Earlier this week, Evolution Gaming Group signed an agreement to acquire Arcadia Gaming Solutions (AGS), an iGaming tech company based in Amsterdam. The transaction is expected to be completed by the end of 2024, pending approval.
Evolution will initially pay €2.5 million in cash, with additional dividends to be paid in 2027 based on AGS’s performance.
AGS’s “eternal” games
Founded in 2019 and operated by Arion Labs, AGS is best known for its flagship product, Fortune Pusher. The company created a new category of online games by transforming classic arcade games into live online casino experiences.
“Combining creative energy, deep experience, and unparalleled technical capabilities, our team consistently delivers immersive experiences with unique and innovative games,” AGS stated. These timeless games are expected to continue growing in popularity over the years.
AGS’s video streaming technology, available worldwide, allows players to interact with physical arcade machines in real time using desktop or mobile devices. According to Evolution, this offers a “unique and engaging online experience.”
Productive summer for Evolution
This acquisition is not Evolution’s only acquisition this summer. In its quest to become the world’s leading casino game provider, the company also announced plans to acquire Galaxy Gaming in an $85 million deal. The transaction is expected to close by mid-2025 and is projected to generate €29-30 million in net profit for Evolution.
“We look to 2024 and beyond with excitement, hunger, and ambition. We will continue to invest, recruit, and expand our operations globally,” said Martin Carlesund, CEO of Evolution.
Additionally, in July, Evolution partnered with Rush Street Interactive to bring its live casino games to Delaware via the BetRivers brand, following the launch of its online slots in March.
Financial growth
Last year, Evolution generated €1.8 billion ($1.99 billion) in revenue, with live casino games accounting for 84.7 percent, or €1.52 billion ($1.68 billion). In Q2 2024, Evolution’s operating income reached an impressive €508.4 million, up 15.3 percent year-on-year. This growth helped the company surpass €1 billion in revenue in the first half of 2024, indicating its strong financial performance and resilience, despite employee strikes and Union intervention.
