Evolution Approved To Buy Casino Software Giant NetEnt

Mia Gardner | 18 Nov 2020

It was some time ago that casino mega-corporation Evolution expressed interest in purchasing iGaming development studio NetEnt. The deal, if it went ahead, would be one of the biggest and most high profile in the industry, given how influential both companies are.

Now, officially, the CMA has given its approval, all but clearing the way for Evolution to seal the deal. For all intents and purposes, respected developer NetEnt have officially been purchased. Though, there are technically a few for steps that are required in order to make the acquisition final in the eyes of the law.

Approval Officially Given

But, it was not a proposition that didn’t come without some serious hurdles. The United Kingdom Competition and Markets Authority (CMA) announced that it would be looking into the purchase, stating that, should the acquisition have a negative impact on the British casino industry, it would be forbidden.

The CMA was not the only watchdog authority to express concern. The Malta Competition and Consumer Affair Authority (MCCAA) was equally as sceptical, indicating that it too would look into the matter immediately

The MCAA was first to give approval in September 2020, having determined that the purchase would not have any negative impact on the casino industry, as far as they were concerned. This marked the passing of a major hurdle for Evolution. But, speculation was still rife as whether the CMA would follow suit.

As far as money changing hands is concerned, however, the amounts mentioned have shook the casino industry. It has been suggested that around $2.26 billion is being paid by Evolution for NetEnt, which is certainly one of the biggest deals of this type to have ever been seen.

Two Big iGaming Brands

Looking more closely at NetEnt, the studio has a long and interesting history.

The company was officially founded in 1996, making it one of the first as far as the digital casino revolution is concerned. NetEnt Casino was officially launched in 2002, although is mostly focused on land based operations.

It was in 2010 that the slot Gonzo’s Quest really brought the company into the spotlight, being hailed as an industry changing revolution. Today the studio is one of the biggest, and one of the most widely respected in the world, with titles being played in virtually all major regulated markets.

As to what the future holds for Evolution and NetEnt remains to be seen, but there is no question that this major acquisition will be an industry highlight for 2020.