Evolution to Acquire Big Time Gaming for €450m

Evolution, the most prominent company in the live casino and iGaming industry, has signed an agreement to acquire Big Time Gaming (BTG), a leading Megaways developer. The price is set at €450m, payable in cash and Evolution shares.

The signed deal is expected to be finalized before the end of the second quarter of 2021. Evolution will initially pay €220m up front and will subsequently pay earn-out payments based on BTG’s earnings before interest, tax, depreciation, and amortization (EBITDA) for the years 2022/3 and 2023/24. Big Time’s EBITDA in 2020 amounted to €29 million, on revenue of €33 million.

The earn-out payments will be €230 million and will become payable in 2023 and 2024. This amount will be paid 70% in cash and 30% in newly issued Evolution shares. As far as the up-front consideration goes, it will be payable as €80 million in cash and the rest will be paid in shares.

Strengthening the Offering

Representatives from Evolution, which recently went live with AGLC, say that BTG’s portfolio will strengthen their offering and their strategic position and that they are looking forward to working together.

“With the addition of Big Time Gaming to our portfolio of slot brands we strengthen our strategic position as the leading provider of digital casino games in the world. Big Time’s focus on innovation and creating unique playing experiences is a great fit with our culture and mind-set at Evolution. We look forward to continuing our journey together,” said Jens von Bahr, chairman of Evolution.

Officials from Big Time, which recently selected Future Anthem for its AI and Data partner, say that they are looking forward to a bright future with Evolution.

Nik Robinson, chief executive at Big Time Gaming, added: “Evolution and Big Time Gaming are both driven by innovation, hence the perfect match. A bright and entertaining future awaits our players.”

More on the Provider

Evolution was founded in 2006 and it immediately had an impact on the European live dealer platforms. It has been growing ever since and has signed deals with several companies and made new partners including 888 Casino, Betclic, Betsson, and more.

As far as games go, it has to offer Live Roulette, Lightning Roulette, Live Blackjack, Infinite Blackjack, Live Casino Hold’em, and others. Its offering includes live casino games with real, professional dealers, made in the state-of-the-art studios in Latvia and Malta. All of its releases are available on desktops, tablets, and smartphones.

Source: Mulheir, Conor. “Evolution to acquire Big Time Gaming”. iGaming Business. April 12, 2021.