Everi is on a roll.
Las Vegas-based Everi has purchased Video King, a bingo-focused gaming firm operating tens of thousands of portable electronic bingo tablets. The move is expected to expand Everi’s portfolio and add new customer bases, which is in line with the company’s focus on scaling its U.S. and North American operations.
“We are highly confident that by helping to elevate our current Games, FinTech and Digital solutions with and adjacent to our established customer base, the acquisition of Video King will meet those same criteria and offer Everi with another lever for growth,” Everi CEO Randy Taylor said in a statement.
The online casino vendor is using cash on hand to pay $59 million for the majority of Video King’s assets.
How Everi will use Video King’s assets
The focus of Everi’s acquisition seems to be Video King’s fleet of e-tablets. Everi said the company plans to use 20% of those tablets to install bingo, Class II video poker, slots and instant win games. There are plans to add a digital wallet and loyalty products to the tablets.
Video King will help Everi tap into the bingo crowd, expanding its customer base and exposing more users to Everi’s iGaming content.
“With an expanding demographic audience looking to engage in increased social and leisure activities, we see a significant opportunity to collaborate with the Video King team to develop new gaming content and play enhancements to optimize player engagement and drive increased customer traffic,” Everi EVP Tim Richards said.
To date, Video King’s focus on electronic bingo tablets has been relatively lucrative. The company generated more than $25 million in 2022, largely because of those tablets.
The tablets will help Everi get into some niche user markets in addition to commercial and tribal casinos. Those markets include:
- Charitable bingo halls
- Military bases
- Cruise lines
“The combination of Everi’s games and other digital offerings with our strong electronic bingo base create a unique opportunity to accelerate future growth,” Video King CEO Tim Stuart said.
Everi continues to expand its assets
If Everi’s mission is to increase its North American profile, then it’s done a sufficient job of that over the past year. Some of the company’s key moves and acquisitions include:
- Partnering with Churchill Downs to improve the company’s horse racing app
- Providing nearly 70 games to Caesars Sportsbook & Casino
- Working with the British Columbia Lottery Corp. to install anti-money-laundering technology
- Acquired Venuetize, a platform Everi went on to use in its partnership with Churchill Downs
- Bought historic horse racing firm Intuicode Gaming Corp.
It will be no surprise if there is another Everi acquisition or market launch by the end of the year.