GAMING1 Acquires Carousel, Strengthening Its Digital Position in Belgium

GAMING1, part of the Ardent Group, completed the total acquisition of Carousel, an online casino and live casino operator in Belgium owned by Pac-Man NV, on September 22. The value of the deal has not been disclosed, allowing GAMING1 to immediately integrate Carousel's operations under its structure, enhancing its portfolio of digital brands in the country.

Acquisition of Carousel: Strategic Boost for GAMING1

The acquisition of Carousel marks a significant expansion in GAMING1's digital strategy in Belgium. With this move, the company adds the entirety of Carousel's parent company shares, reinforcing its position as one of the key players in the local online gaming sector. Among the brands managed by GAMING1 in Belgium are 777, Circus, and CASINO1, the latter having launched last summer.

The integration occurs without a transfer of Carousel employees. GAMING1 stated in a press release:

“As the transaction does not involve the transfer of employees, our teams are working closely to ensure a smooth and effective integration of all activities.” — Official statement from GAMING1

Market Context: Licenses and Sector Figures in Belgium

The Belgian online gaming market is experiencing sustained growth, according to the latest annual report from the Belgian Gaming Commission. In 2025, the online Gross Gaming Revenue (GGR) increased by 5.4% year-on-year, reaching €964.5 million. Online casinos under Class A licenses, linked to the country’s nine land-based casinos, reported a GGR of €554.1 million, representing a 13% increase. Online sports betting generated €244.6 million in GGR, a 5.2% rise compared to the previous year.

On the other hand, Class B licenses — which allow the operation of online slots but exclude table games — obtained a GGR of €166.8 million, marking a decline of 13.7%.

Projection and Positioning of GAMING1 After the Acquisition of Carousel

The operation reinforces the trend of consolidation in the Belgian sector. GAMING1 had already been notable in the mergers and acquisitions space after taking control of the remaining 50% of its joint venture in the Netherlands with Gran Casino, allowing for the launch of the Circus brand in the Dutch market since 2022.

Sector outlook remains optimistic: H2 Gambling Capital estimates that online GGR in Belgium will reach €1.9 billion by 2031, with a GGR per adult of €279.

Sylvain Boniver, COO of GAMING1, stated:

“We believe this acquisition will further strengthen our digital presence in Belgium and enhance the safe and responsible entertainment experience we offer. It also supports our ambition to maintain a differentiated offering in the regulated Belgian market.” — Sylvain Boniver, COO of GAMING1

Brand Integration and Growth Opportunities in the Regulated Market

With the integration of Carousel, GAMING1 solidifies a portfolio that already includes sector benchmarks. The rapid incorporation of operations is a priority, facilitated by the absence of personnel transfer and cooperation between teams.

The regulatory evolution — supervised by the Belgian Gaming Commission — and positive growth data underline the attractiveness of the Belgian market. Operators and providers continue to seek opportunities in a competitive environment, closely monitoring forecasts from specialized entities such as H2 Gambling Capital. Interested parties can expand information and sector forecasts in our regulation and news sections.