Part 2: The current online market
at the cost of the tax hit to the
bottom line).
Mr Green
Mr Green has a longer pedigree
that LeoVegas but still stands
as something of a challenger
to the big two grey market
operators. Despite some ups and
downs in the past five years, the
company has re-set itself and
now looks likely to be one of the
beneficiaries from any regulated
market growth, particularly
given the addition of the Evoke
brands – which include Redbet
– in December 2017. This should
see it substantially improve on
its current estimated 3% market
share as the dawn of the regulated
regime beckons in January.
Table 4: Cherry Gaming igaming revenues
GGR (SEKm)
2013 2014 2015 2016 2017
127.5 183.1 350.1 830.5 1,823.4
Source: Company reports
Table 5: Gaming Innovation Group revenues
2015 2016 2017
B2C gaming (€m) 14.4 42.4 86
Nordic revenues (€m) 7.8 23.1 65
Nordic revenues (SEK) 677
Est. Swedish revenues 271
Est. Swedish market share (%) 4.5
Source: Company reports, Market Monitor estimates
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Sweden: The transition to regulation in one of Europe’s most advanced digital markets
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