Mr Green purchased Evoke Gaming together with Redbet for €7million
Mr. Green has informed about their great plans for Redbet after purchasing the parent company of the operator, Evoke Gaming in an agreement for € 7 million($ 8.3 million).
Mr. Greene told that they are intending to achieve significant joint actions and are planning to expand Redbet in the market that Mr Green works and the future ones.
Redbet provides customers with sportsbook, casino and poker, and has a rather “strong position” in the UK and Sweden. Mr. Green hopes that Redbet is equipped with “the main potential to grow in parallel with Mr. Green and develop into a global brand.”
Other branches of Evoke Gaming comprise Casino Vinnarum, Bertil and Mama Mia Bingo.
“Evoke Gaming is an ideal suit for our business plan and strategy,” Per Norman, CEO of Mr Green & Co, informed.
“We pursue our strategy of nurturing a small number of strong brands that can work globally. With Redbet and Mr. Green, we have two very strong brands addressing different segments and we see the main potential to expand Redbet to our existing markets “.
Mr. Green is going to pay the primary € 7 million in cash for Evoke with an extra acquisition price of € 1.5 million payable in case the necessary conditions are fulfilled.
In 2016, the profit of Evoke comprised € 15.5 million with EBITDA at a loss of € 4.6 million after major costs on the new technology platform. Mr. Green stated that Redbet had showed “favorable growth” after its restart in the summer of 2017.
According to representatives of the company Mr Green, the acquisition of Evoke will positively affect the profit of Redbet and cash flow, increasing synergy by more than 2.5% by 2019.
Fredrik Stael von Holstein will keep his position of the head in Evoke Gaming after the deal will be completed and will join the management team of Mr. Green in Malta.
“Evoke Gaming is on the verge of a significant turnaround. Mr. Green will give us the muscles to continue growing internationally in an effective way,” Von Holstein told.