If LuckyCasino and OneCasino's B2C business has solved the user issue, then B2B decisions determine what Glitnor will rely on to make money and why it is highly valued for the next decade.
After the acquisition of OneCasino, Glitnor's annual revenue was pushed to over 150 million euros. This is the first time Glitnor simultaneously controls the operational, platform, and content aspects, and begins to make them interlock.
OneCasino has a complete internal game studio that can tailor content for the brand. This capability perfectly complements the other half of the puzzle of the B2B game brand Swintt, which Glitnor laid out early in 2019.
The core value of Swintt lies in SwinttGamify: a gamification system that deeply integrates games with player interaction and CRM. Tournaments, achievements, tasks, and leaderboards are embedded into the originally monotonous betting cycle, significantly extending player duration, increasing betting frequency, and enhancing brand stickiness.
In an environment where customer acquisition costs continue to rise, improving LTV is itself the most effective way to reduce costs.
SwinttGamify gives Glitnor a clear advantage over the industry average in "retaining users."
More importantly, Swintt also holds two top-tier B2B licenses from MGA and UKGC. This not only means the highest endorsement of content quality and compliance but also gives Glitnor a very solid asset in financing, mergers and acquisitions, and even future IPO narratives.
🔠 Capital entry to remove flaws and separate iGaming from sports betting
As this B2B structure gradually takes shape, it also attracts capital entry.
In 2025, Glitnor introduces the New York aggressive investment institution HG Vora, completing a financing of 55 million euros. HG Vora's entry also sends a clear signal: the capital market begins to see Glitnor as a "potential structural challenger" in the iGaming industry. Of course, the recognition of Richard Brown is the core logic of this investment.
Almost at the same time, Glitnor also made a decision that seems to "deviate from the self-research ideal"—outsourcing all its brands' sports betting business to Kambi.
But this is not a strategic swing. Glitnor is not trying to do everything itself on all tracks but chooses to go all-in on its most advantageous parts: the product capabilities centered on the casino platform, and the technology and supply system built around iGaming content.
Compared to that, sports betting itself is a completely different technology curve—it not only relies on odds and odds algorithms but also highly depends on real-time data, risk control models, transaction matching capabilities, and large-scale operational experience, which are capabilities that take a long time to accumulate, have high trial-and-error costs, and are clearly beyond Glitnor's current capabilities.
Instead of repeatedly making mistakes in an area they are not good at, it is better to directly introduce the most mature, fully verified solution in the industry, treating sports betting as a "complementary function" module, rather than a core competency.
But the problem is also revealed here. After the platform, content, and capital structure are gradually formed, Glitnor still lacks a real variable that determines the growth ceiling—where the users come from. Without a stable, scalable customer acquisition engine, even the strongest platform can only cannibalize within the existing user pool, and even the richest content can hardly translate into sustained growth.
🔠 The puzzle is still missing the last piece
Glitnor now has cash flow, content moats, self-developed platforms, top licenses, and the endorsement of aggressive capital.
But its vertical integration model is still not truly closed-loop—the traffic and advertising alliance end is still not in its own hands.
And it is precisely this piece of the puzzle that determines whether the customer acquisition cost is controllable, whether growth can be replicated, and whether the platform valuation can be raised again.
In the last article, we will focus on this piece that has not yet been completed, but may be the most fatal shortcoming—affiliate marketing, and why Richard Brown must personally take action.
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