Nova Gorica, 24 April (STA) - The Nova Gorica-based gaming company Spintec, known for its electronic roulette brand, has a new co-owner, Finance reported on Thursday. After two years of negotiations, German company Merkur acquired a 30% stake in February, which Spintec expects will enable the company to put its machines up for rent in the US market.
"This secured funding for our continued growth. By 2030, we plan to increase our revenue from more than EUR 15 million last year to EUR 100 million. We are expecting such a jump mainly because we will offer our gaming machines for rent in the US," Spintec CEO Goran Miškulin told the portal Finance.
His ownership stake decreased from 62% to 51%, with the remaining 19% owned by six other partners.
Miškulin, who used to work at gaming company Hit, founded Spintec 15 years ago together with the six partners. The company employs 85 people and develops electronic gaming machines. Its flagship product is a fully automated roulette which it sells under its own brand and supplies to casinos around the world, including Monaco, the US and Macao.
Exports account for 99% of the company's revenue, with half of the exports generated in Europe, a quarter in Asia (including in Macao, India, the Philippines, Vietnam, South Korea), 15% in the US, and 10% in South America. Spintec exports its products through distributors. In Slovenia, it has an 80% market share when it comes to electronic table games played in casinos.
Last year, its revenue totalled EUR 15.3 million (up from EUR 11.9 million in 2023), and this year it is expected to increase to EUR 20 million. Net profit amounted to EUR 1.2 million last year.
Spintec's main problem in recent years has been financing business growth due to banks' strict rules on financing gaming, Miškulin told Finance, arguing that Spintec was not a casino but a manufacturer of gaming equipment.
That is why the company was forced to look for other options or a strategic partner, which it found in Merkur, with whom it had already been cooperating. Some 10% of revenue was generated from the sale of electronic table gaming devices to the German company.
Merkur, which operates casinos, holds a 50% market share in the German casino market, but it is also present in other markets such as the UK, Spain, the Netherlands, the Balkans, etc.
"We also expect cooperation from Merkur in the markets. Where they are better positioned than us, we expect them to open doors for us, and we will open doors for them elsewhere. We plan to increase sales in the US," said Miškulin.
