Kindred Group Acquires Majority Stake in Relax Gaming – Deal Analysis

Deal Overview

Kindred Group completed its acquisition of the remaining 66.6% stake in Relax Gaming in July 2021 for up to €320 million — achieving full ownership of the Malta-licensed B2B casino content and aggregation platform in which Kindred had held a minority position since 2018. Relax Gaming develops its own slot and table game content while also operating a B2B aggregation platform that distributes third-party game content from independent studios to online casino operators. The acquisition represented Kindred’s strategic decision to vertically integrate game content production and distribution into its B2C operator group — controlling more of the value chain from game development to player experience.

Why Relax Gaming Was Worth €320M

Relax Gaming’s valuation at up to €320 million for the 66.6% stake implies a total company valuation of approximately €480 million — a significant premium for a B2B game studio and aggregation platform. The premium reflects several structural advantages: Relax’s content was distributed to over 100 licensed operator clients (beyond just Kindred), creating third-party revenue streams that would survive any single operator relationship; its Silver Bullet programme provided a framework for indie studios to distribute content through Relax’s platform, creating a portfolio approach to content development; and its proprietary game library included several high-performing titles with established player demand across regulated European markets.

Vertical Integration in iGaming

The Relax Gaming acquisition reflects a broader trend of large B2C operators acquiring B2B technology and content businesses to reduce third-party dependency and capture value chain margins. When an operator owns its game development capability, it eliminates third-party content revenue share costs (typically 10–20% of GGR per game), gains control over game roadmaps and exclusive content, and creates an additional B2B revenue stream from selling content to competitors. Post-FDJ acquisition of Kindred, Relax Gaming continues to operate as a B2B platform serving external clients — a structure that preserves its commercial independence and standalone value.

Key Facts

• Kindred’s initial Relax Gaming minority stake: acquired 2018
• Remaining 66.6% stake acquired: July 2021, up to €320M consideration
• Implied total Relax Gaming valuation: ~€480M
• Relax Gaming clients at acquisition: 100+ licensed operators
• Silver Bullet programme: indie studio content distribution framework
• Post-FDJ acquisition: Relax Gaming retained as standalone B2B entity within FDJ/Kindred group

Market Signal

For independent B2B game studios and aggregation platforms, the Relax Gaming transaction provides a valuation benchmark. A platform serving 100+ licensed operators with a diversified content library and proprietary distribution framework traded at approximately €480M total enterprise value — a multiple well above typical B2C casino asset multiples, reflecting the recurring B2B revenue model, technology IP, and market distribution advantages that a pure-play studio/platform commands versus an operator with equivalent revenue.

← Back to iGaming M&A Database | Browse iGaming Studios for Sale | Browse MGA Licensed Businesses for Sale