Acquires majority stake in iGaming operator Shogun Group


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Enlabs have acquired a 66.5% stake in Shogun Group (“Shogun”), a Malta based iGaming operator currently operating through a third party gaming platform under Maltese license. Enlabs will migrate operations under own licenses to its own proprietary platform, add Enlabs sportsbook BetX and provide full support to accelerate business growth.

The acquisition of Shogun, which just have left the “start-up phase”, will be done in two stages, at first Enlabs have bought out the 66.5% holding in Shogun from a group of investors for 664 thousand euros, which will be settled by issuing 229,995 new Enlabs shares. The remaining 33.5% ownership is held by the Shogun founders.

In addition Enlabs will invest 1 million Euro in cash into the Shogun business operations. Enlabs have an option to buy the remaining 33.5% of Shogun in January 2023 for a valuation of five times its net profit.

“The collaboration with Enlabs and becoming a part of the Enlabs organization will ensure the ongoing success of Shogun and gear up our development plans. In addition, new possibilities will arise through Enlabs. This is a great development and we are very excited for the future”, says Eric Holmberg, Shogun Group co-founder.

“Our investment into Shogun Group will compliment and speed up our development into new markets bringing to the table new brands and proven regional sales expertise. It is an exciting opportunity to take a white-label operation in-house in order to enrich our sales knowledge, and test and develop our technical capabilities. Enlabs makes a confident step towards becoming a more global iGaming operator”, comments George Ustinov, Enlabs CEO.


For more information please contact:

Enlabs AB

George Ustinov, CEO and Group president

[email protected] / +371 29424175

Adam Jonsson, CFO

[email protected] / +46 73 8200058


ENLABS stands for Entertainment Laboratories. Enlabs is a company that creates entertainment through innovative thinking within gaming. The corporate group has offices in Tallinn, Riga, Vilnius, Malta, Marbella, Minsk and Stockholm. The operating subsidiaries hold national licenses for their operations and the Group employs approximately 225 employees. Enlabs AB (NLAB) is listed at Nasdaq First North Growth Market with Redeye AB as Certified Adviser: [email protected], +46 (0)8 121 576 90.  

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