Stockholm-listed gaming operator Mr Green has acquired Evoke Gaming including Redbet
Mr Green has signed an agreement to acquire Evoke Gaming, the deal includes a number of Evoke operated gaming sites such as Redbet, Vinnarum casino, Bertil and MamaMia, all of which are primarily focused on Sweden and other Nordic markets.
Evoke Gaming is a Malta-based company, which currently has 82 employees.
The Swedish operator purchased the casino and sportsbook firm for the amount of €7m, which will be paid in cash. An additional amount of €1.5m may be payable if certain conditions are met.
According to Mr Green, Evoke Gaming generated revenue of €15.5m in 2016, while the earning loss amounted €4.6m that year. For the first nine months of 2017, revenue amounted €7.4m and earning loss was €4.4m in total.
Mr Green claims that Evoke’s revenue and earnings were negatively impacted by the migration to a new technology platform and restructuring measures that are expected to be done by the time the acquisition is completed in the first quarter of 2018.
After the deal is done, Fredrik Staël Von Holstein will remain head of Evoke’s operations and will become a member of Mr Green’s management team in Malta.
Per Norman, CEO of Mr Green & Co, said, “Evoke Gaming is an ideal fit for our business plan and strategy. 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.”
Fredrik Staël von Holstein, CEO of Evoke Gaming, said, “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.”