It’s a beginning of a new era as Mr Green frnachise rebrands into MGR
Mr Green has undergone a corporate rebrand to MRG Group as a part of their 2020 strategy, and as well to reflect the company’s current outlook of being “a high growth digital group”.
CEO of MRG, Per Norman, explained the move mirror their plans for the future and will serve better their expanded portfolio of online gambling assets.
”MRG is a digital, high growth company with a significantly broader operation with more brands and larger geographical presence than a year ago. We invest in new innovative digital areas within iGaming and eSports. MRG is reflecting our vision ‘Shape the future of the iGaming industry’.”
New Company Targets
The announcement was made just before the company’s Capital Markets Day together with the outline for the new financial targets and new ventures in development of games and eSport.
The rebranded company expects a 40% increase in 2018 full-year revenues combined with an EBIDTA operating margin of 15%. Combining the continued growth of the organic Mr Green brand with the expanded corporate entity should lead to maintaining a 25% annual growth rate until 2020. Prior to the big news, the company outlined its great performance in the second quarter.
In the period of 1 April to 22 May, the company’s revenue grew by 40% year-on-year along with a 60% increase to customer deposits during the same period. Positive changes of rebranding have already been seen since shares of the company climbed nearly 7% in Stockholm after they revealed the news.
The respected Swedish gaming and live dealer operator has recently scored a deal to enter the Baltic region.
MRG is about to acquire 75% of the shares of the Latvia’s third largest operator 11.lv that holds licensees in betting, casino and live casino gaming. Mr Green will pay €2.8 million for their stake and the remaining 25% will be held by 11.lv’s founders. Based in Riga and having 15 employees, 11.lv generated revenue of €966,000 and EBIDTA of €162,000 in the first quarter of 2018.
MRG sees this partnership as a huge step in their strategy to expand into locally regulated markets. The Baltics made by Estonia, Latvia and Lithuania is a fully regulated and fast-growing market and 11.lv will serve as a base for MRG to spread across the whole region.
MRG also announced entering a partnership with eSport media publisher Gamzigone Entertainment and the first products are expected in the fall.