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Evolution has entered into an agreement to acquire Nolimit City

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Evolution AB (publ)’s wholly owned subsidiary, Evolution Malta Holding Limited, (“Evolution”) has entered into an agreement to acquire the entire issued share capital of Nolimit City Holding Ltd (“Nolimit City”) for an upfront consideration of EUR 200 million (the “Transaction”). With earn-outs of up to EUR 140 million the total consideration can amount to up to EUR 340 million, payable in cash.

Transaction highlights and strategic rationale

Nolimit City is a truly innovative, world-leading producer of online slots games that has created its own niche in the market through games with sometimes provocative themes and a humorous touch. Nolimit City games stand out and offer players a unique, graphically rich playing experience. Nolimit City titles include award-winning games such as Mental, San Quentin and East Coast/West Coast.

The acquisition is in line with Evolution’s strategy of being the world’s number one provider of online casino games, supplying its customers with the best gaming content. With the Nolimit City brand, Evolution extends its portfolio of world leading slot brands that already includes NetEnt, Red Tiger and Big Time Gaming.

“With the addition of Nolimit City to the Evolution family we extend our portfolio of truly innovative and cutting edge games from the top brands and game makers in the industry. We have followed Jonas, Emil and their team for a few years and been impressed as they have established a completely new style of slot games. I am proud that yet another of the very best minds in our industry has chosen to join the Evolution network.” – Jens von Bahr, chairman, Evolution

“I cannot think of a better match between two companies then between Nolimit City and Evolution, we are fully aligned in terms of people, product, technology and how to get the job done. The slot vertical is under massive change, and we can’t wait to take on the challenge of global expansion together with Evolution, helping out with navigating towards the best slot product offering in the market.” – Jonas Tegman, Co-Founder, Nolimit City

Nolimit City revenue is expected to amount to EUR 30 million with an EBITDA of EUR 23 million for the calendar year 2022. The Transaction will contribute positively to 2022 EPS for the Evolution Group.

Consideration and financing 

The total up-front consideration payable by Evolution in the Transaction is EUR 200 million on a cash and debt free basis. The consideration is financed from cash at hand. In addition, Evolution may pay earn-out payments in cash, based on Nolimit City’s EBITDA for the years 2022, 2023 and 2024, respectively. The earn-out payments will amount to a maximum of EUR 140 million, and become payable in 2023, 2024 and 2025, respectively.

Conditions and time plan for the acquisition

Completion of the Transaction is conditional upon receipt of regulatory approvals and is expected during Q3 2022.

Advisors

Evolution has engaged Gernandt & Danielsson, Wiggin, Deloitte and EY in connection with the Transaction. Nolimit City has engaged Advokatfirman Delphi as legal advisor in connection with the Transaction.

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Caleta Gaming

Caleta Gaming launches Cluster Cup high-volatility football-themed slot

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New 7×7 cluster grid title ships with tumbling wins, progressive multipliers, Super Tricks and a Free Spins feature.

Caleta Gaming has launched Cluster Cup, a new high-volatility slot inspired by football and pitched around major June sporting events. The title is now available to operators worldwide, the supplier said.

Cluster Cup uses a 7×7 cluster grid and a Tumbler Feature, where winning symbols disappear and cascade with new ones until no further wins are formed. Caleta said this is designed to support extended win sequences.

According to the studio, the game runs at an RTP of 93.42% and includes a Progressive Multiplier that increases during gameplay through a “Tumble Timer” mechanic, paying out at the end of each tumbling sequence.

The game also includes “Super Tricks”, triggered when three or more tumbles occur in a single spin, randomly activating one of four features: Wild Shots, Symbols Exchange, Red Cards, or Big Gloves. A Free Spins bonus is available through gameplay or direct purchase.

“With Cluster Cup, we aimed to translate the thrill of football into a slot experience, adding our own touch with an awesome art style and dynamic animations”, said Pedro Vahl, Game Designer at Caleta Gaming. “The combination of tumbling mechanics, evolving multipliers, and the Super Tricks system creates moments of real tension and excitement, just like a match where everything can change in a single play.”

The post Caleta Gaming launches Cluster Cup high-volatility football-themed slot appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Acquisitions/Merger

Waterhouse VC takes 3-year option to buy stake in Spinlab Studio

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Waterhouse VC has secured a 3-year option to acquire an interest in Spinlab Studio, a no-code iGaming platform aimed at helping operators launch and scale online betting and casino businesses without building full infrastructure.

Spinlab Studio positions its product as a full-stack platform that streamlines integrations across payments, games, compliance and backend systems. The company says the platform is built to support operators targeting regulated markets, with compliance, payments and responsible gambling tools included in the core product.

Tom Waterhouse, Chief Investment Officer of Waterhouse VC said “Spinlab Studio is one of the fastest-moving platforms we’ve seen in this space, with strong early demand from operators. They are addressing a key operational challenge – helping operators bring products to market more efficiently and quickly without the usual complexity”.

Leon Lanen, Co-Founder of Spinlab Studio said “Launching an igaming operation is still too complex and expensive. Spinlab Studio removes that friction so operators can get to market quickly and focus on building their business. We aim to do for the igaming industry what Shopify did to e-commerce”.

Spinlab Studio said it launched in January 2026 and has onboarded around 30 operators. It offers a free trial and pricing that starts from approximately US$1299 per month, with tiered plans that scale with operator activity. The company also said it recently closed an oversubscribed seed round backed by founders and early investors of “one of Europe’s leading listed igaming technology companies”, with proceeds allocated to sales expansion and platform development.

The post Waterhouse VC takes 3-year option to buy stake in Spinlab Studio appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Conferences

Gaming in Holland Conference publishes initial agenda for June 4 in Amsterdam

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Gaming in Holland has published the initial agenda for the Gaming in Holland Conference, set for Thursday, June 4 at the KIT Royal Tropical Institute in Amsterdam.

The preliminary programme includes a keynote on “Market developments & regulatory responses” from Ella Seijsener, Director Licensing & Supervision at the Netherlands Gambling Authority (KSA). Two boardroom sessions are confirmed with Arjan Blok, CEO of Nederlandse Loterij, and Petra de Ruiter, CEO of Holland Casino.

Other listed sessions include “The challenge of the black market: Towards a European response” with Pascal Chaffard, Chief Online Betting and Gaming Officer at FDJ United; “The Dutch gambling market in numbers” with Josh Hodgson, COO at H2 Gambling Capital; and “Player protection in the Dutch market” with Floor van Bakkum, Team Manager Player Protection at the KSA.

A panel titled “#ReclaimTheMarket: Will players go along?” will feature Dr. Andreas Ditsche (iGaming.com) and Richard Dennys (Mr. Gamble), moderated by Martin van Geest (Meneer Casino). Additional agenda items include a session on comparing onshore and offshore game popularity (Jeffrey Haas, Blask Business Intelligence) and one on KSA reliability assessments covering licensing and M&A approval (Frank Tolboom, Franssen Tolboom Advocaten).

Gaming in Holland founder Willem van Oort said: “While the annual Gaming in Holland Conference has always been THE place to get the latest news and updates on the Dutch gambling market, this year we are tackling one of the major issues facing licensed operators in regulated markets: How do we reclaim lost market share from increasingly aggressive illegal competitors? Obviously, there are no simple solutions, but that doesn’t mean that stakeholders in the regulated market are powerless. As all key decision makers and stakeholders in the regulated Dutch gambling market will be present in Amsterdam, I am certain that we can get a fruitful discussion started.”

The post Gaming in Holland Conference publishes initial agenda for June 4 in Amsterdam appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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