Spiffbet

History & Business Evolution

Spiffbet was originally founded in 2011 as a developer of betting exchange software. After several years of minimal revenues and recurring losses, the company shifted focus to slot machine game development in 2018 through the acquisition of STHLMGAMING. However, sales remained negligible—hovering around 1–1.5 million SEK annually—until 2020, when management decided to pivot again, this time to become a direct online casino operator. Instead of building its own player-facing brands from scratch, Spiffbet went on an aggressive acquisition spree, purchasing a string of existing but underperforming casino sites (see Notable Acquisitions below). This strategy allowed the company to quickly scale its top line: revenues jumped from ~1 million SEK in 2019 to over 18 million SEK in 2020, and continued growing as more brands were integrated. The company now reports a trailing twelve-month revenue of approximately $2.66 million (as of March 2026) and carries total debt of around $5.5 million.

Products, Platforms & Brands

Spiffbet operates two distinct business segments: - B2C Online Casinos: A portfolio of branded casino sites, each typically targeting specific markets or niches: - Metal Casino - Cashmio - Supernopea - Buster Banks - Sir Jackpot - Live Lounge (live dealer focused) - Wishmaker - Goliath Casino - Bellis Casino - Turbovegas - Scandibet (sportsbook and casino) - B2B Game Development & Distribution: - Rhino Gaming – in-house game studio producing video slots and table games, also aggregating third-party titles (e.g., from Copacabana Gaming and Lady Luck Games). - STHLMGAMING – game development brand specialising in slot machines. - Spiffbet Sports – sportsbook platform and odds offering.

Licensing & Regulation

Spiffbet holds licences in several regulated markets. Its Malta-based subsidiary Manisol Gaming Ltd (acquired in 2021) is licensed by the Malta Gaming Authority, and the group also operates under Swedish and Danish licences (relevant for brands like Bellis Casino). The company emphasises responsible gaming and compliance with local regulatory frameworks.

Recent Developments

In 2021, Spiffbet re-branded its entire game development output under the Rhino Gaming name to create a clearer separation between its operator brands and its B2B game studio. The group continues to seek new acquisitions; a letter of intent to acquire further assets was signed in early 2021, and management has stated a long-term target of expanding both the operator portfolio and the distribution network for Rhino Gaming’s content.

Key Metrics

- Headcount: 11–50 employees - Public listing: Nasdaq First North, ticker SPIFF - Financials (TTM to March 2026): Revenue ~$2.66M, Debt ~$5.5M - Market cap (as of early 2021): ~€3M at time of Metal Casino acquisition