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Bulgarian developer Silverback Gaming gets acquired by GAN, looks to expand on US market

Founded in 2019, Silverback Gaming has developed online slot games such as Aztec Luck and Mystery Stacks
Image credit: Ivaylo Karmazov/Silverback Gaming
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American Gaming supplier GAN acquired Bulgarian online casino game developer Silverback Gaming in an undisclosed deal, the company said in a press release.

Founded in 2019, Silverback Gaming has developed online slot games such as Aztec Luck and Mystery Stacks, distributing them across European regulated markets to more than a  hundred B2C iGaming operators. 

The acquisition will provide GAN with exclusive rights globally to all current and future Silverback online games. This number could go up to 50 unique new slot games in the next three years.

According to Silverback Gaming’s co-founder Ivaylo Karmazov, the company will look to leverage GAN’s technological platform and distribution network to scale its portfolio into the US market.

“Merging our resources and teams of engineers will expedite our ability to bring new and exciting games to the players over the coming years. We are very excited to partner with GAN and bring new online experiences for the users in the fast-growing US iGaming market.” Karmazov tells The Recursive. 

Silverback’s biggest strengths have been in delivering immersive mobile-first online casino games with differentiated design features and providing innovative iGaming experiences to its customers during the past couple of years. 

The Bulgarian company expects to integrate its existing portfolio of online slot games within GAN’s SuperRGS content suite in the first half of 2022.

“Silverback has built its reputation in this industry as a leading slot design innovator and we welcome the team’s talent, including slot mathematicians and software engineers, which will be an invaluable long-term asset as we build upon our strategy of expanding our exclusive online slot games for distribution in the US,” GAN’s president and CEO Dermot Smurfit said in a statement. 

Enormous talent potential in the CEE for the iGaming industry

Currently GAN, which is also listed on NASDAQ, has offices based in Irvine, Las Vegas, Miami, Tallinn, Tel Aviv, Sofia, and London. However, when it comes to its talent growth strategy, Silverback Gaming also sees much potential in the CEE region, Karmazov tells The Recursive.

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“There are a few main reasons why a wide number of companies from the gaming industry are currently locating their tech teams in the CEE region. Firstly, the very high level of seniority and understanding of certain technologies powering their products. Secondly, the software academies, such as the Telerik Academy based in Sofia, that constantly organize courses preparing new talents”, Karmazov explains.

Additionally, another important reason is the know-how on the region’s market, which leads to a high level of expertise in the iGaming industry, he points out.

Recent numbers also suggest that the global iGaming industry is on the rise. In 2021, the global online gambling market was valued at more than $72 billion, which is expected to rise even more in the upcoming years. 


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Bojan is The Recursive’s Western Balkans Editor, covering tech, innovation, and business for more than a decade. He’s currently exploring blockchain, Industry 4.0, AI, and is always open to covering diverse and exciting topics in the Western Balkans countries. His work has been featured in global media outlets such as Foreign Policy, WSJ, ZDNet, and Balkan Insight.