Enlabs Returns to Swedish Market Before Launching in Belarus and Ukraine

by Natasha Lyndon - Tuesday, February 23rd, 2021 1:51


Gaming operator Enlabs has confirmed the company’s Swedish relaunch as part of a strategic growth plan that includes launches in both Ukraine and Belarus in 2021.

The Swedish relaunch and Baltics launches will be spearheaded by the Enlabs OptiBet and Ninja Casino brands.

In December of last year, Enlabs voluntarily revoked its licenses for online gaming and betting in Sweden but stated that it would revisit the market at some point in the near future.

The original decision to leave the Swedish market was down to a need for technological development on the company’s platform. Now that this work has been completed, the brand is set to move forward with its plans for global expansion.

Those plans had originally included expansion into emerging markets such as Chile and Peru. However, those projects have been put on hold indefinitely due to the coronavirus global pandemic.

This leaves the Baltics and Nordics as Enlabs primary focus for expansion with Belarus and Ukraine expected to join Sweden for 2021 launches.

In the company’s year-end report for 2020, George Ustinov, CEO and president of Enlabs, said:

“Enlabs has added Nordic market sales know-how to its team and a global Pay & Play brand to its portfolio. This gives me certainty to say that in 2021 Enlabs will be relaunching in Sweden and will take Ninja brand across all of its operational markets.”

The year-end report also shows that Enlabs revenue increased 27% from €39.6 million to €50.5 million with net profits of €15.1 million (up from €9.4 million in 2019). Total active customers grew by 63% from 70,032 in 2019 to 114,332 in 2020.

Speaking of the positive figures from the year-end report, Ustinov went on to add:

“Customer activity is the main driver behind Enlabs strong results during the (4th) quarter. Active customer count increased by 15 per cent quarter to quarter and 88 per cent year over year. Retail lockdowns have accelerated customer conversion from offline to online channels in many industries with igaming not being an exception.

Natasha Lyndon

Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.