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Mr. Green Casino Buys Evoke Gaming
Mr. Green, one of the world’s leading online casino brands, has purchased Evoke Gaming, the company said in a statement.
Evoke Gaming is the holder of the rights to a number of leading online casino properties, most notably Redbet. The agreement is expected to a produce a significant expansion of both brands as Mr. Green’s ownership looks to branch out into additional markets.
The purchase comes at a time when merger activity is running hot and heavy throughout the online casino industry.
Brands all around the world are feeling the pressure to expand as quickly as possible. Increasingly, deals like this — where a brand ready to expand does so by purchasing another brand — are prevalent. Underscoring the perceived value in expansion is the huge $7m final price agreed to. Even more significantly, that entire amount is to be paid in cash, indicating Evoke knew it had leverage and Mr. Green was willing to pay.
“We are pursuing our strategy of nurturing a small number of strong brands that can work globally. With Redbet and Mr Green, we have two immensely strong brands addressing different segments and we see major potential to expand Redbet into our existing markets,” said Per Norman, Mr. Green’s CEO.
Evoke Gaming CEO Evokes Company’s “Turnaround”
Further evidence of just how cut throat the online casino industry has become came in the form of comments from Evoke’s CEO, Fredrik Staël von Holstein. His comments about the merger came just short of saying the brand couldn’t compete anymore in an ever more competitive environment without seeking significant additional resources and support for its operations.
“Evoke Gaming is on the threshold of a significant turnaround. Mr Green will give us the muscles to continue growing internationally in an effective manner,” he said.
Regardless of the motivation behind the move, once thing is clear. The mergers and acquisitions movement that has taken the online casino world by storm in recent months is wooing no signs of slowing down. If anything, it appears as thought it’s just beginning to heat up.