Glitnor Group lands €55m financing deal with HG Vora to fuel expansion
By Sonja Lindenberg - 2 Sep, 2025

Glitnor Group has secured a €55m financing facility from HG Vora Capital Management, in a move aimed at accelerating the company’s expansion and strategic initiatives. 

The funding will support mergers and acquisitions, operational expansion, and product development across Glitnor’s regulated market footprint. 

Glitnor added that the new capital will finance a recent M&A deal. While the company has not publicly disclosed the specifics of the transaction, it confirmed that the funding will directly support its market-entry strategy.

Last year, Glitnor signed a Share Purchase Agreement to acquire operator OneCasino for an undisclosed sum. 

“This financing marks a significant milestone for Glitnor as we continue to scale our business across regulated markets and deliver value to our customers,” said Glitnor CEO Richard Brown (pictured).

“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.”

The company said that by enhancing its financial flexibility, it is better positioned to seize market opportunities and execute on its strategic roadmap.

“Securing this debt facility demonstrates both our strong financial profile and the market’s confidence in our future,” Brown added.

“We are excited about the opportunities ahead and remain committed to delivering sustainable growth.”  

‘Impressed with Glitnor’s growth’
HG Vora founder and portfolio manager Parag Vora said: “We have been thoroughly impressed with Glitnor’s growth trajectory and the operational excellence underpinning its success.

“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.” 

Imperial Capital LLC and Spectrum Gaming Capital served as joint financial advisers to Glitnor for the transaction.

HG Vora in focus
HG Vora, a New York-based investment firm, has been highly active in the gaming sector but has attracted significant attention in recent months.

The firm was a key backer of Maverick Gaming, the Washington-based casino and card room operator that filed for bankruptcy protection in August 2025.

Industry sources have cited HG Vora’s financing as a factor in Maverick’s aggressive expansion strategy, which contributed to its debt challenges.

More recently, HG Vora has also been involved in a proxy battle with Penn Entertainment, attempting to influence the company’s board composition following criticism of Penn’s digital strategy.

While the activist investor succeeded in placing two nominees on the board, a third was blocked from shareholder vote, and ongoing litigation remains unresolved.