back to ALL NEWS

Netmarble acquires social casino game studio SpinX Games for $2.19B

WRITTEN BY | 05 Aug 2021
Netmarble acquires social casino game studio SpinX Games for $2.19B

? Acquisition

  • South Korean mobile game company Netmarble has announced that it is going to purchase 100% of shares of Hong Kong-based social casino games developer SpinX Games for $2.19B*
  • SpinX Games has generated $434m (₩497B) in revenue in 2020 and $288m (₩328.9B) in the first half of 2021. Based on the company’s financial performance in 2020, the deal’s multiple is 5x EV/Revenue

*Based on $1=₩1144,95 exchange rate

? Strategic Rationale 

  • With SpinX Games, Netmarble diversifies its RPG-filled lineup by adding some successful social casino titles. With a broader variety of multi-genre games, Netmarble will bolster its position in the global mobile gaming market
  • The acquisition is by far one of the largest disclosed gaming M&A deals in the APAC region in 2021. Earlier this year, we saw $4B+ worth acquisition of Moonton by Bytedance’s subsidiary Nuverse and the announcement of $1.3B worth acquisition of Sumo Group by Tencent

?  Product

  • SpinX Games has developed several social casino hit titles such as Jackpot World and Lotsa Slots. The games offer in-app purchases without having players gamble with real money
  • The company ranked third in global mobile social casino genre sales and is the fastest-growing company in the genre
  • In Jul’21 the company’s most downloaded titles were Jackpot World (over 784 thousand times), Vegas Friends (over 488 thousand times), and Lotsa Slots (over 402 thousand times)
  • SpinX’ games have been downloaded more than 65 million times with a peak of 3.7 million in Jan’20



? Previous M&As

  • In Feb’21 Netmarble acquired US-based video game studio Kung Fu Factory, the developer of WWE Champions and NBA Ball Stars, for an undisclosed sum
  • In 2017 Netmarble purchased mobile game developer and publisher Kabam without disclosing the terms of the deal


SpinX Games
  • Founded in 2014
  • Headquarters – Hong Kong, China
  • Mobile casino game developer
Netmarble Corp.
  • Founded in 2000
  • Headquarters – Seoul, South Korea
  • Founded by Bang Jun-hyuk
  • Team of over 3500 employees
  • Mobile game developer and publisher
Join our Patreon

Join us on Patreon to enhance your decision-making with our expertly curated data and support our project.

Patreon logo