Gaming1 Acquires Carousel Group: Strategic Expansion in Belgian iGaming Market

The landscape of Belgian gambling is undergoing significant consolidation. Liege-based firm Gaming1 has announced the acquisition of Pac-Man NV, the holding company behind the well-known Carousel Group. This move substantially strengthens Gaming1's market position in its home country. The deal involves the purchase of 100% of the shares and follows a long-standing partnership dating back to 2012. Both parties have agreed not to disclose the specific purchase price.

This transaction is far more than a simple acquisition of market share. It serves as a strategic response to strict Belgian regulations that require B2C iGaming companies to operate physical premises to hold an online license. By acquiring Pac-Man NV, Gaming1 gains not only Carousel's digital operations but also the corresponding gaming hall in Harelbeke. This allows the company to expand its digital footprint at a time when the market is facing pressure from regulatory adjustments.

Numbers and facts

Gaming1 is already a major player in the Belgian market. The company operates the 777 brand, which is currently ranked as the fifth largest online casino brand in Belgium by traffic according to the Blask Index. The acquisition of Carousel's assets is expected to further increase this market share. Interestingly, this sale marks the departure of the 711 Group, a leading firm in the Netherlands, from its Belgian activities under the Carousel banner. The 711 Group is owned by the prominent Dutch De Backer family, who were also the owners of Pac-Man NV. While 711 focuses on its international push, including a foothold in Malta, Gaming1 is seizing the opportunity for local reinforcement.

"We believe this acquisition will further strengthen our digital presence in Belgium and enhance the fun and engaging entertainment experience we offer our players. It will also support our ambition to provide a safe, responsible and distinctive offering in the regulated Belgian market." - Sylvain Boniver, Chief Operating Officer of Gaming1

Background

The integration of Carousel's activities is set to begin immediately. A notable aspect of the deal is that no employees will be transferred between the respective teams. Gaming1 expects a smooth and effective integration of operations. Gaming1's own corporate structure is complex; currently, private equity firm CVC Capital Partners holds a 55% stake, while the founding families hold the remainder. Emmanuel Mewissen, CEO of Gaming1, stated earlier this year that the founding families would ideally like to become majority shareholders again. However, the current expansion demonstrates that the company is growing aggressively regardless of internal ownership discussions. This follows the launch of the online-only brand Casino1 in summer 2025 and the purchase of the remaining 50% of Circus.nl in December 2025.

Why it matters for German players

For German players, this acquisition has no immediate direct impact on their daily gaming but highlights the trend of strict regulation across Europe. In Belgium, the coupling of online and offline licenses is mandatory, similar to ongoing discussions in Germany regarding license quotas. German players are subject to the Interstate Treaty on Gambling 2021 (GlüStV 2021), which sets clear rules for safety and player protection. Those wishing to play legally in Germany should exclusively use offers listed on the GGL whitelist. While companies like Gaming1 are active internationally, they must meet specific German requirements to operate there.

What it means for GGL-licensed casinos

Casinos with a GGL license must adhere to strict limits that do not exist in the same way in Belgium. This includes a monthly deposit limit of 1,000 Euros across all providers and a 1 Euro stake limit per spin on virtual slots. The LUGAS IT system centrally monitors these limits in Germany. While Gaming1 grows through acquisitions in Belgium, the German market remains a challenge for many international giants due to these regulatory hurdles. A provider legitimized in Belgium by a gaming hall in Harelbeke must still undergo the GGL's lengthy certification process in Germany, ensuring features like the panic button and synchronization with the OASIS lockout database.