November 18, 2021 3 min read


Swedish Gaming Developer Lady Luck Moves to Acquire Revolver Gaming

Lady Luck Games, the Swedish slot developer, has signed an exclusive Letter of Intent (LOI) to purchase Revolver Gaming out of London. The purchase price includes cash and shares, with the cash component of the agreement worth €750,000 ($848,000). The shares part of the purchase price will also be covered by Lady Luck issuing approximately 4,200,000 new shares at a SEK3.00 ($0.34) stock price. Lady Luck currently owns 44,905,472 shares. After the issue, the issue represents approximately 8.5%.

Lady Luck Hits the Mark with Revolver Acquisition

Revolver Gaming develops HTML5 games and distributes them through its own RGS platform. The studio boasts 15 original games and more than 30 integrations to other countries in Europe, South America, Asia.

Lady Luck will gain two new operational partners, as well, in Carl Waahlin and John Penntoft, provided the transaction is completed. Waahlin has over 20 years of experience in delivering products into Asia. Penntoft is an Asia-based entrepreneur, as well as an early investor in iGaming.

Lady Luck on a Shopping Spree

Mads Jorgensen, Lady Luck’s CEO, said that “This is our second acquisition in the last three months, and I am pleased to be able to show our shareholders and the market that we are delivering on our set acquisition strategy.”

Lady Luck also signed a letter in September to acquire Spigo ApS, a Danish-facing gaming content provider. The terms of the agreement weren’t disclosed; however, it was confirmed that the purchase price includes cash and newly issued shares.

The deal includes 27 Spigo casino games, as well as eight customer integrations. Two of these are with Danske Spil’s Spillehornet and two with Tivoli Casino B2C brands.

He added, “The fact that Lucky Games can acquire a company of this calibre is a clear signal of strength. We have identified a number of clear synergies and I am extremely happy to have the privilege of working with the ambitious team at Revolver Gaming in the future.”

Daniel Lazarus, Revolver Gaming’s founder, explained that the opportunity for a merger between Lady Luck Games and Revolver Gaming was fantastic for both of the companies. He said that Revolver has been “impressed by [Lady Luck’s] passion and willingness to support ambitious plans for the future since their first conversations.

He stated, “The potential synergies, the expanded market reach that the deal brings and the amazing team at has convinced us that Revolver, with support from Lady Luck, will continue to develop in the best possible way and further strengthen our commercial presence and customer offering.”


Erik brings his unique writing talents and storytelling flare to cover a wide range of gambling topics. He has written for a number of industry-related publications over the years, providing insight into the constantly evolving world of gaming. A huge sports fan, he especially enjoys football and anything related to sports gambling. Erik is particularly interested in seeing how sports gambling and online gaming are transforming the larger gaming ecosystem.

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