and brands, while also exporting technology and content to the industry.
At the same time, another key task entrusted to Brown is to address Glitnor's biggest structural shortcoming: Affiliates and Traffic. Brown once led the creation of the industry's most efficient GiG Media, which gives him the ability to rebuild Glitnor's traffic system—reintegrating the scattered ways of diverting media, affiliates, and own brands into a controllable, scalable growth engine. Only by filling this gap can Glitnor's "Operator (B2C)—Content and Platform (B2B)—Traffic (Media)" triangular structure truly close.
Brown's appointment is to standardize Glitnor's business story, making it more narratable, and ensuring that it can still run a predictable capitalization path amidst increasing regulatory pressures and accumulated risks of mergers and acquisitions.
Overall, Brown's task is to make it "truly become what it wants to be": 👥 a gambling integrated group with operating cash flow, platform technology, content matrix, and traffic moat. Whether it can stand out among many well-known giants in the future remains to be observed. But what is certain is that Brown's joining has for the first time provided the company with the framework to achieve this leap.
PASA will continue to delve into Glitnor's platform assets, analyzing the growth and operational logic of its three major business groups.
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