Swifty Global Acquire Suspended Goldchip

Swifty Global have acquired betting company Goldchip. The acquired company is currently having problems with the UK Gambling Commission.

Last month saw Goldchip have their operating licence suspended by the UK Gambling Commission. The reason given was suspected anti-money laundering and social responsibility failures. A review is now being carried out by the Commission and their licence remains suspended.

No details have been given of activities that may have breached the conditions of their licence. The Leeds-based company are working with the Commission to “resolve this situation as soon as possible.” Although the site has been suspended, customers are still able to access their account and withdraw funds.

Swifty Global are based in New York, USA but are UK-focused, just like Goldchip. Their belief is that taking over Goldchip will resolve the problems that they have. Swifty Global hold a UK Gambling Commission licence and Goldchip members will now be able to transfer their accounts to the new owners.

James Gibbons is the CEO of Swifty Global and he’s “delighted” about the new acquisition. He believes that this “critical mass” is just what they need to “put us on the fast track towards our bigger plans.”

Their Chairman, Nicolas Link, spoke of how hard they had worked to build their business. He mentioned how in recent months their share price has had a tough time but this deal will greatly help them. It will hopefully make them “a serious player in the OTC, where there are not many businesses delivering nearly $100 million in annual revenues.”

They expect a strong return from their purchase. Swifty Global see Goldchip as a popular “VP sportsbook. It’s said by Goldchip that their customers include “famous celebrities and sports stars” and that includes “decorated” Premier League footballers.

The hope is that they can be used as brand ambassadors to help spread awareness of the company. Other plans for the future include incorporating the Swifty Global sports predictions app and casino into what Goldchip currently have on offer.

An important task for Swifty Global is to make another acquisition. This one will be a GLI certificate for their Unique Sports Prediction app. This is required if they are to prove that it meets UK and international standards.

The 2021/22 financial year saw Goldchip report revenues of £75 million. They had a net profit of £1.4 million and that was achieved despite “substantial one-off costs” being encountered during the 12-month period.