GAMING1 Acquires Carousel, Strengthening Its Belgian Digital Footprint

GAMING1, part of Ardent Group, has acquired the Belgian online operator Carousel in a transaction finalised on 22 September. The deal sees GAMING1 acquiring 100% of Carousel’s parent company Pac-Man NV, with a stated goal to increase the company’s digital presence in the Belgian regulated market. The financial details of the transaction remain undisclosed, but integration is immediate, with no employee transfer required and both companies’ teams working together to combine operations seamlessly.

Acquisition of Carousel: Immediate Integration for GAMING1

The acquisition covers the entirety of Carousel, a brand focused on online casino and live casino offerings in Belgium. Previously owned by Pac-Man NV, Carousel will now be fully integrated into GAMING1’s operations. According to a statement from the acquiring company, there will be no movement of personnel between the companies—an approach designed to avoid operational disruption. The integration plan is coordinated at the management and operational level to ensure activity is realigned smoothly.

"As the transaction does not involve the transfer of any employees, our teams are working closely together to ensure the smooth and effective integration of all activities," a GAMING1 spokesperson said.

The move complements GAMING1’s current portfolio in Belgium, which already includes well-established online brands such as 777, Circus, and Casino1. Casino1 entered the market last summer, expanding the company’s offering further.

Strategic Moves: Expanding Online Casino Presence in Belgium

With the Carousel deal, GAMING1 is consolidating its position in the online casino and live casino sector in Belgium. The company’s Belgian market strategy has involved growing both its direct brands and through acquisition. This deal follows closely after GAMING1 secured the remaining 50% share in its Netherlands joint venture with Gran Casino, which was established in 2022 to bring the Circus brand to Dutch players.

GAMING1’s approach emphasizes a robust digital profile in regulated environments. Chief Operating Officer Sylvain Boniver stated:

“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.”

Belgian Online Gambling Market Dynamics and Licensing

The online gambling market in Belgium continues to grow. The latest 2025 annual report from the Belgian Gaming Commission shows a 5.4% increase in online GGR year-on-year, reaching €964.5 million. Online sports betting GGR grew by 5.2% to €244.6 million, while online casino GGR for Class A licence holders – operators tied to any of the nine land-based Class A casino licences – saw a sizable 13% jump to €554.1 million. Sites operating under a Class B licence, which can offer online slots but not table games, experienced a 13.7% drop in GGR to €166.8 million.

Licensing remains a cornerstone of the Belgian regulatory system:

• Class A licences: Connected to brick-and-mortar Class A casinos, required to offer full online casino verticals.
• Class B licences: Available to land-based slots operators; allow online slots but exclude table games.

Projections from H2 Gambling Capital suggest online GGR in Belgium will reach €1.9 billion by 2031, with estimated GGR per adult at €279 for that year, reflecting ongoing structural growth and regulatory stability in the market.

GAMING1’s M&A Activity and Its Impact on Market Share

The Carousel acquisition is the latest in a string of merger and acquisition plays by GAMING1, both domestically and abroad. The recently completed deal in the Netherlands marked a significant expansion, as did the launch of additional Belgian brands such as Casino1. By acquiring established operators rather than launching wholly new brands, GAMING1 accelerates its integration into local markets and positions itself as a leader in regulated spaces.

Market observers will track how the addition of Carousel influences GAMING1’s Belgian GGR and its competitive stance compared to other multi-brand operators. The company's strategy appears focused on regulated growth and brand aggregation, aligning with Belgium’s preference for local partnerships and licensed structures.

Regulatory Environment and Responsible Gaming Positioning

With a public commitment to responsible and distinctive offerings, the integration of Carousel is framed as not only a means to scale operations, but also to support player protection and compliance with Belgian regulation. GAMING1’s emphasis on regulatory adherence aligns with the market’s demand for licensed, localised operators. Market reports underscore that only Class A licence holders have seen substantial GGR growth, signalling the importance of regulatory fit in long-term operator planning.

For suppliers, platform vendors, and investors monitoring Belgian iGaming—and evaluating European regulation more broadly—GAMING1’s transactional activity signals high confidence in the region’s regulated digital future.