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In a recent move to gain access to the Baltic region, Mr Green signed an agreement with Latvian operator 11.lv that led to its acquisition. The rapid growth of the Baltics, including Estonia, Latvia and Lithuania, reached an impressive 45% last year compared to 2016, according to Mr Green's research. The Capital Market's Day was when the company also announced a new re-branding move, intended to create the profile of a more high growth digital company. As of now the company is called MRG.
The CEO of MRG Per Norman announced that 11.lv's buyout is an important expansion into locally regulated territories, as the Latvian operator is the third largest in the area. In addition, he mentioned that the acquisition will be a huge step forward for both of MRG's brands, namely Mr Green and Redbet, and will help the company solidify its presence in the Baltics. 11.lv's products cover casino, live casino as well as betting through the use of a Latvian license with a revenue of €944k and EBITDA of €162k in the first quarter of 2018.
MRG acquired 75% of 11.lv's shares for the price of €2.8m in cash. The remaining 25% is still in the possession of the 2 company founders. The company is based in Riga, Latvia and currently employs 15 people. According to a financial note by MRG that was released recently, the company demonstrated a 40% year-on-year revenue increase for the period 1 April - 22 May with customer deposits also going up by 60%.
About MRG
MRG offers sports betting, online casino, live casino, bingo and keno through an MGA license, while holding several other licenses in the UK, Italy, Denmark and Ireland. The company's online casino was officially launched back in 2008, with the headquarters being in Malta. MRG was one of the first few companies to introduce the concept of an online casino offering games from different providers, and today features around 700 titles from all well-known brands such as NetEnt, Play'n Go, Microgaming, Merkur, Playtech, Yggdrasil and Evolution.
