Everi announces purchase agreement for Video King assets

The acquisition will include the majority of the iGaming provider’s assets, subject to customary closing conditions and regulatory requirements.

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Supplier Everi has entered into a $59m purchase agreement which encompasses most of Video King’s assets.

Video King is a provider of integrated gaming tablets and digital gaming content, which Everi hopes to use and integrate into its own games business segment.

The acquisition is expected to be completed within 60 days and is funded by existing cash on hand.

Tim Richards, EVP of Chief Strategy and Digital Officer at Everi, said: "Video King provides Everi with an expansive new channel to deploy our growing catalog of digital iGames, as well as enhance the player experience by incorporating our digital wallet and loyalty products, while adding a new source to generate recurring revenue.

"With an expanding demographic audience looking to engage in increased social and leisure activities, we see a significant opportunity to collaborate with the Video King team to develop new gaming content and play enhancements to optimise player engagement and drive increased customer traffic."

It is expected that 20% of Video King’s 50,000 current portable tablets would be converted to offer video poker, slots, instant win games and loyalty products alongside its traditional bingo games.

Tim Stuart, CEO and Co-Founder of Video King, said: "We are confident that as part of Everi, Video King will be in a very strong position to expand our product offerings to provide our long-time loyal customer base new enhanced games for our tribal, charitable and military markets.

"The combination of Everi's games and other digital offerings with our strong electronic bingo base create a unique opportunity to accelerate future growth."

Recently, Everi discussed plans for its new Las Vegas facility, which is expected to open later this year.

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