Evoke acquires Romania’s Winner.ro in $11.1 million deal

International gambling group Evoke has announced the acquisition of Romanian operator Winner.ro through its purchase of parent company New Gambling Solutions S.R.L. (NGS) for €10 million ($11.1 million). The transaction grants Evoke a 51% stake in NGS, with an option to increase ownership to 100% after three years.

The acquisition makes Romania Evoke’s fifth core market, joining the UK, Italy, Spain, and Denmark. The move is part of Evoke’s broader strategy to enhance earnings and reduce financial leverage from 2025 onwards.

As part of the deal, Evoke will merge its existing 888.ro brand with Winner.ro, creating a combined entity that will command around 7% of Romania’s gambling market. This positions the company as the fourth-largest player in the region.

Nicklas Zajdel, who has led Winner.ro since 2023, will continue as CEO. Winner.ro’s 80 employees will be integrated into Evoke’s 500-strong workforce based in Romania. The combined business will benefit from the operational synergies of the merger, the companies said, leveraging Winner.ro’s local market expertise and extensive network of 20,000 retail deposit points.

“Romania is a high-growth market, and this combination sets us on the path to a sustainable, profitable, market-leading position,” Zajdel said. “This is an incredibly exciting transaction, bringing together our local-hero brand with one of the world’s strongest international casino brands.”

Romania’s gambling market, with a net revenue of about €1.1 billion in 2023, is projected to grow at a CAGR of 13% between 2023 and 2026. This aligns with Evoke’s strategy of pursuing high-impact acquisitions in growth markets.

The acquisition is expected to close in the third quarter of 2024. Evoke does not anticipate the transaction will impact financial leverage in 2024, with revenue growth forecast at 5-9% for the year.

Evoke CEO Per Widerström highlighted the strategic benefits of the deal, stating: “This acquisition is consistent with our strategy to build sustainable market-leading profitable positions in the most attractive markets.”

He also emphasized the alignment with Evoke’s M&A strategy, which focuses on low-capital, high-impact combinations that accelerate the company’s objectives.