Canada
Largest ever US-based company to be admitted to the London Stock Exchange commences trading on AIM
US video game publisher Devolver’s admission to trading in London is one of the largest ever floats on AIM and illustrates continued consumer and investor enthusiasm for digital gaming.
European law firm Fieldfisher has advised award-winning US video game publisher Devolver Digital, Inc. on its admission to trading to London’s AIM market, raising approximately US$261 million (£190 million) and valuing the company at a US$950 million (£694.6 million) market cap – making it one of the largest ever floats on AIM.
Shares in the company commenced trading at 8am today, Thursday 4 November.
This transaction marks the start of Devolver’s next stage of growth, providing US$50 million of gross proceeds to the company to accelerate its growth strategy and expansion plans. The transaction also included a secondary cash placing of US$211 million for management and existing investors, including strategic investor NetEase, Inc, who retain an investment in the company.
The ground-breaking transaction means Devolver will be the second-largest company (by market capitalisation) ever admitted to trading on AIM and the largest ever US-based operating company to be admitted to the London Stock Exchange across all markets. The placing has seen Devolver receive a significant strategic investment from a key industry player, as well as support from US institutional investors through the 144a placing.
Founded in 2009 and headquartered in Austin, Texas and London, UK, Devolver is an award-winning video games publisher in the indie games space.
With an emphasis on curating and publishing premium games, Devolver has a back catalogue of approximately 90 video game titles, including indie cult classics such as Fall Guys, Downwell and Enter the Gungeon.
Devolver has begun to selectively acquire studios and IP that enhance its pipeline and support its long-term international growth strategy.
Since the beginning of 2020, Devolver has acquired five of its long-term partner development studios and a second publishing brand.
The company has approximately 200 team members in Europe, North America and Asia, as well as subsidiaries in the UK, Netherlands, Croatia, Poland and the US.
Devolver works with a number of leading video game providers in the PC (Steam, GOG, Humble Bundle and Epic Games), console (PlayStation and Xbox) and mobile (Apple, Google Play, NetEase Games, BiliBili and Tencent Games) markets.
The company intends to use its AIM listing as a platform to fund its international, long-term growth strategy and increase its profile and brand-awareness globally.
Commenting on Devolver’s successful admission to AIM, Ed Westhead, corporate partner at Fieldfisher said:
“Devolver’s IPO is one of the standout deals on AIM this year and in the history of the junior market, which continues to provide an excellent, globally recognised platform for growing companies to attract capital and build their profile.
“Having recently advised on a number of significant transactions for video games companies, we can attest to the high levels of activity in this sector and the strength of interest in digital leisure activities.
“We wish Devolver the best of luck on its future as London-listed company.“
Douglas Morin, Chief Executive Officer of Devolver Digital, said:
“An IPO is the right choice for us to ensure our continued growth and support even more wonderful games. Most importantly it will allow us to retain our culture.
“Being a public company gives liquidity to our amazing team, all of whom are shareholders. It also gives us access to capital markets to continue investing in our growth strategy and talent.”
Brian Chadwick, Devolver’s General Counsel, said:
“This is a transformational step for Devolver. As a leading US games company, coming to AIM gives us the opportunity to work with people who understand our culture, the commercial drivers in the games industry and what we are trying to achieve.“
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AGCO
AGCO Fines Great Canadian Casino Resort Toronto $350,000 for Serious Regulatory Violations Linked to Impromptu After-Party on Gaming Floor
The Alcohol and Gaming Commission of Ontario (AGCO) has issued monetary penalties totaling $350,000 against Great Canadian Casino Resort Toronto for multiple violations of provincial gaming standards. The penalties follow an impromptu after-party that was permitted to take place in the pre-dawn hours directly on the casino’s gaming floor.
On September 27, 2024, an electronic dance music event attended by thousands of people was hosted in the theatre adjacent to the casino at Great Canadian Casino Resort Toronto. The event was marked by widespread intoxication, disorderly behavior, and numerous criminal and medical incidents – both inside and outside the venue – including alleged assaults, drug overdoses, and acts of public indecency. Although paid duty officers were present, additional police and emergency services were required to manage the situation.
In the midst of this high-risk environment, casino management approved an unscheduled request by the performing artist to host an after-party on the active gaming floor. The artist and more than 400 guests were permitted onto the gaming floor where the artist was allowed to perform amidst operational table games and gaming machines – without any prior risk assessment or planning.
As a result, security personnel were unable to effectively control the casino floor, including witness reports that an attendee was seen climbing onto slot machines. Failure to maintain appropriate control compromises the security, safety, and integrity of the casino floor. Following the conclusion of the event, the operator failed to promptly report these incidents to the AGCO as required.
Based on the findings of its review, the AGCO’s Registrar has issued an Order of Monetary Penalty (OMP) totaling $350,000 against Great Canadian Casino Resort Toronto. These penalties address critical failures in their operations, incident reporting, employee training, and the management of disturbances.
A gaming operator served with an OMP has 15 days to appeal the Registrar’s decision to the Licence Appeal Tribunal (LAT), an adjudicative tribunal that is part of Tribunals Ontario and independent of the AGCO.
“Casino operators have a fundamental duty to control their gaming environment. Great Canadian Casino Resort Toronto’s lapses in this incident compromised the safety of patrons and the security and integrity of the gaming floor,” Dr. Karin Schnarr, Chief Executive Officer and Registrar of AGCO, said.
The post AGCO Fines Great Canadian Casino Resort Toronto $350,000 for Serious Regulatory Violations Linked to Impromptu After-Party on Gaming Floor appeared first on Gaming and Gambling Industry in the Americas.
International Game Technology PLC announced that its subsidiary, IGT Canada Solutions ULC (hereinafter “IGT”), signed an eight-year agreement with Atlantic Lottery to supply its IntelligenEVO video lottery central system technology across Atlantic Canada. The agreement includes the option for multiple extensions and positions the Atlantic Lottery to become the first World Lottery Association (WLA)-affiliated lottery operator to deploy IGT’s next-generation central management system in a game-to-system (G2S) distributed market.
“By leveraging IGT’s IntelligenEVO technology, Atlantic Lottery will power its video lottery network with the industry’s best-in-class central system and position itself to maximize future contributions to good causes. As an organization that prioritizes system security and exceptional player experiences, Atlantic Lottery believes that IGT’s IntelliegnEVO solution will help generate high player satisfaction and optimal network performance,” said Michael MacKinnon, Atlantic Lottery VP, Product.
“As a long-time supplier to Atlantic Lottery, IGT looks forward to helping the Lottery achieve its growth and player engagement goals with our leading-edge IntelligenEVO video lottery central system. IGT’s IntelligenEVO is a scalable technology for the WLA market that is backed by decades of experience and operator feedback, and maximizes the benefits of real-time data, cloud-based technologies and in-depth analytics,” said David Flinn, IGT SVP Canada, EMEA and LATAM, Gaming Sales.
With peak system security, network availability and responsible gaming functionalities, IntelligenEVO is a reliable, scalable solution that can meet the needs of today and in the future. The solution will accelerate time-to-market and enables the Atlantic Lottery to benefit from the system’s suite of player-focused functionality. The technology’s G2S and open API design optimizes data collection and delivery and will enable Atlantic Lottery to customize their program for evolving player needs.
The post IGT and Atlantic Lottery Sign Eight-Year Video Lottery Central System Technology Agreement appeared first on Gaming and Gambling Industry in the Americas.
NetGaming, a fast-growing online casino content supplier, is proud to announce its launch in Ontario with Rush Street Interactive, Inc., a leading online casino and sports betting company in the United States, Canada and Latin America. This strategic collaboration marks a significant milestone for NetGaming as it continues to expand its footprint across regulated North American markets.
As part of the launch, Ontario players on BetRivers can now enjoy a diverse portfolio of NetGaming titles, known for their high-quality graphics, immersive gameplay, and unique themes. Standout games such as Zeus’s Thunderbolt, Bison Gold, and Fireball Inferno are among the first to go live, with additional titles set to follow soon.
This partnership is just the beginning. NetGaming plans to extend its collaboration with Rush Street Interactive into Michigan, New Jersey, Pennsylvania, Delaware, and Mexico over the coming months.
Pallavi Deshmukh, CEO of NetGaming, commented: “We are thrilled to go live with Rush Street Interactive, a powerhouse operator with a strong presence and loyal player base. This launch marks a significant milestone in our
North American expansion strategy and underscores our commitment to delivering exceptional gaming experiences tailored to local player preferences across the region.”
Richard Schwartz, CEO of Rush Street Interactive, commented: “We are pleased to partner with NetGaming to bring innovative, premium games to our players in Ontario. This collaboration aligns with our strategy to offer world-class
entertainment through engaging, action-packed online casino games. We look forward to expanding this partnership into additional regulated markets in the months ahead.”
This strategic partnership highlights both companies’ dedication to providing high- quality, innovative, and responsible entertainment to players in regulated markets.
The post NetGaming Goes Live in Ontario with Rush Street Interactive via BetRivers Platform appeared first on Gaming and Gambling Industry in the Americas.
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