Lady Luck Games agrees to acquire Revolver Gaming

| By Robert Fletcher
Swedish slots developer Lady Luck Games has signed an exclusive letter of intent to acquire London-based studio Revolver Gaming.

The purchase price consists of a combination of cash and newly issued shares, with the cash part of this agreement amounting to €750,000.

The shares portion of the purchase price will be covered through the issuance of approximately 4,200,000 new shares in Lady Luck at a stock price of SEK3.00.

Lady Luck currently has 44,905,472 shares, with the issue set out through the deal amounting to approximately 8.5% of its total outstanding shares after they are issued.

Revolver Gaming develops its games in HTML5 and distributes content through its own RGS platform. The studio has 15 unique games and almost 30 integrations across countries in Europe, South America and Asia. 

Should the acquisition proceed, Lady Luck will add two new operational partners in the form of Carl Waahlin and John Penntoft. 

Waahlin is an igaming professional with over 20 years’ experience at delivering products to Asia, while Penntoft is an Asia-based entrepreneur and early phase investor in igaming and tech.

The deal comes after Lady Luck in September also signed a letter of intent to acquire the Danish-facing operations of gaming content provider Spigo ApS.

“This is our second acquisition in the last three months, and I am pleased to be able to show our shareholders and the market that we are delivering on our set acquisition strategy,” Lady Luck chief executive Mads Jørgensen said.

“The fact that Lucky Games can acquire a company of this calibre is a clear signal of strength. We have identified a number of clear synergies and I am extremely happy to have the privilege of working with the ambitious team at Revolver Gaming in the future.

Revolver Gaming founder Daniel Lazarus added: “The opportunity for a merger between Lady Luck Games and Revolver Gaming is fantastic for both parties. Ever since we started our first discussions, we have been impressed by their passion for our business and their willingness to support our ambitious plans for the future.

“The potential synergies, the expanded market reach that the deal brings and the amazing team at has convinced us that Revolver, with support from Lady Luck, will continue to develop in the best possible way and further strengthen our commercial presence and customer offering.”

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