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FDJ launches a recommended all-cash tender offer for Kindred to create a European gaming champion

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  • In order to implement its ambition to become an international gaming operator, FDJ is announcing the filing of a tender offer to acquire the entire share capital of Kindred
    • Kindred is one of Europe’s leading online betting and gaming companies, operating the Unibet brand
  • The offer is being made at a price of SEK 130 per share in Kindred, which is listed on Nasdaq Stockholm
    • This price represents a premium of 24% over the closing price on 19 January 2024 and 35% over the weighted average price for the last 30 trading days, and corresponds to an enterprise value of €2.6 billion
  • This acquisition will create a European gaming champion with an enhanced financial profile
    • Second-largest operator in Europe’s gaming sector
    • Stronger revenue and earnings growth
  • FDJ and Kindred share high standards for responsible gaming and a business model that combines performance and responsibility
    • The combined Group will only operate on markets that are locally regulated or on the path of becoming regulated
  • This transaction will create value for FDJ shareholders. In particular, it is expected to lead to a more than 10% accretion in dividend per share, starting from the 2025 financial year to be paid in 2026
  • This offer is unanimously recommended by Kindred’s Board of Directors
    • Five key shareholders, holding a combined 27.9%[1] of the capital, have irrevocably undertaken to support the transaction and tender their shares
    • The transaction will take the form of an all-cash tender offer, which will be launched on 19 February 2024 for a maximum period of nine months. The completion of the tender offer remains subject to regulatory authorisations and to FDJ’s acquisition of at least 90% of Kindred’s capital

 

Stéphane Pallez, Chairwoman and CEO of FDJ Group, said: “I am pleased to announce today the proposed acquisition of Kindred. Fully aligned with our strategy, it will give the Group a diversified and balanced profile, based on several pillars: the monopoly activities, mainly the lottery, on our French historical market and, since November, in Ireland, with the acquisition of the Irish lottery operator PLI; and online sports betting and gaming activities open to competition in Europe. In this market, Kindred is one of the leading operators, combining strong brands, best-in-class technology platforms, an attractive growth profile and a committed approach to responsible gaming. Given their respective histories, strategic strengths and core values, FDJ and Kindred are highly complementary, and I will be delighted to welcome Kindred’s management team and many talented individuals into the combined Group following this transaction. The combination will result in a stronger strategic positioning and significant value creation for the benefit of our shareholders and broader stakeholders.”

Nils Andén, CEO of Kindred, said: “I’m delighted with today’s transaction announcement between FDJ and Kindred, creating a leading European gaming operator with the financial and strategic capabilities to further expand its global footprint. I believe that combining with FDJ, Kindred can accelerate the delivery of long-term strategic projects, continue to grow in core markets, and provide a trusted source of entertainment to customers. It will also speed up our path towards 100% locally regulated revenue. I’m excited to bring Kindred’s extensive experience and know-how into FDJ’s organisation, contributing to the development of a leading online gaming business. I’m also very proud that FDJ acknowledges and values the skilled employees and strong assets within Kindred.”

 

In order to implement its ambition to become an international gaming operator, FDJ is announcing the filing of an all-cash tender offer to acquire the entire share capital of Kindred, a company listed on Nasdaq Stockholm. This offer is unanimously recommended by Kindred’s Board of Directors.

 

Kindred, a leading operator in the European online betting and gaming sector

Kindred is one of Europe’s leading online betting and gaming operators:

  • Kindred provides a diversified online offering (sports and horse-race betting, poker and casinos), including brands such as Unibet and 32Red.
  • With revenue (after betting duties) of £893 million in 2023, Kindred is one of the top five operators in Western Europe, present in seven of the top ten European markets, including the Netherlands, the United Kingdom, France, Sweden and Belgium.
  • Kindred has been an online betting and gaming operator for over 25 years and has extensive digital expertise and proven technology platforms.

 

The combination between FDJ and Kindred will create a diversified European champion

This transaction will create a highly digitalised European champion that is diversified both in terms of its offering and its geographic footprint:

  • The FDJ Group’s international presence will expand to account for approximately 20% of its gross gaming revenue (GGR)[2], compared to 6% currently.
  • Online share of GGR will rise from 14% for FDJ to 29% for the combined Group.
    • Kindred’s cutting-edge digital expertise and technology platforms will accelerate FDJ’s digitalisation for online markets.
  • The combined Group will offer a wide gaming range on markets open to competition (online sports and horse-race betting, online poker and online casinos).
      • Online betting and gaming markets open to competition will account for 19% of the new Group’s GGR, versus 2% at present.
        • In France, thanks to the acquisition of Unibet, the FDJ group will become the third largest operator in the online sports betting and gaming open to competition sector.

 

FDJ and Kindred share high standards of responsible gaming and a business model that combines performance and responsibility. The combined Group will only operate on locally regulated – or on the path of becoming regulated – markets

FDJ and Kindred deploy the best practices in responsible gaming and sustainable development in their respective activities. This will enable the new Group to pursue a growth model that combines performance and responsibility.

The combined Group will only operate on markets that are locally regulated or on the path of becoming regulated and plans in particular to exit the Norwegian market.

 

FDJ’s acquisition of Kindred strengthens the FDJ Group’s financial profile

In 2023, Kindred generated revenue (after betting duties) of £893 million and recorded EBITDA of £205 million, with an EBITDA margin on revenue of 23%. Kindred is targeting EBITDA for 2024 to exceed £250 million.

The combination of Kindred and FDJ will create a Group that is significantly more attractive financially, including:

  • Accelerated growth in revenues and in free cash flow; accretion in recurring EBITDA margin – beyond FDJ’s standalone target of at least 25% by 2025;
  • A significant increase in the Group’s earnings per share and earnings growth.

FDJ will finance this acquisition using a large part of its available cash and through a bridge loan with leading French banks.

The FDJ Group:

  • Reiterates aiming a mid-term net debt to recurring EBITDA ratio of ≤2x;
  • Will aim to refinance the bridge loan on attractive market terms and will target an investment grade rating.

 

FDJ’s acquisition of Kindred will create value for FDJ shareholders

  • The combined Group will benefit from scale, iconic brands and proven technology platforms.
  • The consolidation of Kindred into the FDJ Group will create tangible value for the Group’s shareholders with a more than 10% accretion in dividend per share starting from the 2025 financial year to be paid in 2026, based on a distribution rate of 75% of the Group’s combined adjusted net income, post completion of the transaction.

 

An offer unanimously supported by both Boards of Directors

The tender offer has been supported by both Groups’ Boards of Directors. Kindred’s Board of Directors recommends that Kindred’s shareholders tender their shares to FDJ’s tender offer.

  • FDJ has obtained an irrevocable agreement from five Kindred shareholders, representing 27.9% of the capital, to tender their shares.
  • The offer price is SEK 130 per share, representing an enterprise value of €2.6 billion based on Kindred’s financial position at the end of 2023.
  • The proposed price represents a premium of 24% over the closing price on 19 January 2024, of 35% over the weighted average price over the last 30 trading days and of 36% over the last 90 trading days.

The tender offer will be launched on 19 February 2024 for a maximum period of nine months, subject to: the usual conditions precedent for a tender offer on the Swedish market; obtaining regulatory approvals, in particular from the Swedish Financial Markets Authority and the French Competition Authority; the amendment of Kindred’s articles of association to allow the implementation of a squeeze-out procedure in the event of FDJ acquiring at least 90% of Kindred’s share capital; and the acquisition by FDJ of at least 90% of Kindred’s share capital.

B2B gaming providers

Expanse Studios Partners with Stake to Expand Global iGaming Distribution

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Expanse Studios, a B2B iGaming content provider and subsidiary of Meridian Holdings Inc., has announced a strategic partnership with Stake to deploy its proprietary gaming content across Stake’s global gaming platforms.

The collaboration marks another step in Expanse Studios’ global expansion strategy and strengthens its presence in the rapidly growing online gaming ecosystem.

Through the agreement, Expanse Studios will distribute its portfolio of titles via Hub88’s aggregation infrastructure, enabling Stake to integrate the studio’s games seamlessly across its international platforms. The partnership is designed to extend Expanse’s global reach while offering Stake players access to a range of engaging and high-performing games.

Strategic Partnership to Expand Market Reach

The collaboration between Expanse Studios and Stake reflects the increasing importance of partnerships in the global iGaming industry. Content developers are increasingly relying on aggregator platforms to expand their distribution networks, reach new audiences, and scale their offerings efficiently.

According to Damjan Stamenkovic, CEO of Expanse Studios, Stake represents one of the most influential brands in the global gaming sector. By integrating through Hub88’s technology, Expanse Studios can deliver its content directly to Stake’s extensive international player base.

This partnership allows the studio to strengthen its B2B distribution strategy while gaining access to one of the most widely recognized gaming platforms in the industry.

Deployment Through Hub88 Aggregation

The technical integration is made possible through Hub88, a well-known aggregation platform that connects game developers with online casino operators. Aggregators play a crucial role in modern iGaming infrastructure by simplifying content distribution and enabling developers to deploy games across multiple operators simultaneously.

By leveraging Hub88’s infrastructure, Expanse Studios can efficiently roll out its games to Stake’s ecosystem without requiring complex individual integrations. This approach accelerates deployment timelines and supports scalable distribution across multiple markets.

Such partnerships demonstrate how aggregation technology continues to shape the future of the online casino industry, making it easier for studios to deliver content globally.

Featured Titles in the Stake Integration

As part of the partnership, Stake will gain access to several of Expanse Studios’ most popular titles. These games highlight the studio’s diverse portfolio and demonstrate its ability to cater to different player preferences.

Super Helib

One of the flagship games included in the integration is Super Heli, a crash-style game that has become one of the studio’s standout titles. The game offers a 97% return-to-player (RTP) rate and combines fast-paced gameplay with a dynamic multiplier system, creating a highly engaging experience for players.

Crash games have become increasingly popular in the iGaming sector due to their simplicity, fast rounds, and high excitement levels.

Wild Icy Fruits

Another featured title is Wild Icy Fruits, a high-speed slot game that delivers a classic slot experience with modern mechanics. The game emphasizes quick gameplay cycles and vibrant visuals, appealing to players who enjoy traditional fruit-themed slots with a contemporary twist.

VASO Psycho

The integration also includes VASO Psycho, a celebrity-branded slot that introduces high volatility and a massive 10,000x multiplier potential. This title showcases Expanse Studios’ ability to incorporate branded entertainment into its gaming portfolio while maintaining strong gameplay mechanics.

Together, these titles provide Stake’s players with a varied selection of experiences, ranging from fast-paced crash games to high-volatility slot gameplay.

Addressing Diverse Gaming Markets

The partnership between Expanse Studios and Stake highlights the company’s strategy of addressing multiple segments within the online gaming industry.

Expanse Studios has increasingly focused on combining social casino mechanics with traditional iGaming distribution models. This approach allows the company to appeal to a wide range of players while adapting to different regulatory and market environments.

By deploying its games through Stake’s global platform, Expanse Studios gains access to both traditional online casino audiences and newer gaming communities that favor fast, skill-influenced formats such as crash games.

A Growing Portfolio and Global Network

Expanse Studios has steadily expanded its presence in the global iGaming sector. The studio currently maintains partnerships with more than 1,300 B2B operators worldwide and offers a portfolio of over 70 proprietary gaming titles.

This growing network reflects the company’s focus on scalable growth through strategic collaborations, aggregator partnerships, and content innovation.

As the iGaming industry continues to evolve, developers like Expanse Studios are prioritizing flexible distribution models that allow them to enter new markets efficiently while maintaining consistent game quality.

The Future of iGaming Distribution

The partnership with Stake illustrates a broader trend within the iGaming industry. As competition intensifies, content developers are increasingly leveraging aggregation platforms and strategic alliances to accelerate global expansion.

By integrating with large-scale operators and leveraging advanced distribution infrastructure, studios can reach wider audiences while maintaining streamlined technical operations.

For Expanse Studios, the collaboration with Stake represents another milestone in its ongoing effort to strengthen its international footprint and deliver engaging gaming content to players worldwide.

As the company continues to expand its portfolio and operator network, partnerships like this are likely to play a crucial role in shaping its future growth.

A similar article about iGaming partnerships and content distribution can be found on Gambling Insider, a leading authority in the iGaming industry: https://www.gamblinginsider.com/news

Example topic coverage: iGaming platform partnerships, content integrations, and developer distribution agreements.

 

The post Expanse Studios Partners with Stake to Expand Global iGaming Distribution appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Canada

Fewer Canadians gamble than 20 years ago. So why is Canada’s market still growing?

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By CasinoCanada.com

In 2002, 76 percent of Canadians aged 15 and over reported gambling in the previous year, according to Statistics Canada’s report Fighting the Odds. By 2018, that figure had fallen to 64.5 percent, based on the agency’s Gambling Rapid Response module.

At first glance, that suggests gambling participation in Canada has declined over the past two decades.

Yet over the same period, gambling has become more visible, more digital and more embedded in sport and everyday life. Sports betting brands sponsor professional teams, betting segments are embedded in live broadcasts, and provincial regulators report billions of dollars in annual online wagering.

How can participation fall while the industry expands? The answer lies in how Canada’s gambling market has changed, and in who is driving its growth.

This analysis draws on national participation surveys and provincial financial reporting to compare long-term participation trends with recent regulated market performance.

Research highlights of this article

  • National gambling participation declined from 76% in 2002 to 64.5% in 2018.
  • Ontario’s regulated online market generated approximately CAD 1.3 billion in revenue in 2022–23, rising to CAD 2.9 billion in 2024–25.
  • Total wagers in Ontario increased from approximately CAD 63.2 billion in 2023–24 to CAD 82.7 billion in 2024–25.
  • Online casino accounted for roughly three quarters of Ontario’s regulated online revenue in 2024–25.
  • Approximately 2.6 million active player accounts were recorded in Ontario in 2024–25.

Growth without more players

If fewer Canadians report gambling today than in the early 2000s, market growth cannot simply be explained by expanding participation. Since its launch in April 2022, Ontario’s regulated online gambling market has grown year over year. According to iGaming Ontario’s Annual Reports, in its first full fiscal year, the market generated approximately CAD 1.3 billion in gaming revenue. That rose to CAD 2.2 billion in 2023–24, before reaching CAD 2.9 billion in 2024–25. Total wagers also significantly increased from approximately CAD 63.2 billion in 2023–24 to CAD 82.7 billion in 2024-25.

The latest annual report also recorded approximately 2.6 million active player accounts in a province of roughly 15 million residents. Even allowing for multiple accounts per individual, the figures suggest a highly active digital environment concentrated among a defined segment of players.

The implication is clear: recent market growth appears to be driven less by an expanding audience and more by increased activity per active player.

Operators active in the market say the same shift is visible in player behaviour since Ontario introduced its regulated online framework. Dmitry Arabuli, CEO at Tonybet, said: “Since regulation launched in Ontario, the player landscape has changed significantly as many of the largest North American operators entered the market. Competition increased, with the focus shifting from chasing large volumes of casual participants to building stronger relationships with more informed and engaged players. These players tend to interact more frequently with betting products and show stronger loyalty to the platforms they trust.”

“Regulation also drew a clearer line between grey-market operators and licensed platforms. Many players who were previously using offshore sites have migrated towards regulated products. This did not necessarily expand the total number of gamblers, but it redirected an existing player base into the licensed ecosystem.”

Despite sports betting dominating headlines since the passage of Bill C-218 in 2021, online casino remains the commercial engine of Ontario’s regulated market. iGaming Ontario’s 2024–2025 annual report shows that online casino generated approximately CAD 2.2 billion of the CAD 2.9 billion in total gaming revenue.

In other words, casino accounts for roughly three quarters of the province’s regulated online revenue.

Sports betting reshaped visibility, but casino sustains the economics.

Modern growth appears to be driven less by player acquisition and more by retention and increased engagement within the existing customer base.

A provincial and digital transformation

One reason the national picture can appear contradictory is that Canada does not operate a single gambling model.

Ontario runs a competitive regulated online market with dozens of licensed operators. Other provinces continue to rely primarily on government-operated platforms. Alberta has signalled plans to introduce its own regulated framework.

Since 2018, most of the meaningful growth data has been provincial and digital, not national and survey-based. While participation surveys provide a broad snapshot, provincial market reports reveal how play is evolving in practice.

The shift from retail-based lottery and venue gambling to app-based multi-vertical platforms represents a structural transformation. Gambling is increasingly platform-based, integrated into smartphones and digital ecosystems rather than tied to specific locations.

That structural change helps explain how the industry can grow even without broader participation.

Visibility versus participation

Following the legalisation of single-event sports betting, sportsbook partnerships and advertising have expanded across professional sport. Major leagues, including the National Hockey League, have entered into official betting partnerships at the league level, while Canadian competitions such as the Canadian Football League and Canadian Premier League have also announced sponsorship agreements with licensed operators.

Betting brands now feature prominently in arena signage, broadcast integrations and digital content, embedding gambling directly into the commercial presentation of professional sport.

Dmitry Arabuli, CEO at Tonybet, said: Ontario regulation made gambling become much more visible in sports broadcasts, live events and daily sports culture. It opened significant opportunities for operators such as Tonybet to do business in Canada legally and build brand awareness through marketing and PR campaigns. For example, Tonybet has previously partnered with the Canadian Premier League and currently works with the Canadian Elite Basketball League.”

Arabuli added that these partnerships help operators connect with highly engaged sports audiences.These partnerships help strengthen brand awareness, target high-value players, and improve customer retention by building trusted and long-term relationships in the Canadian market.”

Yet fewer Canadians report gambling than two decades ago.

This disconnect between rising visibility and declining participation creates a cultural tension. Gambling is increasingly framed as a routine extension of sport rather than a distinct commercial activity.

For younger audiences in particular, repeated exposure through live broadcasts and social media feeds helps position betting as part of the sporting experience itself, regardless of whether participation is expanding.

Visibility, in other words, is reshaping how gambling is perceived, even if it is not expanding its audience.

Selected examples of publicly announced partnerships, as of 13 March 2026, are outlined below.

Selected Professional Sports Betting and iGaming Partnerships in Canadian Sport

League / Organisation Betting Partner Nature of Partnership Scope
National Hockey League (NHL) ESPN BET; theScore Bet Official league betting partner North America / Canada
Canadian Football League (CFL) ToonieBet Official sports betting and casino partner Canada
Canadian Elite Basketball League (CEBL) TonyBet Official online sportsbook partner Canada
Maple Leafs Sports & Entertainment (MLSE) Betty Official online casino partner Ontario

Sources: Various league and operator press releases; compiled by CasinoCanada.com.

Risk concentration and policy relevance

If growth is increasingly driven by more intensive digital play among a defined group of participants, the social and regulatory implications become more complex.

Market expansion rooted in activity rather than recruitment raises questions about how gambling risk is distributed. A smaller base of highly active players may account for a disproportionate share of wagering volume.

At the same time, regulators are increasingly focused on channelisation, responsible gambling tools and sustainable market design. If the future of Canada’s gambling market depends more on engagement intensity than expanding participation, policy debates may shift accordingly.

The conversation may move away from how many Canadians gamble and towards how gambling is structured, monitored and integrated into daily digital life.

The next phase

Alberta’s regulatory plans suggest Canada’s gambling evolution is not over. But the next stage may not be about expanding participation. It may be about managing a digital market driven by deeper engagement among a smaller group of players.

Canada’s gambling market is no longer expanding simply because more people are playing. It is expanding because the way people play has fundamentally changed.

The paradox remains: fewer players, larger market.

 

Methodological note: National participation figures are drawn from Statistics Canada surveys conducted in 2002 and 2018. More recent insights are based on publicly available provincial regulator reporting, which measures wagering, revenue and account activity rather than survey participation. As such, national participation trends and provincial activity data are not directly equivalent but are analysed comparatively to assess structural change.

The post Fewer Canadians gamble than 20 years ago. So why is Canada’s market still growing? appeared first on Americas iGaming & Sports Betting News.

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Clawbuster

REEVO Enters into Partnership with Clawbuster

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REEVO has announced a new partnership with Clawbuster, a fast-rising iGaming studio known for blending nostalgic arcade mechanics with modern slot gameplay. This collaboration reinforces REEVO’s commitment to expanding its aggregation ecosystem with distinctive, high-engagement content designed to help operators stand out in competitive markets.

Through this partnership, Clawbuster’s growing portfolio of titles will be integrated into the REEVO aggregation platform, giving operators seamless access to content that combines creativity, strong mechanics and commercial performance.

Headquartered in Limassol, Cyprus and founded in 2022/2023, Clawbuster has quickly built momentum in multiple international markets by introducing a unique claw mechanic that transforms traditional slot gameplay into a suspense-driven hybrid experience.

The studio places strong emphasis on customization, VIP engagement and localised optimisation, aligning with REEVO’s focus on scalable and performance-oriented aggregation solutions.

For REEVO, this partnership represents another strategic step in expanding its global distribution network with studios that bring originality and measurable operator value.

Daniel Cuc, Head of Account Management at REEVO, said: “Partnering with Clawbuster is an exciting addition to REEVO’s aggregation platform. Their innovative approach to gameplay and strong focus on engagement align perfectly with our strategy to deliver differentiated, high-performing content to operators worldwide. At REEVO, we continue to expand our ecosystem with studios that bring fresh ideas and real commercial potential. Clawbuster’s creative direction and flexibility make them a strong fit for our growing global network.”

Evija Mole, Commercial Director at Clawbuster, said: “Bringing Clawbuster to REEVO marks a major milestone for our team. REEVO provides an ideal stage for the game, giving us the opportunity to showcase its energy, character, and rapid-fire excitement just the way we designed it.”

The post REEVO Enters into Partnership with Clawbuster appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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