DoubleDown Interactive Completes Acquisition of German Social Casino Operator WHOW Games

Rhea-AI Summary

DoubleDown Interactive (NASDAQ: DDI) has completed its acquisition of German social casino operator WHOW Games GmbH from Azerion for €55 million (approximately $64.3 million). The deal includes a potential additional earn-out payment of up to €10 million, payable at €5 million annually over two years, subject to WHOW Games meeting specific performance targets.

WHOW Games, founded in 2014 and headquartered in Hamburg, specializes in developing social casino games for the European market. The company operates the proprietary brand MyJackpot and has partnerships with established brick-and-mortar casino brands, including Merkur24.

This strategic acquisition expands DoubleDown's presence in the European social casino market, complementing its existing portfolio which includes DoubleDown Casino and its subsidiary SuprNation's three real-money iGaming sites in Western Europe.

Positive

• Strategic expansion into European social casino market through established German operator
• Acquisition includes successful proprietary brand MyJackpot and partnerships with brick-and-mortar casino brands
• Performance-based earn-out structure aligns WHOW Games' interests with future growth
• Strengthens DoubleDown's global market presence and diversifies revenue streams

Negative

• Significant upfront investment of €55 million ($64.3 million) impacts cash reserves
• Additional contingent payments of up to €10 million may be required over two years
• Integration risks with European operations and different market dynamics
• Potential challenges in meeting performance targets for earn-out payments

Insights

M&A and Gaming Industry Specialist

DoubleDown expands European presence with strategic €55M WHOW Games acquisition, enhancing social casino portfolio and geographic diversification.

DoubleDown Interactive has finalized its €55 million ($64.3 million) acquisition of German social casino developer WHOW Games from Azerion, with potential additional earn-out payments of up to €10 million contingent on performance targets over the next two years. This acquisition represents a significant strategic move that strengthens DoubleDown's position in several key ways.

The deal gives DoubleDown immediate access to WHOW's established European market presence, particularly in Germany where their flagship brand MyJackpot has cultivated a loyal user base. This geographical diversification is valuable as it reduces DoubleDown's dependence on any single market while opening new growth avenues in Europe's regulated gaming environment.

Beyond geographic expansion, the acquisition brings complementary intellectual property to DoubleDown's portfolio. WHOW's expertise in both proprietary games and partnerships with brick-and-mortar casino brands (like Merkur24) provides DoubleDown with additional revenue streams and potential cross-selling opportunities across platforms. The deal structure—with performance-based earn-outs—aligns incentives for successful integration and continued growth.

From a competitive standpoint, this acquisition follows DoubleDown's strategic expansion pattern, which already includes its SuprNation subsidiary operating real-money iGaming sites in Western Europe. The WHOW acquisition further consolidates DoubleDown's position in the social casino segment while potentially creating synergies between its social gaming and real-money operations in Europe.

SEOUL, South Korea, July 15, 2025 (GLOBE NEWSWIRE) -- DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) (“DoubleDown” or the “Company”), a leading gaming company delivering exceptional player experiences across multiple genres, announced today that it completed the previously announced acquisition of WHOW Games GmbH, a social casino developer headquartered in Hamburg, Germany, from Azerion for €55 million (approximately $64.3 million⁽¹⁾). An additional earn-out payment of up to €10 million, payable to Azerion at €5 million annually, is contingent upon WHOW Games meeting certain performance targets during each of the first and second year following the closing date.

Note: (1) Based on an exchange rate of €1.00=$1.169 as of July 11, 2025

About DoubleDown Interactive

DoubleDown Interactive Co., Ltd. is a leading developer and publisher of digital games on mobile and web-based platforms. We are the creators of multi-format interactive entertainment experiences for casual players, bringing authentic Vegas entertainment to players around the world through an online social casino experience. The Company’s flagship social casino title, DoubleDown Casino, has been a fan-favorite game on leading social and mobile platforms for years, entertaining millions of players worldwide with a lineup of classic and modern games. The Company’s subsidiary, SuprNation, also operates three real-money iGaming sites in Western Europe.

About WHOW Games

WHOW Games, headquartered in Hamburg, Germany, is a premier developer and operator of social casino games centered on the European market. Founded in 2014, WHOW Games specializes in both proprietary and branded social casino experiences. The company’s flagship proprietary brand, MyJackpot, has attracted a significant and loyal user base in Germany, while its strategic partnerships with internationally renowned brick-and-mortar casino brands have resulted in successful external brands like Merkur24.

Safe Harbor Statement

Certain statements contained in this press release are “forward-looking statements” about future events and expectations for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our beliefs, assumptions, and expectations of industry trends, our future financial and operating performance, and our growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Therefore, you should not place undue reliance on such statements. Words such as “anticipates,” believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” potential,” “near-term,” long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will,” and similar expressions are intended to identify such forward-looking statements. We qualify any forward-looking statements entirely by these cautionary factors, which include, but are not limited to, WHOW Games’ integration and the success of its current and future games as part of our Company. We assume no obligation to update or revise any forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Company Contact:
Joe Sigrist
ir@doubledown.com
+1 (206) 773-2266
Chief Financial Officer
https://www.doubledowninteractive.com

Investor Relations Contact:
Joseph Jaffoni
JCIR
+1 (212) 835-8500
DDI@jcir.com

FAQ

How much did DoubleDown Interactive (DDI) pay for WHOW Games?

DoubleDown paid €55 million ($64.3 million) upfront, with potential additional earn-out payments of up to €10 million over two years based on performance targets.

What are WHOW Games' main products and market presence?

WHOW Games operates the MyJackpot proprietary brand and has partnerships with brick-and-mortar casino brands like Merkur24, focusing on the European social casino market.

How will the WHOW Games acquisition affect DoubleDown's market position?

The acquisition strengthens DoubleDown's presence in the European social casino market, complementing its existing DoubleDown Casino platform and SuprNation's real-money iGaming operations.

What are the terms of the earn-out payment for WHOW Games?

The earn-out payment is structured as up to €10 million, payable at €5 million annually over two years, contingent on WHOW Games meeting specific performance targets.

Where is WHOW Games headquartered and when was it founded?

WHOW Games was founded in 2014 and is headquartered in Hamburg, Germany.