FIRST-EVER PRIVATE EQUITY ACQUISITION IN THE NORTH AMERICAN REGULATED GAMING TESTING AND INSPECTION MARKET

Transaction Receives Required Regulatory Approvals Across Multiple Global Jurisdictions

The Visualize Group (“Visualize”), a private investment firm focused on concentrated investing in mission-critical, services-based companies, announced the completion of its acquisition of BMM Testlabs (“BMM”), the longest established and most experienced leader in testing, inspection, compliance, and certification (“TICC”) services for the regulated global gaming industry. The transaction has received required regulatory approvals across multiple global jurisdictions, underscoring the confidence of gaming regulators worldwide in this partnership. Financial terms were not disclosed. The transaction represents the first-ever control acquisition of a major regulated gaming testing laboratory, marking the opening of a market that has been structurally inaccessible to institutional capital.

Headquartered in Las Vegas, Nevada, and founded in 1981, BMM serves gaming product suppliers, operators, and regulators across six continents, employing more than 700 professionals in 16 offices worldwide and holding more than 700 regulatory and related business licenses — one of the broadest regulatory footprints of any organization in the gaming industry.

The transaction represents a structural first: no major gaming testing laboratory in North America has ever been acquired by a private equity sponsor. For decades, the regulatory complexity of the TICC market — requiring hundreds of individual licenses across dozens of jurisdictions — has insulated these businesses from institutional ownership. The successful navigation of that complexity, culminating in regulatory approvals across multiple jurisdictions, establishes BMM as the first institutionally owned platform in the space and positions it as the natural acquirer of choice as consolidation accelerates.

Martin Storm, President and Chief Executive Officer of BMM Testlabs, said, “Today marks the beginning of an exciting and ambitious new chapter for BMM. Gaming regulators across the globe have endorsed this partnership through their approvals, and I am proud of the trust we have built over more than four decades. With Visualize’s support, we can now invest aggressively in our people, our technology, and our global footprint in ways that were not previously possible. Our customers should expect faster turnaround times, expanded jurisdictional coverage, deeper technical capabilities, and a level of service and partnership that no other testing laboratory in the world can match. We are building the definitive platform for gaming compliance, and we are just getting started.”

C. C. Melvin Ike, Founder and Managing Partner of Visualize, said, “We built Visualize to own irreplaceable businesses in markets where regulatory complexity creates durable, defensible demand. BMM is a clear expression of this thesis. The regulated gaming industry generates more than $600 billion in annual gross gaming revenue globally, and its TICC infrastructure — the certification and compliance layer that every product must pass through before it can reach market — is structurally underpenetrated by institutional capital. BMM’s multi-decade track record of regulatory trust and an irreplaceable stable of licenses represent a moat that would take a new entrant decades and significant capital to replicate. We look forward to backing the entire BMM team, supporting the customers that drive the industry, and preserving the trust of the regulators that protect it.

Advisors

Weil, Gotshal & Manges LLP and Greenberg Traurig acted as legal and regulatory counsel, respectively, to Visualize. Gadens, BDO, and Cooper Levenson acted as legal, financial and regulatory counsel to BMM Testlabs.

SCCG Management, a global advisory firm specializing in gaming, sports betting, iGaming, and emerging regulatory innovation, today announced a strategic partnership with The Vegas Walk Method®, a behavioral framework designed to promote player empowerment and sustainable engagement within high-volatility gaming environments.

Through this partnership, SCCG will support the strategic positioning, enterprise introductions, and market expansion of The Vegas Walk Method® across tribal and commercial gaming operators. The collaboration focuses on integrating the method as a player sovereignty-aligned infrastructure layer that empowers players to maintain intentional engagement while supporting operators in meeting evolving responsible gaming and regulatory objectives.

The Vegas Walk Method® is a patent-pending, trauma-aware framework built around a structured, player-defined containment approach that operates alongside an operator’s existing customer journey model. Unlike abstinence-based models, the method does not monitor or observe player behavior in-session. Instead, it provides tools that help players maintain psychological stability, develop volatility awareness, and define personal session boundaries, , and while continuing to participate in recreational gaming.

“The industry conversation around responsible gaming is evolving,” said Stephen Crystal, Founder and CEO of SCCG Management. “Operators, particularly in tribal markets, are increasingly focused on long-term sustainability, player empowerment, and proactive regulatory leadership. The Vegas Walk Method® provides a framework that aligns with those priorities by placing agency in the hands of the player while supporting operators with measurable, auditable outcomes. We believe this represents an important evolution in how the industry approaches sustainable engagement.”

Originally developed with operator constraints in mind, The Vegas Walk Method® is deployable through software at scale and designed to integrate seamlessly within existing operational environments. The framework surfaces structured insights for reporting and evaluation while maintaining a “zero-observation” model that respects player autonomy. It is jurisdiction-agnostic and adaptable across physical casinos, online gaming environments, and emerging digital verticals.

Central to the The Vegas Walk Method® is the concept of structured session containment, volatility awareness, and repeatable practices that build consistency across sessions. By encouraging intentional engagement and mitigating “flow state” burnout, the framework aims to support sustainable revenue models that reduce churn while protecting long-term guest relationships. For tribal operators in particular, the method aligns with player sovereignty principles and community-first mandates by reinforcing personal self-governance and sustainable play.

The partnership also positions The Vegas Walk Method® as a proactive infrastructure solution within broader regulatory and innovation discussions. As the gaming industry continues to expand into new digital formats, including prediction markets and other high-frequency engagement environments, the underlying concept offers potential application beyond traditional casino floors.

“Stephen and the team at SCCG have spent decades at the forefront of gaming innovation, and they understand instinctively that player empowerment and operator performance aren’t in tension — they’re the same goal. This partnership lets us bring The Vegas Walk Method® to the operators who are ready to lead on sustainable engagement, not just respond to regulatory pressure,” said Matthew Reynolds, Inventor & CEO of The Vegas Walk Method®  As regulatory scrutiny and public expectations continue to evolve, SCCG and The Vegas Walk Method® will work together to introduce a player sovereignty-first, empowerment-driven approach to responsible gaming that balances operator performance with long-term player wellbeing.

Yggdrasil has significantly expanded its footprint in Brazil after partnering with three leading operators in the regulated market as it looks to carve a dominant market position in the country.

F12, Blaze, and Novibet customers now have access to more than 400 of Yggdrasil’s proven, high-performing titles, strengthening their casino offerings with premium content that has resonated with players globally and within Latin American. Included in the titles available in Brazil are Buffalo Freedom, MexoMax2, 4 Wolves of Fortune, among others.

The launches rapidly accelerate Yggdrasil’s growth strategy in the country, as it looks to establish itself as a leading supplier in the regulated Brazilian iGaming market. Alongside its award-winning in-house content, Yggdrasil will also deploy games created through its YGG Masters program, as well as its new technology service Game in a Box^TM, an all-in-one slot development platform streamlining the entire game creation process.

This triple rollout marks a major milestone for Yggdrasil in Brazil, coming one year after the country’s iGaming regulation took effect. The market continues to demonstrate strong growth and maturity, and Yggdrasil is now live with more than 14 operators across the country, with additional partnerships planned in the coming months.

Aurora Armaro, Senior Client Success Manager at Yggdrasil, said: “For us at Yggdrasil, adding three major iGaming operators in Brazil of the calibre of F12, Blaze, and Novibet to our network is key to strengthening our presence in the country and bringing our core and YGG Masters portfolio to even more players.

“It also highlights our speed to market, as we’ve scaled rapidly across 14 operators in the market, with parallel deals occurring in Italy recently as we continue to enjoy commercial growth in regulated markets.”