Merkur Group agrees acquisition of White Hat Studios to strengthen US iGaming

The Merkur Group has reached an agreement to acquire leading US online casino content provider White Hat Studios, marking another significant step in the company's long-term expansion strategy across the regulated United States iGaming market.

The proposed transaction reflects Merkur Group's continued investment in digital gaming and reinforces its ambition to strengthen its position in one of the world's fastest-growing regulated online gambling markets. By bringing White Hat Studios into its portfolio, Merkur Group aims to broaden its online gaming capabilities while accelerating the development of innovative omnichannel products for operators and players.

The acquisition remains subject to the required regulatory approvals before it can be completed.

Merkur Group continues its US expansion

Merkur Group has steadily expanded its presence in North America through strategic investments and acquisitions. The agreement to acquire White Hat Studios follows the company's previously announced acquisition of Gaming Arts, a Nevada licensed gaming supplier known for developing casino games, electronic gaming machines and gaming systems.

With both companies becoming part of the Merkur Group portfolio, the business is expected to strengthen its ability to provide casino operators with a wider range of land-based and online gaming products.

The strategy reflects Merkur Group's broader objective of building a comprehensive omnichannel offering that combines retail casino gaming expertise with advanced online casino content.

White Hat Studios has established a strong US market position

Founded in 2021, White Hat Studios has experienced rapid growth within the regulated US online casino industry. In only a few years, the company has become one of the country's leading slot suppliers by focusing exclusively on regulated markets.

One of White Hat Studios' notable achievements has been becoming the first supplier to launch online slot games across all seven regulated US iGaming states that offered online casino gaming at the time of the announcement.

Its portfolio features several well-known gaming brands including the expanding House of Brands collection, the popular 7s Fire Blitz series and the Jackpot Royale progressive jackpot network.

The company has built its reputation by combining proprietary titles with licensed gaming content while continuously introducing new releases designed for American casino players.

Its strong relationships with licensed operators have also contributed to its rapid commercial growth.

Acquisition supports omnichannel gaming strategy

The acquisition aligns closely with Merkur Group's long-term vision of delivering integrated gaming experiences across multiple channels.

The company has decades of experience in land-based gaming through its global operations and has steadily increased its digital investments over recent years.

Adding White Hat Studios allows Merkur Group to further combine physical casino expertise with online casino innovation.

This integrated approach enables operators to deliver consistent gaming experiences across retail casinos and digital platforms while benefiting from an expanded catalogue of games and progressive jackpot products.

Industry observers increasingly view omnichannel strategies as an important competitive advantage as regulated gaming markets continue to mature.

White Hat Gaming platform remains separate

An important aspect of the transaction is that it does not include the wider White Hat Gaming business.

The acquisition only relates to White Hat Studios.

The White Hat Gaming platform business and its white label operations will remain under their existing ownership and are not included in the agreement.

This distinction ensures continuity for White Hat Gaming's technology platform customers while allowing White Hat Studios to focus on content development under Merkur Group ownership once the acquisition receives approval.

Leadership highlights future opportunities

Andy Whitworth, President of White Hat Studios, welcomed the agreement and described it as an important milestone for the business.

He said:

“Joining Merkur Group is an exciting moment for everyone associated with White Hat Studios and, fundamentally, it is the best possible move to realise our ambitions for future growth and product innovation.

“Working alongside the hugely experienced Merkur team will open new possibilities for us across iGaming and enhance our ability to develop a world-class omnichannel proposition that will benefit both operators and players.”

His comments underline White Hat Studios' confidence that Merkur Group's financial resources, international experience and technical expertise will help accelerate future innovation.

Merkur executives express confidence

Merkur Group executives also highlighted the strategic importance of the acquisition.

Lars Felderhoff, Chairman of the Merkur Management Board, praised White Hat Studios' rapid development within the American market.

He commented:

“White Hat Studios has delivered impressive growth since its launch. We look forward to working with the team to continue the US success story and, in turn, Merkur's expansion in regulated iGaming.”

His statement reflects Merkur Group's confidence that White Hat Studios can play an important role in supporting the company's continued growth across regulated jurisdictions.

Michael Gauselmann, Chairman of the Merkur Supervisory Board, also welcomed the agreement while referencing Merkur's long-standing commitment to online gaming.

He added:

“Having made early inroads into the online space in Europe via our Blueprint acquisition in 2012, I am delighted by this latest development and am confident that White Hat Studios will be a great addition to our group.”

His comments place the latest acquisition within Merkur Group's broader digital strategy that has evolved over more than a decade.

Experienced advisers supported the transaction

Several specialist advisers assisted both parties during the transaction.

White Hat Studios received financial advisory services from Oakvale Capital.

Legal advice for White Hat Studios was provided by CMS while Merkur Group was advised by Wiggin.

The involvement of experienced legal and financial advisers reflects the complexity of acquisitions within regulated gaming markets where transactions typically require extensive due diligence and regulatory review.

What the acquisition means for the US market

The United States continues to represent one of the most attractive growth opportunities for regulated online gaming suppliers.

As additional jurisdictions evaluate online casino legislation, suppliers with established regulatory approvals, proven game portfolios and scalable technology are well positioned to benefit from future market expansion.

For Merkur Group, acquiring White Hat Studios provides immediate access to an experienced development team with an established reputation among licensed operators.

The transaction also complements Merkur's existing expertise in land-based gaming while expanding its digital content capabilities.

For White Hat Studios, joining an internationally recognised gaming group creates additional opportunities to invest in product development, enter new regulated markets and strengthen relationships with operators seeking high-quality casino content.

If approved by regulators, the acquisition is expected to support Merkur Group's objective of becoming a stronger omnichannel supplier capable of serving operators across both retail and online gaming environments.

Conclusion

The planned acquisition of White Hat Studios represents another important milestone in Merkur Group's ongoing international growth strategy. By combining Merkur's long-established experience in gaming with White Hat Studios' proven success in the regulated US online casino market, the transaction has the potential to create new opportunities for innovation and commercial expansion.

While the acquisition remains subject to regulatory approval, it demonstrates Merkur Group's continued commitment to investing in regulated gaming markets and enhancing its digital capabilities. With White Hat Studios' established portfolio, experienced leadership and strong operator relationships joining Merkur Group's extensive global resources, the combined business is well positioned to support the evolving needs of licensed operators while delivering high-quality gaming experiences for players across regulated jurisdictions.

FAQs

What is Merkur Group acquiring?
Merkur Group has agreed to acquire White Hat Studios, a leading supplier of online casino games for the regulated US iGaming market. The transaction is subject to regulatory approval.

Is White Hat Gaming included in the acquisition?
No. The transaction only includes White Hat Studios. White Hat Gaming's platform and white label businesses remain under their current ownership.

Why is Merkur Group buying White Hat Studios?
The acquisition supports Merkur Group's strategy of expanding its digital gaming operations in the United States while strengthening its omnichannel gaming portfolio.

What products does White Hat Studios offer?
White Hat Studios develops online slot games including the House of Brands collection, the 7s Fire Blitz series and the Jackpot Royale progressive jackpot network.

Will White Hat Studios continue operating after the acquisition?
Subject to regulatory approval, White Hat Studios is expected to continue developing casino content while benefiting from Merkur Group's global resources and expertise.

What is Merkur Group's omnichannel strategy?
The strategy focuses on combining land-based gaming products with online casino content to provide operators with integrated gaming solutions.

How does Gaming Arts relate to this acquisition?
Gaming Arts is another company recently acquired by Merkur Group. Together with White Hat Studios it strengthens Merkur Group's presence in the regulated US gaming industry.

Who advised the companies during the transaction?
White Hat Studios was advised financially by Oakvale Capital and legally by CMS. Merkur Group received legal advice from Wiggin.

Why is the US market important for Merkur Group?
The regulated US online casino sector continues to grow and offers significant long-term opportunities for suppliers with licensed products and established market experience.

When will the acquisition be completed?
The acquisition will be completed after all required regulatory approvals and closing conditions have been satisfied.