Merkur Group acquires White Hat Studios, expanding US supplier presence from land-based to igaming
European igaming operators continue to make moves on the US market, with German-headquartered Merkur Group acquiring US slot game developer White Hat Studios.
Founded in 2021, White Hat Studios is the content arm of White Hat Gaming and operates in all seven US states where igaming is legal, partnering with a variety of operators, including BetMGM, FanDuel, DraftKings and Caesars Entertainment.
The group was the first to achieve the seven-jurisdiction distinction, with its gaming portfolio including the House of Brands slot collection, the 7s Fire Blitz game series, and the Jackpot Royale progressive jackpot network.
The acquisition strengthens Merkur’s US presence, after it finalized the purchase of Nevada-licensed slots supplier Gaming Arts in September of last year, with the two businesses giving the company a presence in both land-based and online gaming.
White Hat Gaming’s platform and white label businesses are not part of the deal, and the transaction is subject to regulatory approval.
“Joining Merkur Group is an exciting moment for everyone associated with White Hat Studios and, fundamentally, it is the best possible move to realize our ambitions for future growth and product innovation,” noted Andy Whitworth, President of White Hat Studios.
“Working alongside the hugely experienced Merkur team will open new possibilities for us across igaming and enhance our ability to develop a world-class omni-channel proposition that will benefit both operators and players,” furthered the executive.
Lars Felderhoff, Chairman of Merkur Management Board, commented that White Hat Studios had grown significantly since its launch and would contribute to Merkur’s continued expansion into the US online casino sector. Michael Gauselmann, Chairman of the Merkur Supervisory Board, added that the studio would make a great addition to the group.
Charlotte Capewell brings her passion for storytelling and expertise in writing, researching, and the gambling industry to every article she writes. Her specialties include the US gambling industry, regulator legislation, igaming, and more.
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The Backstory
European suppliers push deeper into the U.S.
Merkur Group’s agreement to buy White Hat Studios fits into a broader scramble by European gambling suppliers to secure a stronger position in the limited but lucrative U.S. online casino market. The German group already had a U.S. land-based foothold after its purchase of Nevada-licensed Gaming Arts last year. Adding White Hat Studios would move Merkur further along the value chain, giving it access to an online content business already live across every U.S. state where internet casino gaming is legal.
The appeal is straightforward: online casino remains legal in only seven states, but those markets have become central to supplier growth strategies because they combine high player values with a tightly regulated operating environment. White Hat Studios’ distribution across operators such as BetMGM, FanDuel, DraftKings and Caesars gives Merkur an immediate route into the leading U.S. platforms rather than a state-by-state build-out from scratch.
That approach mirrors a wider supplier playbook. Developers with European roots are treating U.S. licensing, lottery relationships and operator integrations as strategic assets, not side projects. Wazdan, for example, recently expanded through a Delaware Lottery partnership that added another regulated U.S. market to its footprint. The deal underscored the importance of state-sponsored frameworks in a country where igaming expansion remains incremental and politically uneven.
White Hat built scale before the sale
White Hat Studios was not a distressed asset looking for a rescue. Since its 2021 launch as the content arm of White Hat Gaming, it has moved quickly to establish itself as one of the most visible independent slot suppliers in the U.S. Its distinction as the first studio live in all seven legal online casino states gave it scarcity value in a market where regulatory approvals, platform integrations and operator relationships can take years to assemble.
The business also developed a portfolio built for U.S. operator needs. Its House of Brands collection, 7s Fire Blitz series and Jackpot Royale progressive jackpot network gave partners a mix of branded-style slots, recognizable math models and networked jackpot features. Those elements matter in the U.S., where major operators seek content that can support marketing campaigns, retain players and differentiate casino lobbies that often include similar supplier rosters.
White Hat’s recent product strategy leaned heavily into recurring franchises and intellectual property. The company outlined plans to expand its Kong family of games around the 2026 World Cup, including new Kong-themed titles designed to capitalize on sports-driven traffic across North America. The timing showed how suppliers are increasingly building casino release calendars around broader entertainment and sports moments rather than treating slot launches as isolated product drops.
That franchise discipline likely strengthened the rationale for Merkur. A buyer seeking U.S. online casino exposure would not only value licenses and operator access, but also a studio with repeatable content concepts and proven promotional hooks. For Merkur, White Hat Studios offers a digital counterpart to its land-based machine heritage and a potential bridge toward omnichannel game development.
IP and jackpots are reshaping content strategy
The U.S. online casino market has become more brand-conscious as competition among operators has intensified. Suppliers are under pressure to deliver titles that stand out in crowded digital lobbies and can be promoted across casino, sports and media channels. White Hat Studios’ recent moves show how content developers are responding: recognizable themes, progressive jackpots and exclusive partner launches are becoming a central part of the commercial model.
In March, the studio partnered with WWE and Fanatics Casino on an exclusive WrestleMania-themed slot released in several U.S. states. The launch was notable because it tied an online casino product to a major entertainment property, a high-profile operator and the sports-entertainment calendar. The game’s progression structure drew on WWE events such as Royal Rumble, SummerSlam and Money in the Bank, illustrating how suppliers are trying to convert fandom into longer player engagement.
Progressive jackpots are another piece of that strategy. White Hat’s Jackpot Royale network has given it a tool to create recurring excitement across multiple titles and operator partners. The studio’s prior work with Caesars on custom progressive systems showed its ability to tailor jackpot mechanics for major operators, a valuable capability as online casinos seek proprietary experiences instead of generic content feeds.
For Merkur, these capabilities could complement its land-based product knowledge. Traditional slot manufacturers have long used cabinets, game families and floor placement to build recognition in physical casinos. Online, the same principle applies through franchises, branded titles, jackpot networks and promotional visibility. The acquisition suggests Merkur sees White Hat’s U.S. content strategy as a way to translate a land-based manufacturing legacy into digital casino economics.
Regulation remains the gatekeeper
The transaction is subject to regulatory approval, a reminder that U.S. online casino growth is shaped as much by compliance as by product demand. Each legal state has its own rules, licensing expectations and suitability reviews. A supplier already operating across all seven states offers a buyer a rare platform, but a change in ownership still requires scrutiny by regulators that are wary of financial, operational and responsible gambling risks.
That regulatory hurdle is also why suppliers prize existing approvals. Delaware, Michigan, New Jersey, Pennsylvania and West Virginia have become core destinations for content developers, while Connecticut and Rhode Island complete the current U.S. online casino map. Expansion into any one market can be meaningful, but full multistate access is more powerful because it allows a supplier to launch campaigns and franchises across a larger operator base.
The slow pace of U.S. legalization has produced a market with high barriers to entry. Sports betting spread rapidly after the 2018 U.S. Supreme Court decision that cleared the way for state regulation, but online casino has faced tougher political debate because of concerns about consumer protection, cannibalization and problem gambling. That has made the existing igaming states disproportionately important to suppliers and operators seeking reliable digital casino revenue.
Other jurisdictions show how quickly digital gaming can alter the economics once regulation allows it. In the Philippines, online channels recently overtook physical casinos as the largest gaming revenue source, with digital and electronic gaming generating more than half of national gross gaming revenue in 2025. The U.S. market is structurally different, but the Philippine shift highlights why established casino groups do not want to be late if online gaming gains broader legislative momentum.
Small markets point to a larger digital pivot
The movement toward online gaming is not confined to large U.S. states or major Asian markets. Smaller jurisdictions are also using digital licenses to attract investment and diversify gambling revenue. In the Northern Mariana Islands, regulators recently granted Rota Blue both land-based and online casino licenses, with the company planning an online platform while delaying casino construction until tourism improves. The structure reflects a wider industry reality: online operations can move faster than physical resorts and are less dependent on travel cycles.
For suppliers, these developments reinforce the need for adaptable content libraries and compliance systems that can serve multiple regulated markets. Land-based casinos remain important, but growth is increasingly tied to digital distribution, remote game servers, mobile-optimized titles and operator integrations. Companies that can combine physical gaming expertise with online content are better positioned as markets evolve.
That is the strategic logic behind Merkur’s White Hat Studios deal. It is not simply an acquisition of a slot catalog. It is a bet that the U.S. online casino market, despite its limited legal footprint, will continue to reward suppliers with regulatory reach, proven operator relationships and content that can be marketed like entertainment. If more states legalize igaming, the value of that infrastructure could rise sharply.
The stakes extend beyond Merkur. European suppliers are racing to secure U.S. beachheads before the market matures, while U.S. operators are looking for content partners that can keep players engaged without relying solely on bonuses. White Hat Studios sits at the intersection of those needs. Its acquisition would give Merkur a stronger claim in one of the gambling industry’s most closely watched growth markets and add pressure on rivals to deepen their own U.S. online casino strategies.
