Merkur Group Agrees White Hat Studios Acquisition in US iGaming Push

Merkur Group has agreed to acquire White Hat Studios, the US-facing online slots supplier that was the first to go live across all seven regulated US iGaming states. The deal, announced on 15 July 2026, is subject to regulatory approval and covers only the content studio: White Hat Gaming's player-account platform and white label business are excluded and stay with their current owners. The purchase price was not disclosed.

The transaction is the clearest signal yet that Germany's Gauselmann-owned Merkur Group intends to build a serious online content business in North America, adding a proven remote-slots studio to the Nevada-licensed land-based supplier Gaming Arts it bought less than a year earlier. For Merkur, which already owns European slots powerhouse Blueprint Gaming, White Hat Studios is a ready-made route into the US iGaming supply chain that operators like FanDuel, Caesars and bet365 already plug into.

Key facts on the Merkur and White Hat Studios deal

• Announced: 15 July 2026, by both companies and reported across trade media including iGaming Future and NEXT.io.
• Target: White Hat Studios, the content and games division only. White Hat Gaming's platform and white label operations are not part of the sale.
• Price: Undisclosed. The transaction is subject to regulatory approval.
• US footprint: White Hat Studios was the first supplier to launch slot content across all seven regulated US iGaming states.
• Advisers: Oakvale Capital advised on the transaction, CMS acted as legal adviser to White Hat and Wiggin advised Merkur.
• Strategic context: The deal follows Merkur's acquisition of Nevada-licensed supplier Gaming Arts, completed in 2025 after Merkur secured its own Nevada licence.

What exactly did Merkur buy?

Merkur agreed to buy the White Hat Studios content business, not the wider White Hat Gaming group. That distinction matters. White Hat Gaming is best known as a B2B platform and managed-services provider that powers online casino and sportsbook brands, and it runs a white label operation. Those parts of the business are carved out of this deal and continue under existing ownership. What changes hands is the studio: the games, the intellectual property, the US market access and the team that built it.

White Hat Studios launched in 2021 as a dedicated US content operation, drawing on the group's platform heritage and Merkur's existing Blueprint Gaming catalogue to bring branded and original slots to the American regulated market. It has since become one of the more visible independent suppliers in US iGaming, distributing both its own titles and content from third parties.

Why is White Hat Studios valuable in the US market?

White Hat Studios' core asset is regulated US market access at a time when that access is scarce and slow to build. The studio was the first supplier to launch slots in all seven US states that currently offer regulated online casino gaming: New Jersey, Pennsylvania, Michigan, West Virginia, Connecticut, Delaware and Rhode Island. Each of those states requires suppliers to be licensed and their games certified individually, so a supplier already live in all seven has cleared a barrier that can take rivals years.

The studio is also known for its "House of Brands" strategy, a portfolio of slots built on licensed entertainment intellectual property alongside original games. Titles reported in its catalogue include releases tied to The Goonies, Peaky Blinders, Ted, The Flintstones, Rick and Morty and Black Mirror, with the group also operating the 7s Fire Blitz series and the Jackpot Royale progressive network. Content has been distributed to major operators including Caesars, FanDuel, BetRivers, Bally's, betPARX and bet365.

How does this fit Merkur's US strategy?

The White Hat Studios deal slots directly on top of Merkur's Gaming Arts purchase and completes a two-sided US play. Gaming Arts, a Las Vegas-based supplier of land-based slot machines, bingo and table products, gave Merkur a licensed foothold in the physical casino market. Merkur secured its own Nevada licence and closed the Gaming Arts acquisition in 2025. White Hat Studios now adds the online, remote-gaming side of the same market.

Taken together, the two acquisitions give Merkur both land-based and online content capability in the United States, mirroring the omni-channel model the group already runs in Europe. It is a familiar playbook for the company: Merkur's ownership of Blueprint Gaming, acquired more than a decade ago, turned a UK studio into one of the biggest slot brands across regulated European markets, and Merkur has pointed to that history as the template for what it wants to do in America.

What have the executives said?

White Hat Studios framed the sale as an acceleration of its own growth plans rather than an exit under pressure.

"Joining Merkur Group is an exciting moment for everyone associated with White Hat Studios," said Andy Whitworth, President of White Hat Studios, in comments reported on 15 July 2026.

On the buyer's side, Merkur Management Board Chairman Lars Felderhoff pointed to the studio's growth trajectory and the ambition to extend its US momentum under Merkur ownership, while Merkur Supervisory Board Chairman Michael Gauselmann tied the move back to the group's earlier online expansion through Blueprint Gaming. The consistent message from both sides is continuity: Merkur wants White Hat Studios to keep doing what it does, with more capital and a larger content library behind it.

How big is the US iGaming content opportunity?

The prize is one of the fastest-growing segments in global gambling. US online casino is live in only a handful of states, but those states generate billions of dollars in gross gaming revenue a year and content suppliers earn a revenue share on every spin. Because each new state that regulates iGaming expands the addressable market at once, a supplier already certified and integrated across the existing seven states is positioned to capture new states quickly as they open.

That scarcity is exactly why regulated US access commands a premium in M&A. Suppliers without it face a multi-year certification grind; suppliers with it, like White Hat Studios, become acquisition targets for international groups that want to skip the queue.

Why did Merkur exclude the platform and white label business?

Merkur wanted the content, not the operational overhead. Buying only the studio lets Merkur focus on what it does best, building and distributing games, without taking on a player-facing platform and white label operation that would carry different regulatory, liability and commercial obligations. It also keeps the deal cleaner from a licensing standpoint, since a games supplier and a B2B platform operator are regulated differently in most jurisdictions. Carving the studio out of the wider group is what made a focused content acquisition possible.

What are the regulatory hurdles?

The deal cannot close until regulators sign off, and in US gaming that is rarely a formality. Merkur will need the relevant state gaming authorities to approve the change of control over a licensed supplier, a process that involves suitability reviews of the acquiring company and its principals. Merkur has been through this recently: it secured a Nevada licence before completing the Gaming Arts acquisition, so it has a track record with US regulators, but state-by-state approval still takes time and any close date will depend on those clearances.

How does this compare with other recent iGaming supplier deals?

Consolidation among gaming suppliers has been one of the defining trends of 2026, as larger groups buy capability, content and market access rather than build it. The White Hat Studios deal follows a run of transactions across the sector, from land-based and Latin American expansion to the roll-up of testing and certification labs.

Deal	Buyer	What was acquired	Angle
White Hat Studios	Merkur Group	US online slots studio (content only)	US iGaming content access
Gaming Arts	Merkur Group	Nevada-licensed land-based supplier	US land-based re-entry
eCOGRA	Visualize Group	Testing and certification lab	Compliance infrastructure roll-up
Slots del Sol	Cirsa	Majority stake, Paraguay operator	Latin American footprint

What sets the White Hat Studios deal apart is the specific combination of regulated US iGaming access and a branded content library, two things that are hard to replicate and expensive to build from scratch.

What happens next?

Attention now turns to the regulatory timetable and to how Merkur integrates White Hat Studios alongside Gaming Arts and Blueprint Gaming. If Merkur runs the same playbook it used in Europe, expect the group to push more of its European catalogue into the US through White Hat Studios' certifications, and to pursue new iGaming states as they regulate. Terms beyond the headline may emerge once the deal is filed for regulatory review, though Merkur has kept the price confidential for now.

Frequently asked questions

Did Merkur buy all of White Hat Gaming?

No. Merkur agreed to acquire only White Hat Studios, the content and games division. White Hat Gaming's platform and white label business are excluded from the deal and remain under existing ownership.

How much did Merkur pay for White Hat Studios?

The purchase price was not disclosed. Both companies announced the agreement on 15 July 2026 without stating a value, and the deal is subject to regulatory approval.

What is White Hat Studios known for?

White Hat Studios is a US-focused online slots supplier. It was the first supplier to launch content across all seven regulated US iGaming states and is known for its House of Brands portfolio of licensed and original slots distributed to major US operators.

Why does Merkur want a US content studio?

US online casino is one of the fastest-growing gambling segments, and regulated state access is scarce and slow to obtain. Buying White Hat Studios gives Merkur immediate, certified access across seven states to pair with its Gaming Arts land-based business.

When will the deal close?

No closing date has been confirmed. The transaction is subject to regulatory approval, which in US gaming requires state authorities to clear the change of control over a licensed supplier.

Updated July 2026. This is a developing story and will be updated as regulatory filings and further detail emerge.