XLMedia to sell off Finnish casino assets

iGaming affiliate group XLMedia is looking to sell its Finland-facing casino assets to concentrate on expansion in regulated markets.

Finland.- The Jersey-registered iGaming affiliate group XLMedia wants to sell off its Finnish casino assets and some other publishing sites to concentrate on more stable regulated markets.

It has instructed Akur Capital to commence the sales process.

The group, which trades on the London Stock Exchange and has its head office in Cyprus, said the divestment would allow it to “deliver more sustainable and predictable growth” by focusing on a “core set of premium sites” and generating a greater proportion of its revenue from more stable, regulated markets.

It said it was following a three-pronged strategy to transform the group through making further investment in regulated markets, consolidating publishing assets and expanding into US sports and the personal finance market.

Chief Executive Officer, Stuart Simms, said: “XLMedia has set out a clear transformation strategy to deliver the next phase of growth. We have already made significant progress with reshaping the organisation, reducing our cost base, strengthening the leadership team and building our core people skills and technological expertise.

“The sale of our Finnish-facing casino assets will reduce the reliance on unregulated markets and accelerate the delivery of our strategy, providing additional capital for the acquisition of attractive assets in regulated and high growth markets, such as the burgeoning US sports market.”

In April, Finland announced it would cut loss limits during the Covid-19 pandemic.