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Fagerlund Named Global Gaming CEO as Möller Steps Down
April 30, 2019 Tamara Vucinic
Representatives from Global Gaming, a Swedish gaming company that offers its online gambling to a number of international markets…
…announced that, Joacim Möller, has quit his chief executive position and temporarily appointed, Tobias Fagerlund, to take his place.
Adapting to the Swedish Market
The operator announced that the company was going through a lot of huge changes while also adapting to the new operating conditions in the Swedish market.
So, that is why its board of directors decided that they need a new executive that would oversee the evolution of Global Gaming.
Back in January, Swedish lawmakers introduced a newly-regulated iGaming market with stricter rules…
…which is why many gambling operators complained that because of the new operating restrictions, high competition and the new tax rate their revenue had to suffer.
Because of their struggles with new Swedish regulative, Global Gaming canceled plans to issue a dividend to shareholders at the beginning of April.
Its board said that strong liquidity would help future growth in the market, as well as ing an ongoing reorganization of the business in order to better balance revenue and costs.
Global Gaming’s Statement
“It is the board’s opinion that Global Gaming is a fundamentally strong company with great potential to continue to be a significant player in the Swedish market,” company reps said in a statement.
“In order to succeed, the company’s adaptation to be further intensified. It is the board’s opinion that the extensive work and the way forward needs a new leadership,” they added.
Möller will leave his position immediately, while Fagerlund will cover his position temporarily until the board finds a permanent replacement.
Möller has been on the Global Gaming board since June 2016, while Fagerlund was CEO of betting exchange, Spiffx, and will still remain a member of its board.
Fagerlund is also a partner with Relax Gaming and has been working for the gaming content provider since October 2011.
“Tobias has extensive experience from leading operational positions and board appointments in the gaming industry and listed companies and great insight into the challenges and necessary measures that the company faces,” Global reps concluded.
Global Gaming Licensed in Sweden
Back in December of 2018, Global and its subsidiary, SafeEnt Ltd., received a license to operate in Sweden from the Swedish Gambling Authority.
It is a casino and sportsbook license that will last for five years and they were among the first providers to get licensed in Sweden.
“We were one of the first operators to submit a licence application on August 1st 2018, the first available day, and are proud to announce that all the hard work put in by our team has paid off.”
“We are thankful for this seal of approval. It not only signals their approval of our business model but also gives us an opportunity to continue focusing on our largest market,” said CEO at the time, Möller.
Source:
“Fagerlund named Global Gaming CEO as Möller steps down”, igamingbusiness.com, April 30, 2019.
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Global Gaming is one of the true leaders in the industry, I can’t even imagine what will they accomplish with all those plans for the future.