Evolution Gaming Group signed an agreement Wednesday to acquire Arcadia Gaming Solutions, an iGaming technology company based in Amsterdam. Subject to closing conditions, the deal is expected to close by the end of 2024.
Evolution will pay an up-front cash consideration of €2.5 million. Then, in 2027, the company will pay an earn-out based on Arcadia games’ performance.
Founded in 2019 and managed by Arion Labs, Arcadia Gaming Solutions (AGS) is a games development company behind titles like "Fortune Pusher." It has created a new category in online live gaming by turning classic arcade games into live online casino games.
“Combining creative energy, in-depth experience, and unsurpassed technical abilities, our team continuously delivers exhilarating experiences through unique and innovative games,” the AGS says on its website, adding that they are “timeless games that are played by as many players as possible for many years to come.”
The company’s B2B video-streaming technology, which is available worldwide, enables players to interact with physical arcade machines in real-time using their desktop or mobile devices, which, according to Evolution's release, provides “a unique and engaging online experience.”
Busy summer for Evolution
Evolution reported €1.80 billion ($1.99 billion) in revenue in 2023, with its live casino games accounting for 84.7% or €1.52 billion ($1.68 billion) of this total.
“As we look into 2024 and beyond, we do so with excitement, hunger and ambition. We will continue to invest, recruit and expand our operations in the whole world,” CEO Martin Carlesund said in the company’s year-end report.
The latest deal is not the first announced by Evolution this summer. In its mission to become the top casino game provider in the world, the company agreed to purchase Galaxy Gaming earlier this summer. This $85 million deal is expected to close in mid-2025 and is projected to generate between $29 and $30 million in net revenue for Evolution.
In July, Evolution announced a partnership with Rush Street Interactive to launch its live casino games in Delaware via its casino brand, BetRivers, after launching its online slots there in March.
About Evolution
Evolution Gaming's live casino games and game shows are available in six of the seven legal online casino states, with Rhode Island as the exception. Evolution supplies its products across many real money online casinos in the U.S. and has studios in New Jersey, Connecticut, Michigan, and West Virginia.
