Glitnor Group has announced details of a new €55 million ($64 million) financing facility to help fund the iGaming operator’s future M&A plans.
Provided by hedge fund HG Vora Capital Management, Glitnor will also use the financing to support its ongoing growth strategy. This will include investment in product development and wider operational expansion efforts.
Glitnor CEO Richard Brown said the new funding places the operator in a stronger position to “seize market opportunities”. He added that the investment reflects confidence in its performance, business model and long-term vision.
Growth trajectory at Glitnor
HG Vora Founder and Portfolio Manager Parag Vora also welcomed the new partnership. He said the investment reflected HG Vora’s “conviction” in Glitnor’s strategy.
“We have been thoroughly impressed with Glitnor’s growth trajectory and the operational excellence underpinning its success,” Vora said. “The company has established itself as a dynamic operator in the online gaming sector and we are excited to provide a bespoke capital solution to accelerate its momentum.
“This investment reflects HG Vora’s conviction in both Glitnor’s strategy and the significant opportunities in regulated online gaming markets globally.”
Glitnor is no stranger to M&A, having completed several deals in recent times. Almost one year ago, it agreed to acquire OneCasino, an online gambling operator with a presence in various regulated markets across Europe. The deal completed earlier in 2025.
Meanwhile, Glitnor last year also agreed to purchase a 37.5% stake in New Jersey igaming operator PlayStar. The deal expanded the group’s overall position in the US market.
“This financing marks a significant milestone for Glitnor as we continue to scale our business across regulated markets and deliver value to our customers,” Brown said. “The support from our financing partners underscores the strength of our current positions as well as the opportunities to accelerate growth, operating power and profitability.
“Securing this debt facility demonstrates both our strong financial profile and the market’s confidence in our future,” he added. “We are excited about the opportunities ahead and remain committed to delivering sustainable growth.”
HG Vora proxy battle with Penn
HG Vora is a prominent shareholder in a number of other gambling operations, including Penn Entertainment, with which it is embroiled in a proxy battle over board composition.
The hedge fund launched a federal lawsuit in May in response to the operator only making two of a promised three board seats available for election for the investor.
Ahead of Penn’s June shareholder meeting, the operator sent out a memo claiming HG Vora violated several institutional investor waivers in which they agreed to remain passive in their activities.
During the meeting Penn approved two new board members recommended by HG Vora, but a third nomination was left unresolved.
