KanonGaming sells four casino brands to PAF

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.”

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.