Evolution Gaming Group AB, a leading live casino provider, acquired NetEnt AB in a SEK 19.6 billion ($2.1 billion) all-stock deal announced on June 24, 2020. The acquisition, valued at SEK 79.93 per NetEnt share, aimed to combine Evolution’s live dealer expertise with NetEnt’s slots portfolio, creating a comprehensive B2B iGaming supplier. By October 2025, the integration has reshaped the industry, enhancing Evolution’s market dominance in live and RNG games.
Acquisition Timeline
- June 24, 2020: Evolution launches a public offer for NetEnt, citing synergies in live casino and slots. NetEnt’s board recommends acceptance.
- November 2, 2020: Evolution secures over 90% of NetEnt shares, declaring the offer unconditional.
- December 1, 2020: Acquisition completes, with Evolution initiating compulsory redemption for remaining shares.
- December 2, 2020: Integration begins, including closure of NetEnt’s live dealer studio to consolidate under Evolution’s operations.
The deal faced scrutiny from the UK Competition and Markets Authority but cleared without conditions in September 2020.
Integration and Operational Changes
Post-acquisition, Evolution streamlined NetEnt’s operations, focusing on RNG slots while leveraging shared technology. NetEnt’s Malta-based team integrated into Evolution’s structure, reducing redundancies. By 2021, combined revenues exceeded SEK 10 billion, with slots contributing 40% to Evolution’s portfolio.
In 2025, the merger enables cross-platform innovations, such as NetEnt slots in Evolution’s live environments. Evolution’s Q2 2025 earnings report shows SEK 5.3 billion in revenue, up 20% year-over-year, attributing 15% growth to NetEnt synergies.
Market Impacts in 2025
The acquisition solidified Evolution’s position in regulated markets like the US and Europe. NetEnt’s US licenses (e.g., New Jersey, Pennsylvania) accelerated Evolution’s entry, with combined operations holding 35% market share in North American online slots by mid-2025.
Challenges include antitrust concerns; in 2024, Evolution divested minor assets to address monopoly fears. Player benefits include enhanced game variety, with NetEnt titles like Starburst integrated into Evolution’s lobby, boosting user retention by 12% per internal metrics.
Financially, Evolution’s stock (EVO.ST) rose 150% since 2020, trading at SEK 1,200 in October 2025. NetEnt’s legacy lives in ongoing releases, like Starburst XXXtreme updates.
Evolution’s NetEnt acquisition exemplifies strategic consolidation in iGaming, driving efficiency and innovation. By 2025, it has created a powerhouse supplier, though ongoing regulatory pressures demand vigilance for sustained growth.
