In addition, Evolution will pay an earn-out based on Livespins’ 2026 performance.
Completion of the transaction is planned for Q2 2024 and is subject to certain closing conditions.
Livespins, which forms part of the portfolio of VC investment firm happyhour.io, offers a new way of integrating online casino play with live streaming by allowing viewers to “bet behind” their favourite streamers or brand ambassadors.
According to Evolution, the acquisition of Livespins fits perfectly into its recently revealed “Product Leap”strategy, where the ambition is to break boundaries and bring product innovation to end users.
Livespins will further strengthen Evolution’s online gaming portfolio by adding a new social category of live entertainment with a novel way of playing.
Continued brand presenceLivespins will continue as a brand within the Evolution Group – alongside Evolution, NetEnt, Red Tiger, Ezugi, Big Time Gaming, No Limit City and DigiWheel.
Livespins CEO Chris Scicluna (pictured) said: “This is an unprecedented milestone for Livespins, and we couldn’t be happier to be joining the Evolution Group.
“We are still in the start-up phase of our business and to attract the attention of Evolution, is incredibly rewarding.
“It also is a reflection of all the hard work that our team has poured into this concept since we launched and the unwavering belief that this product would revolutionise the industry,” he added.
Post-acquisition, Livespins’ streamers will be able to play games from all the top-tier game studios within the Evolution portfolio in addition to the 40+ studios already integrated.
Solid engagement metrics
“Livespins is a unique proposition that has shown solid engagement metrics and adoption by players and one we believe will be a great addition to the Evolution portfolio,” Evolution CEO Martin Carlesund said.
“Over the years, we have garnered a reputation for identifying new and interesting technology which is why I’m thrilled that we have reached an agreement with Livespins,” he added.
Evolution CPO Todd Haushalter commented: “Playing along with a streamer is a whole new way to play online casino games. This was on our roadmap, so when the opportunity with Livespins arose, things moved quickly.”
He stressed that this collaboration will grant Livespins’ unparalleled distribution capabilities through Evolution’s One Stop Shop (OSS) integration.
“Twitch, YouTube, and other platforms have proven the popularity of live streaming while playing online casino games. We think players would love to play along with them and now that will be possible now, right from the Evolution lobby,” Haushalter stated.