Netents’ Live Casinos Shutdown After Evolution Take Over?
With just a few days passed from officially completing the takeover of the NetEnt casino content company, the gaming giant Evolution wasted no time in restructuring its latest acquisition. The first one to go is NetEnt’s live casino department and the live studio Qormi based in Malta which has been shut down, leaving hundreds of employees at the risk of being declared redundant and losing their jobs.
Did Netents’ Live Casinos Really Get Shutdown After Evolution Took Over?
The speed with which Evolution acted in implementing new operating principles and streamlining the business to fit their needs caught many observers within the industry by surprise. Perhaps the best indicator of how the NetEnt staff was startled by Evolution’s decision is the fact that the day they received the bad news was the same day that was planned for the rollout of the latest addition to the Live Casino lineup, the Roulette Max game.
The Roulette Max Game
Evolution’s initial offer to take over NetEnt was made in June and after the two-month thorough review in order to investigate if this move will create a monopoly on the market, the acquisition was approved by the UK Competition and Markets Authority and confirmed by the Malta Competition and Consumer Affairs Authority last month. The Evolution now has 96.8% of NetEnt’s outstanding shares as well as 98.6% of the votes.
The reported price of the takeover is somewhere in the region of $1.6 billion.
The takeover means that Evolution now owns several of the most important brands in the gaming industry, including Ezugi, Red Tiger, and the latest addition Netent. Therese Hillman, the current chief executive officer of the NetEnt will remain in her position and oversee the takeover over the next few months and is supposed to leave her post in the second quarter of 2021.
The news effectively means an end to NetEnt’s Live Casino which is a real shame because the company invested a lot in this feature in the last two years opening a new studio, adding new games, and redesigning the interface. During this time, Netent’s Live Casino surged to the very top of the industry providing one of the finest experiences for players all around the world. The new situation creates a space in the market that the other companies, such as Pragmatic Play and Playtech, will without a doubt pounce on in an attempt to attract their share of NetEnt’s former customers.
A big part of the success of NetEnt’s Live Casino was the experience, expertise, and dedication of the staff employed on the project. On Tuesday morning, hundreds of Netent’s employees based in Malta were told to go home and await further instructions from their new employer.
The company is yet to confirm how much of the staff will lose their jobs, so they remain in the sort of limbo waiting on the news.
Malta is the base of operations for many gaming companies and their government has already set up a helpline for those who are about to lose their jobs and have promised to assist them in finding alternative employment. In the meantime, some other companies from the industry, such as gaming software developer Microgaming, have expressed interest in taking on the laid-off workers perhaps providing the best testament on the quality of the job they have done at NetEnt.