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Erik Gibbs February 8, 2022 2 min read
Everi Gains a Stronger Foothold in Australia Through New Acquisition
Everi Holdings, a casino gaming company, has announced plans for acquiring eCash Holdings. This Australian firm provides cash handling and payment solutions for the gaming industry. This is the second Australia-based acquisition for the company since the beginning of 2022.
Everi Expands Footprint Down Under
Everi will purchase eCash Holdings for AUD$33 million ($23.4 million). An initial payment of AU$20 million is due at closing. The remainder will be paid at the closing’s first and second anniversary in 2023 and 2024.
A further AU$7.1-million ($5.05 million) payment is also included in the deal, contingent upon certain growth targets. Everi claims it will finance the purchase using existing cash and future cash flow.
Everi stated Monday in a press release that “eCash’s products and technologies represent a strategic extension of Everi’s current suite of financial technology solutions within the FinTech segment.” It added, “The acquisition will provide Everi with a complementary portfolio of new customer locations throughout Australia, the United States and other geographies.”
Everi’s president, Randy Taylor, said that Everi will have an entry into the huge Australian gaming market because of eCash Holdings’ experienced team and proven product portfolio. The acquisition will provide the company with an additional customer base in certain US gaming markets where it currently doesn’t service, as well.
Everi Executive VP and FinTech head Darren Simmons added that the company’s FinTech and RegTech products would be useful to Australian gaming operators.
The iGaming Space Continues Expanding
The deal is expected close in 60 days. When it does, eCash Holdings CEO Andre Soussa will be Everi’s Managing Director for Australia.
As consumers sought ways to entertain themselves at their homes, online gambling and gaming exploded in popularity during the pandemic. Online gambling revenues increased by 12%, from approximately $64 billion in 2020 to $72 billion in 2021. In-game assets for digital gaming platforms collectively were valued at over $50 billion.
However, while iGaming has expanded, it hasn’t always been good news for everyone. Atlas Gaming and Atlas Gaming Technologies were in trouble when Everi stepped in last month. The slot machine manufacturer went into administration in October of last year.
Everi’s employees think it is one of the best places to work. According to an employee engagement survey, Energage named the Las Vegas-based company as one of the best places to work in the US this year. Top Workplaces USA honors companies with 150 employees or more who have done their best to create a great work environment.