

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.“
AGCO
AGCO Removes Cap on Seller Commission for Charitable Lottery Products

The Alcohol and Gaming Commission of Ontario (AGCO) has updated several lottery policies to remove the cap on seller commission for Paper Raffles and Media Bingo, along with removing the prohibition on Catch the Ace paper lotteries, to align with other charitable lottery products.
Licensed charities may now negotiate commissions directly with sellers and determine commissions, provided they are reasonable and tied to the cost of service provided by the seller.
These updates further the AGCO’s commitment to adopt an outcomes-based regulatory approach and reduce burden for the charitable gaming sector. Local charitable organizations will have greater flexibility to make decisions that best serve their fundraising objectives.
Important Reminders
• Charities must still receive approval for other expenses incurred under their licence and retain receipts for seller commission paid.
• Licensing authorities will not require documentation to be submitted as part of the application process, however, charities are still subject to audit to determine compliance.
• Charities are reminded of their legal requirement to meet their obligations under the Criminal Code and with respect to conducting and managing a charitable gaming scheme.
• As with all licensed charitable lottery events, charities must take the necessary steps to ensure that they are conducting and managing the lottery event within Ontario.
For charitable gaming-related inquiries, email an AGCO Eligibility Officer at [email protected] or call AGCO Customer Service at 1-800-522-2876, Monday to Friday from 8:30 a.m. to 5 p.m.
The post AGCO Removes Cap on Seller Commission for Charitable Lottery Products appeared first on Gaming and Gambling Industry in the Americas.
Alon Segev
Segev LLP Celebrates 10 Years of Business-Focused Legal Innovation

Leading business, technology, finance, and gaming law firm, Segev LLP, is proud to announce its 10th anniversary. Over the past decade, Segev has evolved from a bold idea into a multi-jurisdictional firm serving clients across Canada, the U.S., and beyond.
Built for innovation-driven industries, the firm is widely recognized for its work with companies at the forefront of gaming, crypto, technology, and emerging sectors. “Our 10-year anniversary is a defining moment,” said Founding Partner, Ron Segev. “It’s a testament to the strength of our team and our culture of teamwork, self-improvement, and growth – all of which is directed at scoring wins for our great clients.”
As industries like fintech, crypto, iGaming, and AI have matured, so has the firm, often in parallel with its clients. “We’ve all grown together with our clients from one success to the next, whether it be helping clients complete financings or helping them close business,” said Managing Partner Alon Segev. “I look forward to continued growth for us and our clients in the next 10 years!”
The firm’s client-first approach has consistently earned recognition from top legal ranking guides. Segev LLP is ranked by Chambers and Partners as a “Leading Firm” and “Band-1” in Canada for Gaming Law and are also recommended by The Legal 500 and Lexology. These rankings reflect the team’s ability to deliver strategic, high-quality legal solutions that align with their clients’ business goals.
Recognized for their unique ability to exceed expectations and deliver out-of-the-box solutions, Segev LLP’s clients have affirmed: “The firm demonstrates its capability not only to understand complex matters, but also to offer solutions that are practical, pragmatic, and value-adding.”
“Segev possesses outstanding resources and maintains global partnerships, enabling it to deliver precise and informed responses to any queries related to the iGaming industry.”
“Epic service, very good, I won the case!”
“Great service, friendly atmosphere, and support.”
Several Segev team members also reflected on the milestone: “There was a moment early in my time here when I realized I wasn’t just being brought in to help; I was expected to contribute, take initiative, and run with big ideas. That stuck with me,” said Negin Alavi.
“Together with our clients, [Segev] has experienced remarkable growth over the past decade. I’m honored to have contributed to this journey and to celebrate these shared successes,” said David McHugh.
“Segev has cultivated a thriving law practice on the principle that challenges are to be embraced as opportunities. The approach has enabled us to grow as lawyers, but more importantly, it has enabled us to ensure the success of our clients,” said Mark Balestra.
“Since joining through Segev’s Ontario expansion, I’ve had the chance to work alongside some of the sharpest and most collaborative lawyers in the gaming space,” added Manav Bhargava. “As a full-service firm and industry leader, Segev stands out for its ability to support innovative businesses with practical, forward-thinking legal advice.”
Segev LLP will commemorate the anniversary with a series of internal and external initiatives throughout the remainder of the year.
The post Segev LLP Celebrates 10 Years of Business-Focused Legal Innovation appeared first on Gaming and Gambling Industry in the Americas.
AGCO
INCENTIVE GAMES SECURES ONTARIO GAMING LICENSE

Incentive Games, a leading B2B games provider, is proud to announce that it has been awarded an Ontario Gaming License by the Alcohol and Gaming Commission of Ontario (AGCO), effective today. This achievement enables the company to offer its portfolio of real-money games to licensed operators and players across the province.
The license underscores the Incentive Games’ commitment to meeting the highest standards of compliance, security, and operational excellence. The rigorous application process demands robust security protocols and comprehensive responsible gaming measures and affirms the company’s readiness to enter one of Canada’s most dynamic iGaming markets.
The North American market is a strategic focus for Incentive Games, and this milestone follows closely on the heels of the company receiving its Provisional Michigan gaming licence from the Michigan Gaming Control Board earlier this month.
Incentive Games will distribute its real-money gaming content in Ontario through Incentive Studios, the company’s dedicated Real-Money Gaming division, ensuring a focused and tailored approach to the market.
“Ontario represents a huge opportunity for us, and securing this license is a proud moment for the whole team,” said John Gordon, Chief Executive Officer at Incentive Games. “It reinforces our dedication to meeting the highest standards while delivering compelling real-money content. We’re looking forward to building strong relationships in the region and continuing our momentum across regulated markets worldwide.”
The post INCENTIVE GAMES SECURES ONTARIO GAMING LICENSE appeared first on Gaming and Gambling Industry in the Americas.
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