Stockholm-listed social gaming operator Adventure Box Technologies is entering the real-money iGaming sector after agreeing a deal to acquire Canadian betting and gaming services provider Lion Gaming Group.

Adventure Box will acquire all of the shares of Alberta-based Lion Gaming for SEK475 million (approx. €41.9 million), which will be paid through newly issued shares in Adventure Box at a price of SEK0.40 per share.

The acquisition marks Adventure Box’s entry into the online gambling space, with Lion Gaming expected to generate turnover of SEK350 million in 2024, and EBITDA of SEK180 million.

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

“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,” said Adventure Box chairman Mads Jørgensen. “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 CEO Michal Bendtsen commented: “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.”

Lion Gaming CEO Duncan McIntyre 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.”

Shares in Adventure Box Technologies AB (STO:ADVBOX) closed 86 per cent higher at SEK0.41 per share in Stockholm Monday.