Aristocrat Closer to NeoGames Acquisition after NGCB Approval
The gaming industry is witnessing a significant consolidation with the news that Aristocrat Leisure Limited is poised to acquire NeoGames. This move comes after the Nevada Gaming Control Board's (NGCB) recommendation for approval on Wednesday.
LISTEN TO THIS ARTICLE:Aristocrat, a leading gaming provider known for its innovative technology and engaging content, is set to enhance its portfolio through this purchase. The approval is just one of several that are needed to greenlight the acquisition. The Nevada Gaming Commission must also give its support, and is expected to vote on the deal later this month.
Related: Aristocrat Files Lawsuit Against Light & Wonder for Intellectual Property TheftFounded in 2014, NeoGames, a company specializing in iLottery solutions, boasts a rich history as a spinoff from Aspire Global, a B2B gaming powerhouse in Europe. It made a significant mark in the US market when it partnered with the Michigan lottery to launch their first American customer.
NeoGames stands to complement Aristocrat's offerings by bringing its expertise in online lottery gaming and services. The acquisition is expected to open new avenues for Aristocrat in the digital gaming space, which has seen exponential growth in recent years. The synergy between Aristocrat's content creation capabilities and NeoGames' platform could potentially redefine the gaming landscape.
Aristocrat is paying $1.5 billion in cash to acquire NeoGames. This strategic takeover grants Aristocrat entry into the lucrative iLottery sector and opens doors for further expansion within online gambling verticals.
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Aristocrat secured regulatory approval for the acquisition through Tracey Elkerton, its chief compliance officer and director of several subsidiaries, including Aristocrat Technology Gaming Systems, the entity spearheading the deal. Elkerton expressed her optimism about the transformative impact of this acquisition, stating it lays the groundwork for Aristocrat's global leadership aspirations in the online gaming arena.
Elkerton emphasized Aristocrat's extensive regulatory experience during the NGCB meeting, highlighting its potential to expedite expansion plans across North American jurisdictions. Shareholders of NeoGames will have their say on the deal with a vote scheduled for July 18th.
Addressing a question from the Board, Elkerton assured a smooth transition for NeoGames employees. They will be integrated into the Aristocrat workforce and undergo compliance training. Additionally, background checks will be conducted where local regulations permit.
The recommendation by the NGCB is a crucial step in the acquisition process, ensuring that the deal meets the regulatory standards and requirements. This endorsement not only paves the way for the completion of the acquisition but also reflects the confidence in the growth and innovation that the combined forces of Aristocrat and NeoGames are anticipated to bring to the online gaming market.
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