Stockholm-listed iGaming operator Enlabs has entered into an agreement to acquire a licensed land-based gaming operator in Belarus.

The operator of the Optibet brand has signed a letter of intent to acquire the unnamed Belarussian company, which does not currently hold a national iGaming license but meets the requirements to obtain one.

Legislation to regulate iGaming came into force in Belarus on 1 April, with the prerequisites for obtaining a license including several years experience of land-based gaming operations, and a bond of more than US$1m.

Enlabs said that its expansion to Belarus is a logical step in the company’s development following its recent expansion in Estonia, Latvia and Lithuania.

“Entering the Belarusian market is important for Enlabs’ continuing growth journey,” said Enlabs president and CEO Robert Andersson. “Earlier this year, the Belarusian market became regulated, and this acquisition is aimed at obtaining an online gaming license in the country.

“We have long experience and knowledge from neighboring markets and are firmly convinced of our opportunities to succeed in Belarus as well, a country in terms of population roughly the size of the Baltic states and with a total gaming market worth over €500m.”

Andersson noted that the country’s online gaming market is relatively small at present, but said that the company sees great similarities to how the Baltic markets looked a decade ago.

“We expect a strong growing market where we look forward to being a leading player. The acquisition is fully in line with our strategy to focus on "the Baltics and Beyond" and work on the license application for online gaming will begin immediately,” he added.

Shares in Enlabs AB (STO:NLAB) were trading down 0.49 per cent at SEK20.35 per share in Stockholm Friday morning.