Everi improves gaming and Fintech solutions with the acquisition of Video King
Everi Holdings Inc., a major provider of casino gaming products and services, has agreed to purchase certain assets of Video Kinga top supplier of integrated electronic bingo gaming devices and systems for 59 million dollars. The acquisition is expected to be immediately beneficial to the company’s earnings and cash flow.
Video King licenses in 60 jurisdictions to benefit Everi’s gaming segment
The acquisition of Video King will provide Everi with complementary assets and an established customer base to drive growth in the gaming segment. Video King is currently licensed in around 60 jurisdictions and is expected to expand Everi’s player-popular digital gaming content.
Video King will enable around 20% of its existing portable e-gaming tablets to offer traditional bingo games, Class II video poker, slots and instant win games, as well as a digital wallet and loyalty products to players, subject to compliance with regulatory rules. claim.
By 2022, Video King earned over $25 million in revenue, primarily from the recurring revenue generated by an installed base of more than 50,000 portable electronic bingo tablets, which is distributed across tribal casinos, commercial casinos, military bases, charitable bingo halls and cruise lines. In addition, the company received income from the sale of traditional bingo equipment and consumer goods.
Video King Acquisition set to improve Everi’s game and Fintech solutions
Everi CEO Randy Taylor said the company had successfully made acquisitions that have grown its product capabilities and the markets it has served in recent years. The acquisition of Video King will help elevate Everi’s current gaming, FinTech and digital solutions with and alongside its established customer base, providing another growth arm.
Tim Richards, Everi executive vice president, chief strategy and digital officer, said Video King provides Everi with an expansive new channel to distribute its growing catalog of digital iGames while enhancing the player experience by incorporating its digital wallet and loyalty products, adding a new source of generating recurring revenue.
Richards further added, “We see a significant opportunity to work with the Video King team to develop new game content and gameplay enhancements to optimize player engagement and drive increased customer traffic.”
Everi Holdings Inc. is a publicly traded company that provides technology solutions for the gaming industry. The company is headquartered in Las Vegas, Nevada and is registered on the New York Stock Exchange. It offers a diverse range of products and services, including slot machines, financial technology solutions, loyalty systems and other gaming-related products. Everi’s customer base is global, and the company serves customers in the US, Canada, Europe and Asia.
