A long-awaited merger between Evolution and Galaxy Gaming continues to slow-roll shareholders after the companies agreed to extend the deadline to close the deal.
In a statement, Evolution cited a slow-moving regulatory process for the hold-up, but retained confidence it would eventually win approval.
Evolution CEO Martin Carlesund said,: “We remain fully committed to completing the acquisition of Galaxy Gaming and are confident in the progress toward regulatory approvals. This extension reflects our respect for the review processes of U.S. gaming regulators, and our shared determination to bring two complementary businesses together.”
Galaxy Gaming CEO Matt Reback was also positive on the push to get the deal over the line.
He said in a statement: “We are energized by the progress toward closing and the tremendous opportunities ahead. This transaction brings together two world-class, customer-focused teams and positions us to deliver exceptional experiences across both land-based and online channels. With Evolution’s global reach and financial strength, Galaxy Gaming will accelerate innovation and growth while preserving the independence and identity that define our brand.”
Once finalized, the move will likely speed up Evolution’s expansion across the U.S., with the Las Vegas-based Galaxy Gaming already holding 131 licenses across 28 states.
Mississippi license confirmed but it’s a waiting game for others
There has been some movement for anxious investors, with Mississippi becoming one of the first U.S. jurisdictions to clear the deal. In a November 25 SEC filing, Galaxy Gaming told investors the state’s regulators had approved the acquisition earlier in the month.
A meeting summary from law firm Jones Walker shows the Mississippi Gaming Commission signed off on the registration of Galaxy Gaming HoldCo LLC as the new holding company of Galaxy Gaming, Inc. on November 20. It is a move both companies will treat as the state’s formal approval of Evolution’s takeover.
Evolution continues to dominate live casino supplier market
According to Companies Market Cap, the Sweden-based company is currently the 1,518th most valuable company in the world with a market cap of $13.71 billion. Only Las Vegas Sands, Flutter Entertainment, Aristocrat, and DraftKings have bigger market caps in the gambling space.
It develops, produces, markets and licenses fully integrated B2B live casino solutions to gaming operators. It has more than 300 partners, a tally the company calls industry-leading, and is renowned for its product innovation.
The company’s Lightning series is one of its most popular productions. The random multiplier twist to classic casino games such as blackjack, roulette, and baccarat can enhance winnings by up to 1,000 times the initial stake.
Evolution can also count itself as an innovator in the bingo and game show space, producing board game-based gambling products like Monopoly Big Baller and original wheel-spinning options such as Crazy Time.
Merger deal a reminder of the choppy U.S. regulatory waters
The entire deal should provide a sharpening of the senses for multinational gambling operators aiming to establish a footprint across the pond. Each state has its own licensing laws, standards, and review timelines. Marrying the timelines of a complicated international merger means a delay like this was always possible for this merger.
Much of American gaming regulation was established for land-based casinos, decades before any B2B ecosystem existed. These legacy systems create substantial compliance costs and wait times, with unpredictable outcomes behind every twist and turn. A minor tweak to a corporate structure, for example, can lead to a full suitability review, which can last for months. In other industries, the process takes just weeks.
A company the size of Evolution can eat the costs related to the time it takes for a deal of this magnitude to complete. But the drawn-out approval cycle can lead to market uncertainty among investors and stymie growth.
The slow nature of the regulator process is having an impact on the wider safety of U.S. gamblers, one report suggests. In April 2025, a report from data intelligence platform Yield Sec, funded by the New Campaign for Fairer Gambling, showed that illegal online gambling operators control 74% of the $90.1 billion U.S. online gambling marketplace.
At the time, Derek Webb, founder of the Campaign for Fairer Gambling, said: “U.S. legalization of internet gambling without a gameplan to tackle the illegal sector has been an unmitigated disaster. In California, where online gambling is illegal, the total population loss per capita for 2024 is $141. In comparison with New Jersey, where online sports and casino gambling are legal, the illegal loss per capita on sports is $103 and on casinos is $169, being a total of $272, nearly twice as much as in California.”
Once the merger between Evolution and Galaxy Gaming is eventually completed, it could set a precedent for similar deals down the line. Until then, the rest of the industry will await news with interest.
References
- Evolution Official Press Release: https://mb.cision.com/Main/12069/4272281/3805884.pdf
- National Law Review: https://natlawreview.com/article/mississippi-gaming-commission-meeting-report-november-2025
- Campaign for Fairer Gambling: https://www.fairergambling.com/wp-content/uploads/2025/04/GYS_YS_CFG-REPORT_U.S.-NATIONAL-2024_04.08.2025_FINAL_NO-EM.pdf
