Evolution Malta Holding, a subsidiary of Evolution, announced its agreement to acquire online gaming provider Livespins for a total cash consideration of €5.0m, with an additional earn-out payment based on Livespins’ performance by 2026. This acquisition aligns with Evolution’s ‘Product Leap’ strategy and will expand its online gaming portfolio, specifically in the social gaming category.

Livespins allows operators to offer customers the opportunity to bet with their favorite streamers, influencers, or brand ambassadors, making it a unique addition to Evolution’s offerings. Following the acquisition, Livespins will continue to operate as its own brand within the Evolution group, alongside other well-known brands such as NetEnt, Red Tiger, Ezugi, and Big Time Gaming.

Evolution anticipates completing the purchase in the second quarter, pending certain closing conditions. CEO Martin Carlesund expressed his excitement about the acquisition, highlighting Livespins’ solid engagement metrics and adoption by players, which he believes will be a valuable addition to Evolution’s portfolio.

Livespins CEO Chris Scicluna also commented on the acquisition, stating that joining the Evolution Group is a significant milestone for Livespins and a testament to the hard work and belief in their product’s potential to revolutionize the industry.

The acquisition of Livespins comes following Evolution’s impressive 2023 financial results, which showed substantial growth in both its live and random number generator (RNG) segments. Net profit increased by 27.0% to €1.07bn, with live casino revenue leading the way with a 28.1% increase to €1.52bn. However, there has been criticism of Evolution’s RNG strategy, with Regulus Partners describing it as “embarrassing.”

Additionally, Evolution is facing a class action lawsuit alleging that the company deceived investors over its growth trajectory and compliance. The lawsuit aims to recover damages from investors who purchased Evolution securities between February 14, 2019, and October 25, 2023, based on claims of untrue or misleading statements made by the company during that period.

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