The Swedish betting holding appointed Handelsbanken Capital Markets as financial advisor in connection with the previously reported plans to split the group into three separate listed companies: Betsson, Net Entertainment and Cherry Casino.
The proposal will be structured so that Betsson will continue its operations under the listed holding company Cherryföretagen, while it will be proposed that Cherry Online changes its name to Betsson.
The new Betsson will offer a betting exchange, sports book, casino and poker room, via its websites Betsson.com and CasinoEuro.com. The company, which is run from Malta and the UK, reported net sales of SEK 101.4 million and profits of SEK 8.8 million for the first nine months last year.
Net Entertainment develops gaming software for companies such as Unibet, Gamebookers, Ongame, Bet24, and 24hpoker. Revenues are generated through royalties and other sales proceeds. Turnover, including internal sales to Cherry Online, for the first nine months last year reached SEK 59.8, with an operating profit of SEK 26.6.
Cherry Casino operates traditional gaming operations in Sweden and Denmark. The company has approximately 700 employees. Turnover for the first three quarters last year reached SEK 177.7, with an operating profit of SEK 5.2.
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