Goldchip looks to rejoin UK betting scene via Swifty deal

For violating the rules, Goldchip Limited recently lost its gambling license in the United Kingdom. It has now re-entered the scene by offering to sell the company for an undisclosed sum.

The Leeds-based sports betting provider is being bought by a financial technology (FinTech) company that operates in both the financial and betting industries. Swifty Global, which is also known as Deer Cashmere Holding Firm, will likely be the company behind Goldchip.

Swifty argues that the agreement will accelerate Swifty’s time to market. It will also provide “critical mass” for the company’s expansion aspirations. These objectives include a major exchange listing, but there is no set timeline for these operations.

Goldchip sets to re-enter the marketplace

Goldchip announced revenues of US$94 million for the fiscal year 2021–2022. It made a profit of $1.75 million at the same time, in spite of its substantial one-off expenses.

According to the company, Goldchip recruited 14 people in Leeds and has employed three United Kingdom industry experts to assist with the development of its sportsbook. Swifty, however, has a 14-person software development and implementation team that will incorporate Goldchip’s staff.

Nearly 750 high-net-worth VIP clients used the online betting site, the majority of whom are celebrities or athletes. However, it’s unclear how many of these, if any, remain after the UK Gambling Commission revoked the company’s license.

The platform was suspended as a consequence of anti-money-laundering concerns and doubts about its social responsibility obligations. Swifty, on the other hand, owns a UK gambling license, so the buyout will alleviate those issues.

Swifty added that by the end of this year, the company wants to have 900 users. In the near future, it will concurrently release its casino and sports prediction app to Goldchip clients.

Vendor financing, restricted shares, and cash will all be used to help fund the acquisition. Swifty expects to considerably cut Goldchip’s operational costs and boost profitability by utilizing its in-house software technology. Swifty will be able to free up cashflow for development as a result of this.

Rising usage digital technology in gaming

Swifty Global has developed two apps; a sports prediction app as well as a digital wallet, both being mobile. This digital wallet includes artificial intelligence, as well as cryptocurrency and blockchain transactions.

The corporation just secured gambling licenses in Curacao and the United Kingdom. It is currently planning to deploy its exclusive sports predictions app in the United Kingdom.

Swifty Predictions is a low-value, high-frequency betting app, that allows users to predict outcomes in all major sports, such as American football, basketball, tennis, baseball, soccer, and more. Both in-play and pre-match forecasts are covered by the app.

Users will be able to make hundreds of micro predictions in minutes using the product. They can engage in the bet by swiping right, or they can skip it by swiping left. Swifty’s patent could allow predictions in other entertainment areas, such as reality television, in addition to sports.

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