Evolution Gaming Plans to Buy NetEnt
In recent iGaming news, Evolution Gaming has announced its plans to acquire over 90% of NetEnts company's shares. This means once the deal has been finalized, Evolution will have the majority of stakes in NetEnt. It's one of the largest deals to be made in the industry so far this year, at over £1.6bn ($1,991,708,800 USD). NetEnt Chairman Mathias Hedlund said, "Evolution's position within Live Casino combined with NetEnt's position within online slots will create a company well-positioned to take significant market shares."
Evolution Gaming is looking to expand outside of live casinos, and online slots are the next best thing. Both companies are currently thriving in the United States, so combining the two will result in a very powerful online platform. Jens von Bahr, Chairman of Evolution Gaming said, "NetEnt’s established US positioning combined with Evolution’s existing US studios and first-to-regulated-market strategy will put us in a favorable position to capitalize on the on-going regulation in North America.”
Both companies are considered to be titans in the iGaming industry. Evolution Gaming is one of the top live casino suppliers in the country, while NetEnt is famous for its video slots. Each provider supplies hundreds of online casinos around the world.
What is Evolution Gaming?
Evolution Gaming is one of the largest live casino providers in the world. The company moved into New Jersey a few years ago when online gambling was legalized, and recently opened up a studio in Pennsylvania. Currently, Evolution Gaming has over 3,000 employees located across multiple countries including the United States, Canada, Italy, and Malta. The main Evolution Gaming live studio is in Latvia.
Evolution has been in the industry for almost 15 years. In the last few years, the company has won numerous awards, including Game of the Year for its Lightning Roulette and Best In-Casino Streaming Live Dealer Provider.
What is NetEnt?
NetEnt is a Swedish company and has been designing online slots for over a decade. There are over 1,000 NetEnt employees, spread across offices in Malta, Kiev, Gibraltar, Sofia, Stockholm, Krakow, and New Jersey.
In 2019, NetEnt purchased Red Tiger in a £220m ($273,520,500 USD) deal. In her statement, NetEnt Chief Executive Therese Hillman said she was very pleased to see the two combining forces. “The acquisition combines two of the leading and most innovative companies in the online gaming industry. We look forward to working with Red Tiger’s fantastic team to enhance our combined global reach and to offer further value to operators and players. The transaction will provide significant revenue synergies across our markets worldwide.”
The deal NetEnt made to acquire Red Tiger could be a factor as to how NetEnt and Evolution Gaming came together.