The full acquisition of Pacific Gaming and LIF Capital Group (collectively Pacific) by Pollard Banknote has been completed.
With the announcement of the acquisition made public late last month, Pollard has now cleared all regulatory procedures to secure 100% ownership of the former corporate entity which is an electronic solutions supplier to charity bingos across the US.
As part of the acquisition, Pollard’s product portfolio will assimilate all of Pacific’s proprietary technology, which includes bingo handhelds, blowers, point-of-sale systems, and bingo management solution – essentially replacing it as the core solutions supplier for partnering charitable gaming operators.
The deal has retained its originally reported value, namely US$10m or around CDN$14.4m prior to standard working capital adjustments. The transaction itself was subsidised through existing Pollard Banknote cash capital, custom to current senior credit facilities. Pollard Bankote further added that it expects the acquisition to be accretive to its FY25 net income.
Growth, success, appeal, bingo!
Often seen as part of the lottery market, bingo has enjoyed a steady growth in popularity in the US thanks to a number of reasons that have created a hospitable environment, such as developments in technology and the very nature of it being a social game.
According to Statista, the revenue of the US Lottery and Bingo market will continue to rise throughout 2025, only to reach $39.61bn by December – the most revenue generated by the segment in the world, as the analyst firm predicts.
By 2029, it is said that revenue will maintain an annual growth rate of 3.77%, with a projected market volume of $45.94bn in four years’ time.
What’s more, user penetration rates in the US are expected to reach 58.6% by the end of this year, only to maintain an upwards trajectory and climb up to 64.9% by 2029.
Statista also estimates that the number of users within the US Lottery and Bingo market will reach 229.9m by 2029. If the projected US population of 355 million by 2029 proves correct, this will represent around 64.9% of all American citizens.
As a sidenote to clarify, ‘user penetration’ refers to the percentage of market reach within a target population, while ‘user number’ is more of a rough estimate for the total count of users.