HeadsUp achieves “major milestone” in Spinola Gaming acquisition

Home » HeadsUp achieves “major milestone” in Spinola Gaming acquisition

HeadsUp Entertainment International has confirmed the completion of a “major milestone” in its acquisition of Spinola Gaming, a global lottery software provider. All previous third-party shareholdings in the Spinola group of companies have now been purchased, allowing HeadsUp to proceed and finalize definitive agreements for the full acquisition of Spinola. The purchase of these shares was critical in allowing HeadsUp to acquire 100% of the company and its assets, including its operating licenses in various European and Latin American jurisdictions. Spinola currently has contracts in key markets such as Colombia, Peru, and Brazil, all of which have strong lottery growth potential. The provider also has projects in the works for six African countries, which are set to launch in Q4 2022, as well as plans to launch the UAE’s first national lottery. According to HeadsUp valuations, existing agreements have the potential to generate up to $150 million in revenue, with room to grow on contracts under negotiation. During the due diligence process, HeadsUp commissioned two independent valuations of the acquisition, which valued the deal at $65 million and $72 million, respectively. HeadsUp has confirmed that it will announce a number of new contracts as a result of the Spinola acquisition; these will include previously announced expected revenue and earnings, as well as additional contracts closed by the company in the last 45 days. HeadsUp completed its acquisition of LotteryHub in July, gaining complete control of the lottery information platform in an effort to expand globally.
HeadsUp intends for LotteryHub to become the world’s first global lottery marketplace solution by combining it with Spinola’s products and services, with partnerships being pursued for European, Asia-Pacific, and US operations.

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