Casino game studio consolidation: the deals of 2024-2026 and what they change
On 22 July 2026, two supplier deals went in opposite directions: Bragg Gaming closed its purchase of Drayton International and its five game studios, while Evolution terminated its planned takeover of Galaxy Gaming after the remaining regulatory approvals failed to arrive in time. The two outcomes sum up the state of casino game consolidation. Buyers still want studios, content and market access, but regulation, tax and approvals decide which deals actually close.
This analysis lists the supplier deals from 2024 to 2026 that we could confirm from company announcements or trade press, then looks at why they happen and what they change. We have left out market-share and game-count figures because we could not find independent data to support them.
The two deals of 22 July 2026
Bragg Gaming announced on 14 May 2026 that it would buy Drayton International, a group of five game development studios (Boomerang Studios, Dream Streak Gaming, Rise Gaming, Hit Squad and Neotopia) and three technology platforms. It closed the deal on 22 July 2026 for 4.5 million Bragg shares, valued at 9 million US dollars, and said the purchase gives it an entry into US advance deposit wagering.
The same day, Evolution ended its roughly 85 million dollar agreement to buy Galaxy Gaming, a maker of casino table games and side bets, first announced in July 2024. The companies had not obtained the remaining gaming regulatory approvals before the agreement's outside date, and Evolution will pay Galaxy a termination fee of about 5.23 million dollars.
The deals we could confirm, 2024 to 2026
| Completed | Deal | Stated value |
|---|---|---|
| 26 April 2024 | Aristocrat completes NeoGames purchase, forming Aristocrat Interactive | 1.2 billion US dollars |
| 3 October 2024 | FDJ's tender offer for Kindred (owner of Relax Gaming) succeeds | nearly 2.5 billion euro |
| 14 February 2025 | Aristocrat sells mobile games maker Plarium to MTG | 620 million dollars plus up to 170 million |
| 30 April 2025 | Sega Sammy completes Stakelogic purchase after a Dutch court ruling | 125 million euro |
| 30 April 2025 | Playtech sells Italian operator Snaitech to Flutter | 2.3 billion euro |
| 19 May 2025 | Light & Wonder buys Grover Gaming's charitable gaming assets | 850 million dollars plus up to 200 million earn-out |
| 27 May 2025 | Sega Sammy completes purchase of B2B platform GAN | 1.97 dollars per share |
| 1 July 2025 | Apollo funds combine IGT's Gaming and Digital business with Everi, trading as IGT | about 6.3 billion dollars |
| 15 September 2025 | Merkur completes Gaming Arts purchase | not disclosed |
| 9 October 2025 | Intralot completes purchase of Bally's International Interactive business | 2.7 billion euro |
| 22 July 2026 | Bragg closes Drayton International (five studios) | 9 million dollars in shares |
Fewer owners, more games
Consolidation changes who owns a studio, not whether its games keep coming. Acquired studios usually keep trading under their own brands, as Relax Gaming has inside FDJ United. Large content groups also widen their libraries through distribution deals: Games Global, for example, added the new studio Deep Stake to its exclusive studio network in October 2025, after OI Studios and Posh Monkey Studios. The iGaming Future report does not say whether any equity changed hands.
The forces behind the deals
Scale and cost. Taxes are rising in some large markets. The UK government confirmed on 26 November 2025 that Remote Gaming Duty rises from 21% to 40% from 1 April 2026. FDJ said in July 2026 that increased taxes continued to weigh on its results and that it would review its online betting and gaming business.
Distribution reach. Buyers often cite market access. Bragg said Drayton gives it an entry into US advance deposit wagering, and Merkur described Gaming Arts as a key part of its return to the US market.
Compliance across markets. Every market has its own supplier licensing. In Great Britain, a remote gambling software licence is needed to manufacture, supply, install or adapt gambling software. The Galaxy Gaming collapse shows how outstanding gaming approvals can hold up a deal for two years and then end it.
The content arms race. Groups are sharpening their focus on real-money content. Aristocrat said the Plarium sale let it concentrate on regulated gaming and gaming-themed content.
Not everything is consolidation
Some moves ran the other way. Playtech's sale of Snaitech, completed on 30 April 2025, left it a predominantly B2B supplier and funded a special dividend of about 1.8 billion euro. Hacksaw Gaming chose a stock market listing over a sale: its shares began trading on Nasdaq Stockholm on 25 June 2025 at SEK 77, valuing the company at about SEK 22 billion, with existing shareholders selling around 15% of the shares.
What is confirmed and what is not yet known
- Confirmed: the completed deals and values in the table above, the Galaxy Gaming termination on 22 July 2026, and the UK duty rise from 1 April 2026.
- Not known: how concentrated game supply really is. We found no independent measure of market share across studios, and company claims about library size are not comparable.
- Open: the outcome of FDJ's review of its online business, and whether Relax Gaming is affected; the July 2026 report we read did not mention it.
What it means for players
A change of owner does not by itself change a game's licensing obligations: in Great Britain, whoever supplies the software needs a Gambling Commission licence, and our licensing guide explains how to check a licence. Studio brands you know may now belong to a larger group, which can mean the same mechanics appear across several brands. Check a game's published return to player with our RTP checker rather than assuming a familiar studio name tells you anything about the maths.
Frequently asked questions
Who bought the Drayton studios in 2026?
Bragg Gaming Group. It announced the purchase on 14 May 2026 and closed it on 22 July 2026, paying 4.5 million shares valued at 9 million US dollars.
Why did Evolution's Galaxy Gaming deal fail?
The companies did not obtain the remaining gaming regulatory approvals before the merger agreement's outside date, so Evolution terminated it on 22 July 2026 and will pay Galaxy a termination fee of about 5.23 million dollars.
What did Apollo buy from IGT?
Apollo funds bought IGT's Gaming and Digital business and Everi in an all-cash deal of about 6.3 billion dollars, completed on 1 July 2025. The combined company trades as IGT.
Does a studio acquisition change a game's RTP?
Not automatically. A game's return to player comes from its certified design. Ownership changes do not by themselves alter published figures, but always check the figure shown in the game.
Is Relax Gaming still independent?
No. Relax Gaming is owned by FDJ United, which gained control of Kindred, Relax's parent, through a tender offer that succeeded in October 2024.
Did Playtech sell its game business?
No. In April 2025 Playtech sold Snaitech, its Italian betting and gaming operator, to Flutter for 2.3 billion euro and kept its B2B technology and content business.
Sources
- Bragg Gaming Group - acquisition of Drayton International (14 May 2026)
- Bragg Gaming Group - closes acquisition of Drayton International (22 Jul 2026)
- Gambling Insider - Evolution terminates Galaxy Gaming acquisition (23 Jul 2026)
- Aristocrat - acquisition of NeoGames completes (26 Apr 2024)
- iGaming Business - Aristocrat completes acquisition of NeoGames
- FDJ United - tender offer for Kindred succeeds (3 Oct 2024)
- CasinoBeats - Aristocrat completes Plarium sale to MTG (14 Feb 2025)
- Gaming Intelligence - Sega Sammy completes acquisition of Stakelogic (30 Apr 2025)
- Gambling Insider - Playtech Q1 2025 and Snaitech sale completes (21 May 2025)
- Yogonet - Flutter set to complete Snaitech acquisition, Italian omnichannel gaming operator (10 Apr 2025)
- Light & Wonder - completes acquisition of Grover Gaming charitable gaming assets (19 May 2025)
- Sega Sammy - completes acquisition of GAN Limited (27 May 2025)
- Apollo - funds complete acquisitions of IGT Gaming and Digital and Everi (1 Jul 2025)
- iGaming Expert - Merkur completes Gaming Arts acquisition (25 Sep 2025)
- Bally's Corporation - Intralot completes acquisition of Bally's International Interactive (9 Oct 2025)
- SBC News - FDJ and Relax Gaming B2B licence (6 Feb 2026)
- NEXT.io - FDJ to review online gaming business (30 Jul 2026)
- Hacksaw - first day of trading on Nasdaq Stockholm (25 Jun 2025)
- iGaming Future - Games Global adds Deep Stake to exclusive studios (6 Oct 2025)
- GOV.UK - Gambling duty changes (26 Nov 2025)
- UK Gambling Commission - Remote gambling software licence
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Read guide โThis article is independent editorial coverage and is not sponsored; no operator or supplier paid for inclusion. The facts were checked against the sources listed above on 24 September 2026, and rules, programmes and offers can change after that date. Nothing here is legal or betting advice. 18+ only; if you gamble, set your limits in advance.