Evoke PLC on Friday announced the acquisition of New Gambling Solutions SRL, the operator of Winner.ro, an online betting and gaming operator in Romania.
Evoke is a Gibraltar-based betting and gaming operator, formerly known as 888 Holdings and owner of William Hill, 888, and Mr Green brands.
Evoke said it will inject its Romania business and a consideration of €10 million in exchange for a 51% share in the enlarged Romania business, bringing together 888.ro with Winner to create the fourth largest group in the Romanian market with a combined market share of around 7%.
‘Based on a 2026 earn-out calculation, evoke will own between 51% and 57% of the business, with an option at its sole discretion to increase ownership to 100% from the third anniversary of completion,’ Evoke said.
Evoke said Winner.ro is the seventh largest online betting and gaming operator in Romania. It noted that the Romanian betting market is expected to grow at a compound annual growth rate of 13% from 2023 to 2026, with the market worth around €1.1 billion in net revenue in 2023.
‘The attractive market dynamics are creating rising barriers to entry, with strict local regulations and high levels of localisation,’ the company said.
Evoke expects the takeover to close in the ongoing third quarter of 2024. It anticipated the acquisition to boost its earnings in 2025 and beyond, but noted it does not change its recently announced guidance for 2024.
Winner Chief Executive Officer Nicklas Zajdel said: ‘This is an incredibly exciting transaction, bringing together our local-hero brand, with one of the world’s strongest international casino brands. Romania is a high-growth market, and this combination sets us on the path to a sustainable, profitable, market-leading position. Winner has a strong leadership team and we are building on our success in the market through our highly localised approach, and competitive advantages such as our product platform, our enhanced personalisation, and wide network of deposit points.’
Evoke shares rose 3.0% to 71.15 pence each on Friday morning in London.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
