Everi Holdings Inc., a major provider of casino gaming products and services, has agreed to purchase certain assets of Video King, a top provider of integrated electronic bingo gaming devices and systems for $59 million. 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 Games Segment
The acquisition of Video King will provide Everi with complementary assets and an established customer base to foster growth in its games segment. Video King is currently licensed in about 60 jurisdictions and is expected to expand Everi’s player-popular digital gaming content.
Video King is to 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 meeting regulatory requirements.
In 2022, Video King earned over $25 million in revenue, mostly from the recurring revenues generated by an installed base of more than 50,000 portable electronic bingo tablets, which are deployed across tribal casinos, commercial casinos, military bases, charitable bingo halls, and cruise lines. Additionally, the company made revenue from the sale of traditional bingo equipment and consumables.
Video King Acquisition Set to Enhance Everi’s Games and Fintech Solutions
Everi CEO Randy Taylor said the company had successfully executed acquisitions that have grown its product capabilities and markets served in recent years. The acquisition of Video King will help elevate Everi’s current games, FinTech, and digital solutions with and adjacent to its established customer base, providing another lever for growth.
Tim Richards, Everi executive vice president, chief strategy and digital officer, said Video King provides Everi with an expansive new channel to deploy its growing catalog of digital iGames while enhancing the player experience by incorporating its digital wallet and loyalty products, and adding a new source to generate recurring revenue.
Richards further added: “We see a significant opportunity to collaborate with the Video King team to develop new gaming content and play 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 with 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 client base is global, with the company serving customers in the United States, Canada, Europe, and Asia.