In the previous article, we answered a question: Why Glitnor, a latecomer, is gradually becoming a mainstream giant. In this article, we do just one thing: 👉 Take a closer look at Glitnor's "B2C" business one by one.
✨ Cornerstone of the Empire: Deconstructing Glitnor's B2C Business Structure
We start with the B2C business, Glitnor's growth path is almost a textbook case: first open the market with extreme experience, then stabilize development with technical capabilities.
Time goes back to 2018–2019. The Swedish online gambling market had just completed re-regulation, the licensing system was restructured, the competitive landscape was undecided, a large number of operators rushed online, but the user experience remained in the "old era". Complicated registration processes, slow KYC reviews, and long withdrawal waiting times became the easiest places to lose users.
Glitnor did not choose to go head-to-head on marketing budgets, but chose to first get the experience right.
LuckyCasino was one of the earliest operators in the industry to fully embrace the Pay’n’Play (play and pay) model of the Nordic payment company Trustly, which at the time was almost a dimensionality reduction attack.
Pay’n’Play is an online gambling payment and identity verification mechanism launched by the Nordic payment company Trustly, whose core is to merge bank-level identity authentication, KYC, and payment processes into one operation. Players do not need to register an account or upload documents in advance, they only need to complete an identity verification through online banking, and can directly deposit and start playing; since identity and compliance reviews are already synchronized during the deposit phase, subsequent withdrawals can bypass traditional manual review processes, achieving almost instant account crediting. Essentially, Pay’n’Play compresses the four originally disjointed steps of "registration—verification—payment—withdrawal" into one banking action.
While other casinos still required players to fill out forms, upload documents, and wait for manual review, LuckyCasino's users only needed to complete one bank identity verification, could directly deposit, immediately play, and even achieve almost instant withdrawals after profiting.
The results quickly showed: LuckyCasino became one of the fastest-growing online casinos in Sweden after re-regulation. The subsequently launched HappyCasino pushed this model further towards a "mobile-first" extreme, continuously amplifying the conversion advantages brought by the instant play experience.
But at this stage, Glitnor's growth was still running on a third-party technology platform. The users belonged to it, but the underlying systems and technical sovereignty were not completely in its own hands.
✨ The second phase, acquisition completed full platform self-control
Pay’n’Play opened the market for Glitnor, proving that the team's judgment on user experience was correct. But as the business scale expanded, a fundamental problem began to become unavoidable: growth was achieved, but the underlying technology did not belong to itself.
At this stage, Glitnor was running on a typical white-label platform. This model is very attractive to early-stage companies—mature platforms, rapid online presence, ready-made licenses, allowing for the fastest market entry speed at a lower cost.
But when growth needs to move towards "scaling up", the boundaries of the white label also become apparent. The product seems to belong to oneself, but it is actually locked in a unified template; function updates, payment access, risk control strategies, all need to wait for the platform provider's scheduling; more crucially, platform sharing will continue to erode profit margins, and the most core user data and technical routes are not fully in their own hands.
From a business perspective, this means a clear ceiling.
It is in this context that Glitnor took over OneCasino in 2024, a completely strategic transformative acquisition. This transaction bought a complete self-developed iGaming technology stack, internal game studio, own game distribution system (RGS), and a mature operating system covering multiple core European regulated markets.
One acquisition allowed Glitnor to get a "platform-level ticket" for the first time. The group's B2C brands were gradually migrated to its own system, completely breaking away from reliance on the white-label platform.
⚡️ At the same time, OneCasino occupies a leading position in the Dutch market, and through this acquisition, Glitnor is equivalent to directly buying a whole mature market cake.
The Netherlands is a "late start, difficult to operate from the beginning" market. Online gambling in the Netherlands was not officially legalized until the end of 2021, but from the intensity of regulation, license thresholds to compliance costs, it was designed from the beginning as one of the strictest systems in Europe.
OneCasino was precisely one of the few players to gain a foothold during this phase. By the first half of 2023, it had already entered the top five in the Dutch market, holding about 6.4% of the share, on the same level as bet365, only behind top brands such as Toto, BetCity, and Unibet. For an operator without a local monopoly background, this is a highly valuable achievement.
Subsequently, in the second half of 2024, Dutch regulation began to tighten, introducing strict deposit limits—ordinary players not exceeding 700 euros per month, and young users even limited to 300 euros. As a result, the market size fell back, some high-stake players moved to illegal channels, and the channelization rate of the legal market significantly decreased.
But after experiencing regulatory compression, the Dutch market began to show the resilience of a mature market—GGR still achieved growth throughout 2024, only shifting from rapid expansion to a steady development pace. It is in this market context that Glitnor's acquisition of OneCasino became particularly crucial.
If starting from scratch, Glitnor might need years and incur high customer acquisition costs to approach the same position. But through OneCasino, it skipped the stage with the highest failure rate. It is from this moment that Glitnor began to move towards a true platform-type group.
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