Social gaming operator DoubleDown is venturing into the realm of real-money gaming with its recent acquisition of Swedish online casino business SuprNation for $35 million. The move is seen as a strategic step to complement DoubleDown’s existing free-to-play business and expand its presence in the European iGaming market. The acquisition aligns with DoubleDown’s growth strategy, and the company remains open to further opportunities for expansion in related sectors.
Expanding into New Growth Markets:
DoubleDown’s Chief Executive, In Keuk Kim, expressed satisfaction with the acquisition of SuprNation, noting its alignment with DoubleDown’s social casino franchise. Kim emphasized that the acquisition not only strengthens DoubleDown’s presence in the European iGaming market but also presents opportunities for expansion into other geographies. The strategic move allows DoubleDown to leverage SuprNation’s gaming titles and captivating gamification features while incorporating its own extensive online gaming experience.
SuprNation’s Portfolio and Expansion Plans:
SuprNation, the acquired Swedish online casino business, is known for its ownership of popular brands such as VoodooDreams, NYSpinz, and Duelz. The company holds licenses in Malta, Sweden, the Isle of Man, and Great Britain. Joakim Stockman and Henric Andersson, Co-Chief Executive Officers of SuprNation, expressed excitement about joining forces with DoubleDown and the potential for accelerated growth as part of a larger group. They emphasized their intention to expand their real-money gaming foothold through the development of unique products and efficient marketing strategies.
Continued M&A Focus:
Following the announcement of DoubleDown’s second-quarter financial results, CEO In Keuk Kim stated that the company is actively evaluating merger and acquisition opportunities beyond the social casino realm. With the successful SuprNation acquisition, DoubleDown remains committed to seeking out potential acquisitions that offer clear synergies with its existing strengths. The company’s M&A strategy reflects its drive to explore new avenues for growth and diversification in the broader gaming industry.
Implications for DoubleDown’s Future:
The acquisition of SuprNation marks an important milestone for DoubleDown as it expands its operations into real-money gaming. By combining SuprNation’s established brands and licenses with DoubleDown’s expertise and resources, the company aims to enhance its market position and capture new growth opportunities. The deal provides DoubleDown with a strategic entry point into the European iGaming market and lays the foundation for further expansion into other regions. As DoubleDown continues to evaluate potential acquisitions, its focus on fostering synergies and leveraging its strengths will be key to sustaining long-term success in the evolving gaming landscape.
DoubleDown’s acquisition of SuprNation represents a significant move towards diversifying its business into real-money gaming. With a focus on expanding its presence in the European market and leveraging SuprNation’s brand portfolio, DoubleDown aims to capitalize on synergies and drive growth. The company’s strategic approach to mergers and acquisitions underscores its commitment to exploring new opportunities and adapting to evolving market trends. As the all-cash deal approaches its expected closing in Q2 of this year, DoubleDown is well-positioned to capitalize on the potential of the online gaming industry while continuing to deliver innovative and engaging gaming experiences.