Global gaming powerhouse emerges as IGT and Everi unveil $6.2 billion merger

Global gaming powerhouse emerges as IGT and Everi unveil $6.2 billion merger

Marking a seismic shift in the global gaming landscape, International Game Technology (IGT) has announced a $6.2 billion merger with Everi Holdings, a distinguished gaming platform & technology solutions provider headquartered in Spring valley, Nevada.

IGT, following a thorough internal assessment, made a strategic move to restructure its operations. It decided to segregate its Global Lottery division, allowing it to operate as a self-governing entity. At the same time, IGT Global Gaming and PlayDigital divisions started merging forces with Everi Holdings, creating a colossal entity valued at an impressive $6.2 billion.

The strategic move ensures that IGT Global Lottery, which is responsible for more than 50 per cent of the group's revenues, continues to focus solely on its lottery operations.

Meanwhile, IGT Global Gaming and PlayDigital join forces with Everi Holdings, in a move that is expected to significantly redefine the gaming landscape with a comprehensive suite of offerings, spanning gaming systems and online gambling. The newly formed venture, in which IGT holds a commanding 54 per cent of shares, while Everi commands the remaining 46 per cent, it emerges as a force within the industry.

Projections for the merger are quite remarkable, with anticipated revenues of around $2.7 billion this year. The synergistic blend of a diverse gaming and sports betting portfolio, complemented by leading-edge fintech solutions, positions the combined entity as a formidable player in the competitive arena. Vince Sadusky, CEO of IGT, will lead the charge.

When asked for a comment, Sadusky said, “The combination results in a comprehensive and diverse product offering, addressing more aspects of the gaming ecosystem across land-based gaming, iGaming, sports betting, and fintech.”

For his part, Everi's Executive Chairman Michael Rumbolz echoed the sentiment by highlighting the transformative nature of the merger, expressing confidence that the combined entity will be able to deliver a wide range of products and services to occupy gaming patrons while ensuring efficiencies and attractive revenues for its customers.

The mega-merger, which is slated to conclude by the end of 2024, is subject to regulatory approvals. Once the necessary approvals are secured, the merged entity will emerge under the esteemed brand name of IGT, debuting on the New York Stock Exchange as IGT. The gaming world anxiously anticipates as this emerging gaming powerhouse readies itself to redefine the landscape.

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