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The deal is anticipated to increase Everi’s (EVRI) addressable market past on line casino shoppers.
Analyst Edward Engel: “With the acquisition, Everi can higher cross-sell on line casino clients by providing cell pockets and loyalty capabilities past the on line casino ground. But the acquisition additionally gives Everi a chance to increase its shopper base past casinos, significantly stadiums and racetracks with sportsbook and racebook operations.”
With the acquisition, Everi will retain Venuetize’s tech, personnel and 50+ clients. The deal just isn’t anticipated to materially influence EVRI’s income or EBITDA in 2022.
Engel additionally thinks Everi’s acquisition of Venuetize will enable it to supply cell pockets and loyalty capabilities akin to business leaders like MGM and Caesars. The acquisition additionally expands EVRI’s shopper base to non-casino entities seeking to combine gaming options. The broader base of non-casino shoppers ought to considerably increase Everi’s goal market, each inside and outdoors the U.S.
Roth Capital Markets has a Purchase ranking on EVRI and 12-month worth goal of $24.
Jefferies was additionally constructive on the deal for EVRI, saying that it provides a component of development to the corporate that’s not as prevalent within the gaming business typically.
Shares of EVRI rose 1.62% in premarket buying and selling on Wednesday to $18.20 so as to add to Tuesday’s 7.70% pop.
Learn extra concerning the Venuetize deal.
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