Mr. Green, a Swedish online gambling operator, has revealed that it has acquired the operations of Malta-based Evoke Gaming.
The operator recently announced that it had agreed on an all-cash €7m deal to acquire Evoke Gaming from Bonnier Growth Media. Included in Evoke’s online gambling brands are Redbet, Vinnarum Casino as well as the Bertil and MamaMia Bingo sites which are all primarily focused on Sweden and other Nordic markets.
According to Mr. Green, Evoke generated revenue of €15.5m in 2016 while announcing an earnings loss of €4.6m during that year. The first nine months of this year saw revenue dipping to €7.4m while the earnings loss totaled an amount of €4.4m.
Fredrik Stael von Holstein, Chief Executive Officer at Evoke Gaming, commented that his business was “on the threshold of a significant turnabout” and that the Mr. Green deal will provide Evoke’s brands with “the muscle to continue growing internationally in an effective manner.”
After the deal is done von Holstein will continue as head of Evoke’s operations and will become a member of Mr. Green’s management team in Malta.
Mr. Green said that it is not expecting the acquisition to have any impact on next year’s earnings and that its targets of annual growth of 20% and a 20% earnings margin by the year 2019 will not be affected by the Evoke acquisition.
Per Norman, the Chief Executive Officer at Mr. Green, further commented by calling the Evoke deal an “ideal fit” with the company’s strategy of “nurturing a small number of strong brands that can work globally”.