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Adventure Box marks its arrival with SEK475m Lion Gaming acquisition

Adventure Box marks its arrival with SEK475m Lion Gaming acquisition

by Dave Sawyer
Categories: Online Gaming News

Adventure Box Technologies, the Stockholm-headquartered computer game tech company, has boldly moved into the global online gambling industry by acquiring Canadian betting and gaming services provider, Lion Gaming Group. 

Adventure Box Technologies has put pen to paper on a Letter of Intent to acquire 100% of the shares of Lion Gaming Group for a total of SEK 475 million (US$45m), which will be paid through newly issued shares in Adventure Box at a share price of SEK 0.40 per share. 

The acquisition will provide a major boost to Adventure Box. Not only does it mark its entry into the online gambling space, but Lion Gaming is revenue generating with 2024 turnover expected to reach SEK 350 million ($33m) with an EBITDA of SEK 180 million ($17m). 

Lion Gaming has established itself as a leading iGaming technology provider with a bleeding-edge platform that supports multi-chain, on-chain transactions. 

Its offering includes fully customisable white-label sportsbook and casino solutions powered by its innovative Fer0x Engine, which combines state-of-the-art features, blockchain technology, NFT integrations, web3 solutions and world-class engineering to allow operators to deliver next-gen player experiences. 

The acquisition propels Adventure Box into the global online gambling space with the company already considered a power player in the computer games industry. 

Adventure Box provides streamed games via its flagship online platform, KoGaMa, with users able to create, share and play 3D computer games. Today, more than 750,000 people are active on the KoGaMa platform each month. 

Mads Jørgensen, Chairman of the Board of Adventure Box Technologies, said: 

We are creating a major new player in the iGaming market through the acquisition of Lion Gaming Group, and we see opportunities for synergies between the KoGaMa platform and Lion's gaming platform. 

This acquisition lays the foundation for a global player powered by power, bleeding edge technologies that will change the game for operators, suppliers and most importantly, players.

Adventure Box and Lion share the same vision for the gaming market, especially with synergies between the KoGaMa platform and Lion's gaming platform and universe, including Web3 development and cross-user acquisition. 

The transaction opens up opportunities in game development and aligns with Adventure Box's strategic focus and business objectives, with additional M&A opportunities always being explored and considered both in and out of the gambling sector.

Michal Bendtsen, CEO of Adventure Box Technologies, said: 

This strategic move significantly enhances our footprint in the video game industry. This acquisition not only broadens our scope and capabilities within the gaming ecosystem but also introduces new revenue streams. 

We are confident that this will bring value to our shareholders and accelerate our growth trajectory in the ever-evolving gaming market.

Duncan McIntyre, CEO of Lion Gaming Group, added: 

We look forward to becoming part of Adventure Box Technologies and benefiting from their extensive experience and resources to further develop our business. This merger gives us the opportunity to benefit from synergies and strengthen our presence globally, which benefits both our customers and shareholders. 

We are confident that this transaction will provide us with the tools and support we need to continue to be a leader in iGaming technology through organic growth and acquisition of new businesses.

About the author

Dave Sawyer

Dave Sawyer

With nearly a quarter of a century working within the iGaming space, Dave started out his iGaming journey in 2000 with Ladbrokes based in Gibraltar. Five year later in 2005 he left Ladbrokes to become a  full-time casino affiliate webmaster, a position he held until 2019.

Prior to the start of Online Casino HQ in the first quarter of 2024, Dave has written for Casinomeister and Casino Gazette. 

Dave has been a speaker at industry events like the 2006 Casino Affiliate Convention and AffiliateFest 2017, and has been a moderator on the Casinomeister Forum since 2011, joining its editorial team full-time in 2019. 

With a passion for online slots, Dave offers a unique perspective, having worked as an operator, player, and affiliate.

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