Spiffbet is selling its game development business to Million Games for a maximum of SEK3.5m (£257,322).
The transaction incorporates STHLM Gaming Sweden, the Rhino Gaming portfolio and related intellectual property rights.
Spiffbet said that because it is primarily focused on casino content, the game development business has “not contributed positively over the past year” and has been the subject of a liquidation analysis.
The games will be offered free of charge to Spiffbet for one year after they are available on the new platform, a statement added.
Henrik Svensson, CEO at Spiffbet, said that while the acquisition of STHLM Gaming has “given us good returns,” the company has “not had the resources to develop this alongside the casino operations.”
“Therefore, it was a fairly simple decision to search for a new owner of the game development business who can develop it further.”
Million Games will acquire all shares in STHLM Gaming, with the Rhino Gaming brand also being transferred.
“However, Spiffbet's business of offering partner casino services will remain even if the Rhino Gaming brand is included in the sale,” Spiffbet said.
Thomas Nimstad, CEO and founder of Million Games, said: “Completing this acquisition and gaining access to STHLM Gaming and the games under the Rhino Gaming brand is a great opportunity for Million Games to quickly expand the game portfolio to strengthen us in a market with high competition and many players.”
