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Kindred acquires Relax Gaming to strengthen its focus on product differentiation and customer experience
Kindred Group has signed an agreement to acquire the remaining outstanding shares in Relax Gaming, a leading and rapidly growing B2B iGaming supplier, at an implied valuation of up to EUR 320 million for 100 per cent of the shares on a cash free and debt free basis. Kindred has been invested in Relax Gaming since 2013 and the transaction will allow Kindred to acquire the remaining 66.6 per cent of the outstanding shares. The acquisition accelerates Kindred’s strategy to increase its focus on product and customer experience by strengthening Kindred’s product control and product differentiation capabilities.
Kindred Group plc (Kindred) has signed an agreement to acquire the remaining 66.6 per cent of the outstanding shares in Relax Gaming. The transaction values the company at up to EUR 320 million on a cash and debt free basis (Enterprise value) and a total value of the outstanding shares of approximately EUR 295 million (Equity value). Kindred will pay an initial consideration, settled in cash upon completion, of approximately EUR 80 million (on a cash and debt free basis). In addition to the initial consideration, the maximum earn-out payments amount to EUR 113 million and may become payable in 2022 and 2023, subject to Relax Gaming achieving certain earnings thresholds. The transaction will be financed through Kindred’s existing cash and credit facilities.
Relax Gaming is a market leading B2B iGaming software supplier that designs and develops online casino games, supported by an open distribution platform for third party aggregation as well as proprietary poker and bingo products. The company was founded in 2010 and has today c. 240 full-time employees with four main hubs in Malta, Estonia, Sweden and Serbia. Kindred has been invested in Relax Gaming since 2013 and was prior to the transaction the largest owner with 33.4 per cent of the outstanding shares.
“Through this acquisition we add a rapidly growing and profitable B2B business with a world-class product portfolio, giving us greater control over our casino, poker and bingo offering, putting Kindred in a significantly better position to achieve our long-term strategy to increase our focus on product differentiation and customer experience”, says Henrik Tjärnström, CEO at Kindred Group.
“Joining Kindred Group comes as a natural next step in our long-standing cooperation with Kindred across all our product verticals. Kindred’s strengthened presence will allow Relax Gaming to further invest in and accelerate the expansion of our B2B offering across the globe. We will continue the Relax Gaming journey as a separate B2B entity with unchanged product portfolio and overall strategy, staying true to our values and respecting the hard-earned trust of our customers. Our continued independence is a key element of the transaction, and I am happy to remain on the board of Relax Gaming”, comments Patrik Österåker, Co-founder and Chairman of the Board at the Relax Gaming.
Relax Gaming currently supplies poker and bingo content on an exclusive basis to Kindred along with high quality casino content. The acquisition is expected to generate annual run-rate synergies of EUR 8 million within the next three years for the Group driven especially by lower investment needs and reduced cost of sales. With Relax Gaming as an important addition to the Group, Kindred will be able to further develop its own proprietary product portfolio, and thereby secure unique content differentiation in line with the Group’s strategic direction.
In order to secure continued integrity of Relax Gaming’s B2B customers, Kindred’s intention is to keep Relax Gaming as an independent entity within the Group with a separate Board of Directors and management team. Kindred’s ambition is to continue to invest in Relax Gaming to cement its position as a leading B2B iGaming supplier by further strengthening Relax Gaming’s product offering and by broadening their B2B customer base. In conjunction with the completion of the transaction, all existing employee share option programs in Relax Gaming will be exercised, and Relax Gaming’s management, who is committed to the future success of the company, will retain an ownership of c. seven per cent of total fully diluted shares in the company and Kindred’s ownership in Relax Gaming will be c. 93 per cent after the completion of the transaction and the exercise of the options.
In the last twelve months leading up to May 2021, Relax Gaming generated revenues of approximately EUR 25 million with an EBITDA of approximately EUR 10 million.
The transaction is conditional to customary regulatory approvals and is expected to be completed in the fourth quarter of 2021.
J.P. Morgan has acted as financial advisor and Cirio Advokatbyrå has acted as legal advisor to Kindred in connection with the transaction.
Roschier Attorneys Ltd acted as the legal advisor to the shareholders of Relax Holding Limited in the transaction.
Ezugi
Live-dealer specialist Ezugi to provide immersive casino experiences to SkillOnNet’s Brazilian platforms

Global entertainment brand SkillOnNet has announced the expansion of its successful partnership with live-dealer gaming solutions specialist Ezugi into the regulated markets of Brazil.
The move builds on a strong existing relationship between the two companies and highlights their commitment to delivering top-tier gaming experiences across Latin America.
Players at SkillOnNet’s Brazilian platforms, such as PlayUzu.bet.br and BacanaPlay.bet.br, now have access to Ezugi’s high-quality live casino games, including roulette, blackjack, and baccarat.
Part of the Evolution Network, Ezugi has established cutting-edge studio environments in Latin America to provide localised games with localised limits and Spanish-speaking dealers for an unbeatable live casino experience.
Meanwhile, SkillOnNet has been making a splash in Latin America through its PlayUZU and BacanaPlay brands. After launching PlayUZU in Brazil this year, the casino has quickly become a household name in the market, thanks to big-budget TV and marketing campaigns. PlayUZU promotes a “fairer” online casino experience, offering bonuses with no playthrough requirements.
Jani Kontturi at SkillOnNet said: “Ezugi has proven itself to be a standout partner with an exceptional product, and we’re excited to deepen our collaboration. Latin America is a key growth region for us, and we’re committed to offering our players the very best in live casino entertainment.”
Gilad Ben-Ami at Ezugi said: “With SkillOnNet, we share a vision of delivering localized, high-quality live casino content, and together we can offer a compelling product that meets the expectations of Latin American players.”
The post Live-dealer specialist Ezugi to provide immersive casino experiences to SkillOnNet’s Brazilian platforms appeared first on Gaming and Gambling Industry in the Americas.
Latest News
Checkd Media Partners with BOYLE Sports

Checkd Media, part of Checkd Group, has partnered with leading bookmaker BOYLE Sports to bring back its No Tippy Tappy Football podcast for a new season.
The new partnership with BOYLE Sports, a major player in UK and Irish betting, and the new West Ham sponsors, will see the award-winning podcast return for its most ambitious season yet.
With over 42,600 YouTube subscribers and an audience spanning 150 countries, the podcast saw 4 million views, 282,651 downloads and 8300 new subscribers last season alone.
The No Tippy Tappy Football podcast has run weekly during the regular football season since launching for the 2022 World Cup. Available on YouTube and all major podcast platforms, it will see the return of legendary Premier League manager Sam Allardyce alongside Natalie Pike as hosts, with a range of high-profile guests from the world of football joining throughout the season.
The first episode will launch on 13th August with Chris Powell to coincide with the start of the 2025/26 Premier League season.
Previous guests on the show have included David Moyes, Chris Kamara, Phil Jones, Kevin Nolan, Clinton Morrison and many more, sitting down with Big Sam and Natalie to offer their unique blend of insight and personality on the beautiful game.
The partnership sees the show move into a new state-of-the-art studio, introducing a sharper visual identity and improved production values to better engage its growing audience. All content will be amplified across the Checkd Network, ensuring greater reach across platforms.
No Tippy Tappy Football has had its own success when it comes to trophies, winning best Affiliate Marketing Campaign at the EGR Marketing and Innovation Awards 2024 and taking home the Bronze Award for Best Podcast Organisation at the Football Content Awards 2024, competing alongside major industry names such as The Overlap, Stick to Football, The Rest is Football and Up Front with Simon Jordan.
Previous awards include best Affiliate Marketing Campaign at the EGR Marketing and Innovation Awards 2024, as well as the Bronze Award for Best Podcast Organisation at the Football Content Awards 2024, with the podcast competing against the likes of The Overlap, Stick to Football, The Rest is Football and Up Front with Simon Jordan.
Will Tyrrell, Director of UK Media at Checkd Media, said: “With BOYLE Sports now involved at the top level of English football through their West Ham sponsorship, it’s fantastic to be strengthening what has already been a long-standing and successful partnership with Checkd Media. It’s an exciting time for No Tippy Tappy Football as we refresh the look and feel of the show with a brand-new studio and upgraded production. We’re confident this new chapter will take the podcast to even greater heights, both in terms of content and audience reach.”
Sorin Pereverzov, Affiliate Marketing Manager at BOYLE Sports, said: “Partnering with No Tippy Tappy Football was an easy decision. As proud sponsors of West Ham and a brand with deep roots in both football and horse racing, we’re committed to supporting content that’s authentic, entertaining, and made for true fans.
“This podcast is a standout in the space, offering honest conversations with genuine personalities. We’re excited to support its next chapter.”
The post Checkd Media Partners with BOYLE Sports appeared first on European Gaming Industry News.
Latest News
TaDa Gaming Partners with Qtech Games

TaDa Gaming, has signed a full portfolio partnership agreement with QTech Games, a leading game aggregator for all emerging markets.
High impact releases, including the TriLuck hit, 3 Charge Buffalo, as well as slots Fortune Hook and Golden Bank 2, deliver balanced gameplay mechanics, varied volatility and sophisticated maths models giving the games global appeal.
Furthermore, TaDa’s expert localisation, multi licencing and certification – including from the MGA and UKGC authorities – ensure these games are legally compliant across multiple jurisdictions.
TaDa is an award-winning and trusted iGaming content provider with a diverse portfolio of 200+ titles. These include its unique fish-shooting games and GiftCode and WIN CARD bespoke gamification tools which deliver player retention and operator differentiation across both established and emerging markets.
With over 50 years’ management experience, QTech Games’ diverse range of gaming options is designed to provide a definitive one-stop shop.
The unique and all-inclusive licence fee model, unified game launcher and wallet integration API means clients can easily connect and access the substantial game portfolio in a few clicks. This has fast become the “go-to” solution for worldwide operators across developing territories.
Ray Lee, Director of Business Development, TaDa Gaming, said: “We are delighted to partner with QTech to improve our distribution across emerging territories, effortlessly delivering our fantastic games to a range of untapped operators. QTech’s technical efficiency, recommendation engines and real time dashboard will enable our great content to reach multiple new demographics.”
Philip Doftvik, CEO of QTech Games, said: “TaDa Gaming offers a growing and constantly innovating content library with quality graphics, gameplay and unique features across , crash games and fish-shooting. This will deliver consistent support for the growth of our broad gaming-vertical. Like us, they understand that diverse and localised solutions represent the key to success and we are looking forward to working together to continue to raise the bar.”
The post TaDa Gaming Partners with Qtech Games appeared first on European Gaming Industry News.
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