Shares in Aristocrat closed at $39.51, up 2.1 per cent on Monday.

Croker said the acquisition would position Aristocrat with global scale and capability in the growing online RMG industry.

“Through the acquisition of NeoGames and its industry-leading global online RMH platform, this transaction will deliver on our strategy by providing a portfolio of end-to-end solutions for iGaming, iLottery and online sports betting operators globally,” Croker said.

NeoGames’ major shareholders, representing about 61 per cent of its outstanding shares, have agreed to vote in favour of the acquisition – a deal which requires support from holders of at least 66.7 per cent of the company’s shares.

The acquisition is expected to be completed during the 2024 financial year, subject to shareholder support and gaming regulatory, antitrust and foreign investment approval.

In an equity research report on Aristocrat published on Sunday, before the acquisition announcement, Goldman Sachs analyst Darshana Syama said: “Recent investor conversations shows that there remains strong interest in the name, especially its iGaming opportunity,” but that opinions were divided on how quickly it would become a meaningful part of the business.

Syama also said Aristocrat’s peers provided strong earnings updates in the first quarter and that trading environment updates from the company in its first-half earnings report would be an important feature to watch. “Commentary on capital outlook and trading in the industry, especially given ongoing fears of a macro weakening, will be key from our perspective for the land-based business,” Syama said.

Aristocrat will report its first-half earnings on May 18.

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