Maltese iGaming company KanonGaming has finalised the sale of four of its Swedish casino brands – CasinoEpic, CasinoGami, FrejaCasino, and LokeCasino – to tier-one operator PAF, marking a significant shift in its strategic direction.
The transaction, completed on 3rd February, was structured on an earn-out model based on the brands’ recent performance. While the sale price remains undisclosed, KanonGaming’s 2024 operations in Sweden reportedly generated €17 million in revenue.
Founded by entrepreneur Nikolai Livori, KanonGaming had built a reputation as an ambitious B2C operator in the iGaming space. However, this sale signals a broader shift in focus, as Mr Livori aims to move away from direct-to-consumer gaming and invest in the B2B technology sector through Skivori, his dedicated platform development firm.
Reflecting on the decision, Mr Livori stated, “achieving nearly [€17 million] in revenue in Sweden stands as a powerful indicator of what can be accomplished when visionary leadership meets a passionate team. Today’s sale is not just an exit from one market; it’s the launchpad for our ambitious journey into the future of technology.”
KanonGaming currently retains a Danish licence, but its future in that market is under evaluation. With this strategic realignment, Mr Livori is positioning Skivori as a key supplier of gaming platforms, shifting the focus from brand management to technological innovation.
While KanonGaming will continue to operate in select markets, Skivori is expected to lead the next phase of the company’s evolution. The firm will focus on providing gaming platforms and technology solutions for regulated markets, including Malta (MGA), Denmark (DGA), Sweden (SGA), Curacao, and the expanding sweepstakes sector.
Mr Livori elaborated on this shift: “Skivori owns the tech B2B, whilst KanonGaming owns the B2C side of things. Going forward, I want to focus less on B2C and more on offering tech platforms. It’s time to do what I love the most – build tech.”
Acknowledging the transition, Mr Livori expressed confidence in PAF’s ability to nurture the brands, noting that CasinoGami was even inspired by one of his dogs. “I wanted to hand them over to someone who has the dedication to take them to newer heights,” he remarked.
