Problem: The online betting industry has erased the importance of national borders and opened up the world, which has lead to a more diversified perspective of the company. In this master thesis we wanted to broaden and develop the topic of corporate valuation with regard to the on-line gambling industry. In order to do that, a case study of the on-line betting firm Unibet and its core betting activities has been carried out. Purpose: The study aims to identify factors in the strategic, SWOT and financial analysis that will be used in the cash flow valuation model in order to derive the company value. Method: A case study has been chosen to collect empirical data to our study. Conclusion: A cash flow valuation in different scenarios was carried out. With the assumptions made in the “probable” scenario a value of approximately GBP 85 million was reached, which was significantly lower than the listed value. This is mainly due to the fact that we believe that the increased competition will make it difficult for Unibet to maintain its strong growth in sales in the future. The assumptions have been based on the information gained from the strategic analysis, the SWOT analysis and the development in financial ratios.

<p>Problem: The online betting industry has erased the importance of national borders and opened up the world, which has lead to a more diversified perspective of the company. In this master thesis we wanted to broaden and develop the topic of corporate valuation with regard to the on-line gambling industry. In order to do that, a case study of the on-line betting firm Unibet and its core betting activities has been carried out.</p><p>Purpose: The study aims to identify factors in the strategic, SWOT and financial analysis that will be used in the cash flow valuation model in order to derive the company value.</p><p>Method: A case study has been chosen to collect empirical data to our study.</p><p>Conclusion: A cash flow valuation in different scenarios was carried out. With the assumptions made in the “probable” scenario a value of approximately GBP 85 million was reached, which was significantly lower than the listed value. This is mainly due to the fact that we believe that the increased competition will make it difficult for Unibet to maintain its strong growth in sales in the future. The assumptions have been based on the information gained from the strategic analysis, the SWOT analysis and the development in financial ratios.</p>

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2019 reviderades Sveriges spellag, vilket betydde att nya spelbolag kunde söka licens för att verka på den svenska spelmarknaden. Revideringen tillkom i hopp om att de spelbolag som tidigare riktat sig mot svenska konsumenter istället skulle söka licens för att verka på den svenska spelmarknaden. I maj 2020 finns 71 licensierade spelbolag på den svenska spelmarknaden. Studiens syfte är att undersöka hur spelbolag på den svenska spelmarknaden arbetar med spelansvar samtidigt som de har ett stort vinstintresse, samt se om det sker en löskoppling av spelansvar till följd av detta.    Studiens forskare har genom dold deltagande observation undersökt 30 av 71 licensierade spelbolag i deras arbete med spelansvar. Därtill har tre semistrukturerade intervjuer genomförts med anställda på spelbolagen Svenska Spel, ATG och Unibet med syfte att få bättre förståelse för dess spelansvarsarbete. Studiens forskare har även intervjuat Anders P Håkansson i egenskap av extern part med övergripande förståelse för spelbranschen.    Studiens empiriska data från nämnda metoder analyseras med hjälp av teorier inom Corporate Social Responsibility och etik. Studien bidrar med en generaliserbar bild av den svenska spelmarknaden efter revideringen av spellagen 2019. Empirin påvisar att det förekommer löskoppling av spelansvaret på den svenska spelmarknaden. Den empiriska datan vittnar också om skillnader mellan hur utlandsbaserade och svenskbaserade spelbolag arbetar med sitt spelansvar. / In 2019, the swedish government revised the gambling law, which led to new gambling companies to enter the swedish market and to apply for a swedish gambling license. The revision was the effect of many years of foreign gambling companies operating illegally. In may 2020 there was 71 licensed gambling companies on the swedish market. The purpose of this study is to investigate how gambling companies operate with responsible gambling while they want to be as profitable as possible, and to see if they use decoupling as a consequence of that.   The researchers of the study have through hidden participation observation investigated 30 of 71 licensed gambling companies and how they work with responsible gambling. In addition. three semi-structured interviews has been conducted with employees of the gambling companies Svenska Spel, ATG and Unibet with the purpose to get a better perception how they work with responsible gambling. Furthermore has the researchers of this study interviewed a scientist in responsible gambling as an external part with an overall perception of the gambling industry.   The study's empirical data from the methods mentioned above has been analyzed using theories in Corporate Social Responsibility and Ethics theories. The study contributes with a generalizable picture of the swedish gambling market following the revision of the gambling law in 2019. The result demonstrates that there is decoupling of responsible gambling on the swedish gambling market. Additionally the result indicates differences in how foreign-based and swedish-based gambling companies handles responsible gambling.

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