What is the value of the acquisition?

The deal values Galaxy Gaming at approximately US$85 million in equity, and about US$124 million including net debt.

Why was the merger deadline extended to July 17, 2026?*

The extension gives the parties more time to secure remaining U.S. gaming regulatory approvals; significant progress has been made (e.g., Mississippi approval), but additional jurisdictions remain.

Will Galaxy Gaming be integrated fully into Evolution?

No. According to the merger agreement, Galaxy Gaming will operate as a separate, wholly-owned subsidiary within Evolution, retaining its management and identity.

What benefits do Evolution and Galaxy expect from the deal?

Evolution gains stronger U.S. land-based exposure and an enhanced table-game catalogue. Galaxy gains scale, resources, and global reach while continuing its own product innovation.

When is the deal expected to close?

Assuming regulatory approvals, the companies anticipate closing shortly after the approvals are secured, likely following Q1 2026, but no definite date has been set beyond the July 17, 2026 outside date.

Evolution and Galaxy Gaming Push Merger Deadline to July 2026 as U.S. Approvals Remain

Key Takeaways

Swedish live-casino group Evolution AB and U.S. table-games specialist Galaxy Gaming, Inc. have extended the deadline for their merger through July 17, 2026,
The transaction remains subject to final regulatory approvals in U.S. jurisdictions; one approval from Mississippi has been secured,
Originally announced in July 2024 at a valuation of approximately US$85 million (US$124 million including debt), the acquisition is meant to accelerate Evolution’s U.S. presence and table-game capability,
Post-close, Galaxy Gaming is to operate as a separate business unit within Evolution, preserving its brand and management,
The extension reflects the complexity of U.S. gaming regulatory approvals, and signals both companies’ commitment to the deal while acknowledging timing risk.

The Strategy

Evolution, a big B2B live casino and table games supplier, has worked hard to expand its presence in regulated countries, both online and on land. The purchase of Galaxy Gaming, which has licenses in 131 places around the world, including 28 U.S. states, strengthens its land-based U.S. table-game capabilities. Galaxy Gaming's products and technological platforms add to Evolution's strength in online live casinos.

In the original July 2024 announcement, Evolution’s CEO Martin Carlesund described the move as “a significant milestone in our mission to provide unparalleled gaming experiences.” Galaxy Gaming’s CEO Matt Reback emphasised that the deal "combines … land-based business … with Evolution’s global reach and innovative online gaming leadership."

The goal of the combined company is to accelerate omni-channel growth and make both online and physical casinos more competitive by combining Galaxy's land-based table-game technology and distribution with Evolution's internationally scaled platform.

Timeline for the Merger and the Regulatory Process

July 18, 2024: The deal is made public. Value: about $85 million in equity and about $124 million in net debt. Evolution will pay $3.20 in cash for each share (a 124% premium).
Late 2024: The deal is approved by Galaxy Gaming shareholders.
November 2025: Mississippi gaming officials give the deal its stamp of approval.
On November 25, 2025, the parties say that the merger's outside date has been pushed back to July 17, 2026. They think that the last U.S. gaming regulatory permits will be granted in the first quarter of 2026.

The prolongation means that even if a lot of progress has been made, the deal couldn't be closed until the last two or more U.S. gaming licenses or regulatory approvals are obtained. This procedure can take a long time and be complicated because U.S. casino regulation is done state by state.

For Evolution: What This Means for Both Companies

Increases its footprint in the U.S. land-based sector, making the offer stronger for casino owners across all channels (online and physical).
Uses Galaxy's table games to add to its collection of live-dealer and online slot games.
Faces the risk of integration and the risk of regulatory execution; delays could raise costs or make regulations less clear, which could affect investor sentiment.

For Galaxy Gaming

Gets to use Evolution's global operational resources, scale, and financial support, yet stays an independent company.
Makes its new table games and technologies (including 21+3®, Lucky Ladies®, and bonusing systems) available to more people. The delayed close keeps shareholders and employees in the dark for longer, with results depending on when the regulatory process is finished.

The Market and the Industry

The gaming supplier industry is still getting smaller, with bigger companies buying smaller, more specialist companies to create end-to-end omni-channel capabilities (both online and in person). This pattern fits with Evolution's move. A delayed schedule may raise red flags, especially since the rules are different in each U.S. state, compliance requirements are often changing, and there is a lot of competition in the global gaming supply chain.

Analysts say that the longer time frame "shows respect for the review processes of U.S. gaming regulators" and emphasises how important the U.S. market is for growth.

What to Expect

The deadline for the merger has been pushed out, which shows how complicated the rules are and how important the U.S. market is for global gaming providers. If the merger between Evolution and Galaxy Gaming goes well, it might lead to a more complete omni-channel offering that includes online live casinos, table games, and land-based operations. That being said, the timescale is still long, and the process to complete approval could be delayed or include further regulatory requirements. To keep confidence up until the end, both companies will need to keep their operations running well, plan for integration before the deal closes, and communicate openly with all stakeholders.

In the short term, people who watch the market and people who work in the gaming business will closely watch how the merged company moves forward with getting the last clearances and how it explains its go-to-market plan after the merger, especially in the U.S., where state-by-state regulation and distribution will be very important.