White Hat Studios is set to change hands as Merkur Group, a family-owned German business, has agreed to purchase the casino content provider to enhance its footprint in the U.S. gaming market.
On Wednesday, Merkur Group announced that it has reached an agreement to acquire White Hat Studios for an undisclosed amount. This move follows reports that White Hat began discussing a sale back in January 2025, ultimately leading to this agreement over a year later.
Prior to the decision to seek a buyer, White Hat Studios had also considered an initial public offering.
The transaction, which will include regulatory approvals, focuses solely on the operations of White Hat Studios’ game development. Its B2B and white-label services will remain with the current ownership.
Andy Whitworth, President of White Hat Studios, expressed enthusiasm about the acquisition, stating, “Joining Merkur Group is an exciting moment for everyone associated with White Hat Studios and, fundamentally, it is the best possible move to realize our ambitions for future growth and product innovation.”
This acquisition comes shortly after White Hat Studios entered the U.S. land-based casino market via a distribution partnership with Gaming Arts, allowing the company to offer content to both online and traditional operators. White Hat Studios initially ventured into the U.S. market in 2021 and became the first to supply online slots across all seven U.S. online casino markets.
Lars Felderhoff, Chairman of the Board at White Hat Studios, noted the supplier's growth trajectory, stating, “White Hat Studios has delivered impressive growth since its launch. We look forward to working with the team to continue the U.S. success story and, in turn, Merkur’s expansion in regulated iGaming.”
Merkur Group’s acquisition signifies a strategic effort to bolster its presence in the U.S. online gaming sector, following its purchase of Gaming Arts in September 2025. This Nevada-based company is a notable provider of gaming technology, including bingo, slot, and table game solutions, enhancing Merkur's capability across a broad spectrum of U.S. markets.
Dominik Raasch, a Board Member at Merkur Games, commented on the Gaming Arts acquisition, stating, “With Gaming Arts, we are now able to place Merkur products directly in a wide range of U.S. jurisdictions. This marks an important step in expanding our international growth beyond European borders.”
Founded in 1957, Merkur Group employs over 15,000 individuals and reports annual revenues exceeding $2.3 billion.
