Merkur to Acquire White Hat Studios in US iGaming Expansion
Merkur Group Agrees to Acquire White Hat Studios – Expanding Its Presence in Regulated US iGaming Markets
Key Takeaways
- Merkur Group has entered into an agreement to acquire US focused slots supplier White Hat Studios, subject to regulatory approvals.
- The transaction covers only White Hat Studios’ game development business, not the White Hat Gaming platform or white label operations.
- White Hat Studios operates in all seven US states that regulate online slots and offers more than 150 titles.
- The acquisition follows Merkur’s recent purchase of Gaming Arts, a Nevada licensed game and machine supplier.
Transaction Covers Game Development Business Only
Merkur Group has signed an agreement to acquire White Hat Studios, a US focused iGaming content supplier. The completion of the transaction remains subject to regulatory approvals.
The deal is limited in scope. It includes only the game development operations of White Hat Studios. The White Hat Gaming platform and its white label services are explicitly excluded from the agreement and will continue under their existing ownership structure. This distinction separates content production from platform and operational services within the broader White Hat brand.
For operators and industry stakeholders, this means that existing arrangements involving the White Hat Gaming platform are not part of the transaction. The focus is on proprietary game content and related intellectual property.
White Hat Studios’ Footprint in US Regulated Online Slots
White Hat Studios launched in 2021 and has since established a presence across the regulated US online slots market. According to the company, it became the first supplier to bring online slots content to all seven US states that currently regulate the vertical.
Its portfolio includes more than 150 titles. The catalog covers standard online slots, jackpot slots, and RNG table games. It also includes licensed branded titles and proprietary collections such as the House of Brands series, the 7s Fire Blitz line, and the Jackpot Royale progressive jackpot network.
By operating across all regulated states for online slots, White Hat Studios has positioned itself as a multi state supplier in a market that remains fragmented and subject to state by state regulation. For operators active in several jurisdictions, this type of coverage can simplify content integration and portfolio management.
Merkur’s Strategy in the United States
The acquisition of White Hat Studios forms part of Merkur Group’s broader expansion in the United States. The German gaming company stated that its financial resources and industry experience are expected to support White Hat Studios in further developing its slot portfolio and expanding its omni channel offering across land based and digital channels.
The transaction follows shortly after Merkur’s acquisition of Gaming Arts, a game and machine supplier licensed in Nevada. Gaming Arts provides content and machines for land based operations and holds regulatory approval in one of the most established US gaming jurisdictions.
Taken together, the two deals combine online first content through White Hat Studios with omni channel and land based capabilities through Gaming Arts. This structure allows Merkur to offer a broader lineup of content to US operating partners, spanning digital casino platforms and physical gaming venues.
Merkur’s leadership has linked the move to its longer term expansion in regulated iGaming markets. The company previously entered the online space in Europe through its acquisition of Blueprint in 2012. The White Hat Studios transaction represents a continuation of that strategy, focused specifically on the US.
Statements From Company Leadership
Lars Felderhoff, Chairman of the Merkur Management Board, described White Hat Studios as having delivered significant growth since its launch and stated that Merkur intends to work with the team to continue expanding in the regulated US iGaming sector.
Andy Whitworth, President of White Hat Studios, said that joining Merkur Group is intended to support future growth and product innovation. He also referenced opportunities to develop an enhanced omni channel proposition that connects digital and land based gaming environments.
Michael Gauselmann, Chairman of the Merkur Supervisory Board, referred to Merkur’s earlier expansion into online gaming in Europe and indicated that White Hat Studios would become part of the group’s broader international development.
The transaction was advised by Oakvale Capital on behalf of White Hat Studios. CMS acted as legal counsel to White Hat Studios, while Wiggin advised Merkur.
Implications for Operators in Regulated States
For operators active in US regulated iGaming markets, the transaction affects the ownership structure behind a supplier that already distributes content across all seven states with legal online slots.
Because the deal is limited to the game development arm, day to day platform services connected to White Hat Gaming are not directly impacted. However, content strategy, future game releases, and omni channel integration may be influenced by Merkur’s broader portfolio and resources.
With both White Hat Studios and Gaming Arts under its umbrella, Merkur is positioned to supply content tailored to online environments as well as land based venues. For operators that run both types of operations, this could mean closer alignment between digital titles and physical machine content, depending on how Merkur integrates its assets.
Our Assessment
Merkur Group’s agreement to acquire White Hat Studios strengthens its footprint in regulated US iGaming markets by adding a supplier active in all seven states that permit online slots. The transaction is limited to game development and does not include White Hat Gaming’s platform or white label services.
Combined with the recent acquisition of Nevada licensed Gaming Arts, the deal expands Merkur’s content portfolio across digital and land based channels in the United States. The completion of the White Hat Studios acquisition remains subject to regulatory approvals.
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