Novomatic’s strategic acquisition of Ainsworth Game Technology in the online gambling market is nearing completion, providing significant growth opportunities. This week, Novomatic, an Austrian gaming technology leader, shared updates with Nevada regulators regarding ongoing investigations and their plans for Ainsworth.
Novomatic’s Online Gambling Expansion
The discussions with the Nevada Gaming Control Board also involved recommending Stefan Krenn as a suitable member of the Novomatic executive board. The Board also addressed a bribery investigation involving former CEO Harald Neumann and owner Johann Graf. Investigations in Austria focused on allegations that board appointments were influenced for favorable treatment.
Neumann, who transitioned to CEO of Ainsworth Game Technology in September 2021, has denied all allegations. Novomatic has moved to acquire the remaining shares of AGT, a deal set in motion in April. AGT expects the remaining investigation to be dismissed soon.
Investigative Updates and Strategic Outlook
Michael Rohregger, legal counsel for Novomatic, reported to the Board that several investigations were conducted, with all but one dismissed. The ongoing case involves a CFO of Casinos Austria and centers on the appointment process for licenses, allegedly influenced by Neumann. Rohregger mentioned that a proposal to dismiss the case was under consideration.
Rohregger emphasized that all indications suggest that Novomatic’s actions have been lawful, highlighting opportunities for the company to refine their compliance practices. Krenn outlined that Novomatic has been the majority stakeholder in AGT since 2018, driven by a ‘scheme arrangement’ from the Australian company.
“The acquisition is set to clear Australian regulatory hurdles soon, with minority shareholders voting on the scheme arrangement. A decision is expected by the end of August,” Krenn stated.
The Board inquired about whether AGT and Novomatic would function separately in the U.S or merge. Krenn indicated a decision would follow the scheme’s completion, with plans for expanding the U.S. market presence where Ainsworth holds a prominent position.
“We foresee potential to boost Ainsworth’s European growth while enhancing U.S. and Australian development through this collaboration. If approved, it accelerates synergy and maximizes business potential,” stated Krenn.
Read more news for additional insights into the evolving online gambling sector.
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