Evolution has announced that its wholly owned subsidiary, Evolution Malta Holding Limited, has entered into an agreement to acquire the entire issued share capital of Livespins for a total up-front cash consideration of €5m.
In addition, Evolution will pay an earn-out based on Livespins’ performance in 2026. Subject to certain closing conditions, the transaction will be completed in the second quarter of 2024.
Evolution added that the Livespins acquisition is part of its ‘Product Leap’ strategy and it will strengthen its online gaming portfolio with “a new social category of live entertainment with a novel way of playing”.
“Livespins is a unique proposition that has shown solid engagement metrics and adoption by players and one we believe will be a great addition to the Evolution portfolio,” stated Martin Carlesund, CEO of Evolution.
“Over the years, we have garnered a reputation for identifying new and interesting technology which is why I’m thrilled that we have reached an agreement with Livespins.”
Keeping its branding within the Evolution Group, Livespins allows players to “bet behind” their favourite streamers, influencers or brand ambassadors as they play slots, creating a social betting experience.
Chris Scicluna, CEO of Livespins, noted: “This is an unprecedented milestone for Livespins and we couldn’t be happier to be joining the Evolution Group.
“We are still in the start-up phase of our business and to attract the attention of Evolution is incredibly rewarding. It also is a reflection of all the hard work that our team has poured into this concept since we launched and the unwavering belief that this product would revolutionise the industry.”
Through the acquisition, additional titles from studios in Evolution’s portfolio will now be a part of the Livespins offering.
Todd Haushalter, Evolution’s Chief Product Officer, added: “Playing along with a streamer is a whole new way to play online casino games. This was on our roadmap, so when the opportunity with Livespins arose, things moved quickly.
“Bringing together the fantastic tech, processes and know-how of the team at Livespins with Evolution’s huge game portfolio, we will provide Livespins immediately with unparalleled distribution power via our One Stop Shop integration.
“Twitch, YouTube and other platforms have proven the popularity of live streaming while playing online casino games. We think players would love to play along with them and now that will be possible, right from the Evolution lobby.”
