Key Points
- LCKY Group claims that it wrapped up the RoyalCasino purchase, getting its hands on not one but three Danish casino domains back in August.
- The group is forecasting an 18 to 20% jump in revenue but a slightly bigger 29 to 31% rise in EBITDA without revealing the purchase price.
- Denmark’s bill L37, which will basically put the brakes on advertising around live sport, had its first reading on the 22nd of October 2026.
LCKY Group Closes The RoyalCasino Deal But Denmark Is Getting Tougher on Adverts
LCKY Group, which started life as Glitnor Group in Malta, has clearly seen something in Denmark that other people don’t. They’re now backing that view with a big fat wallet. It’s a move they announced on 20 October 2026, in a statement that confirmed the RoyalCasino deal had been completed in August, so yeah, a bit of a lag.
LCKY says that they’ve got all the necessary approvals out of the way and integration is making good progress already.
A Danish Brand Gets a New Owner
RoyalCasino might not be massively well known but it is a pretty big player in Denmark. It ranked as Denmark’s third-biggest iGaming brand in April 2026 according to some search data. Only Danske Spil and bet365 were bigger, with RoyalCasino boasting an 8.22% market share.
The deal has three domains, royalcasino.dk, kapowcasino.dk and valhallacasino.dk, all under the control of RoyalCasino.com Limited which is a Malta-registered company that happens to be based in Copenhagen. That’s a pretty long history, the brand dates back to 1991 and launched its online site in May 2016.
As you’d expect, LCKY Group has talked RoyalCasino up as a top-notch Denmark-only operator. The brands join LuckyCasino, HappyCasino, Vera&John, FlaxCasino and OneCasino in LCKY’s portfolio.
RoyalCasino boss Per Petersen sounded like a proud dad when he spoke up about the deal. “RoyalCasino is one of the biggest online casino operators in Denmark and it’s a market that’s got a real reputation for being competitive and cutting-edge” he said.
From May Agreement To October Announcement
It’s been a bit of a wait but the deal to bring RoyalCasino into the LCKY Group finally went through in August, two months after they’d agreed it in May. And even then the financial details were kept under wraps.
Two big moves in short order show that LCKY Group is clearly hungry for more licensed revenue. But it’s taken them two months to get around to telling the world about it.
LCKY CEO Richard Brown was tight-lipped on the details but made it pretty clear that this was all about expanding their Danish operations.
What The Forecast Tells (And Don’t Tell) Us?
Take a look at those forecast numbers side by side and you’ve got a bit of a puzzle. EBITDA is supposed to rise by up to 31%; that’s way faster than revenue at 20%.
One possible interpretation is that RoyalCasino is making more cash per krone of revenue than LCKY’s other brands. That would make it a more valuable asset than you’d think. But remember that EBITDA is not the same as profit; it’s net profit before interest tax and depreciation.
Growth Market with Evolving Shape
The attraction of Denmark for the regulator is evident. According to the regulator’s August 2025 figures, gambling revenues totaled DKK714m. Sports betting led that month, increasing from DKK144m to DKK225m, with online casino jumping 20.7% to DKK361m.
The picture over the years is quite different. In the annual market report by Spillemyndigheden for 2025, it is revealed that online casinos has become the biggest gambling sector in Denmark, bringing in revenues of DKK4,309m. The sector beat monopoly lotteries for the first time since partial liberalisation in 2012, even as revenues declined slightly.
In other words, RoyalCasino operates within the segment that continues to grow each year. Such background explains why LCKY decided to make that particular purchase.
Possible Changes in Advertising Rules
The lawmakers seek to regulate such growth in a stricter way. Bill L37, which was submitted to the parliament on 7 October, replaces an earlier bill that expired following the general elections in March. The first reading of the bill took place on 22 October 2026.
If the bill is adopted, it will prohibit TV and online advertising of gambling services in connection with live sports games. This period is going to last from ten minutes prior to kick-off until ten minutes following the game. Affiliation agreements based on players’ turnover, winnings or losses will be prohibited too, as marketing regulations start on 1 July 2027.
According to official estimates, the advertising ban will result in a loss for the Danish state of DKK15m in 2027 and DKK25m per year after that. Morten Rønde of Nordic Legal said that the substance of the replacement bill remained unchanged from its predecessor, which lapsed. As he noted when the bill package was announced in 2025, there was “no link to any evidence” of its ability to help gambling addiction.
Next Step
LCKY has its new legal boss in view of the upcoming changes. Neil Chetcuti, who previously served as legal director of Sportingtech, became general counsel just before the deal announcement. His first challenge will certainly be Copenhagen and not Malta.
Expert Analysis: Good Purchase, But We Need Figures
LCKY chose the correct investment, but the problem lies in the lack of transparency.
Our reasoning is quite obvious. RoyalCasino belongs to the top-3 Danish brands in the one and only growing niche through 2025. It seems like a smart decision for LCKY to invest in such a position rather than to spend money on building a brand from zero.
First of all, there is the issue of disclosure. The company forecasts a 31% increase in EBITDA; however, it must explain how it calculated it. No price, no base year, no financing – nothing but the number is available. It is impossible for outsiders to check whether it was a fair deal.
Also, the purchase of RoyalCasino is questionable regarding timing. Right now the Danish lawmakers are discussing the laws which will regulate the promotion of gambling services by imposing serious restrictions on advertising. Speaking about “regulated, sustainable growth” is a bit ironic, considering that regulations may reduce the number of customers.
Of course, there is an opposite point of view, and we cannot ignore it. Our theory is that the limitation of ads will be harder for newcomers than for big brands with recognisable names and loyal clients. If it turns out to be true, three domains of RoyalCasino will become even more valuable once the competitors lose their best channel of promotion.
Unfortunately, we cannot confirm that right now, and LCKY cannot either. Our opinion is that the deal looks very promising on paper, but it will be clear only in 2027.
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