Virtual Gaming Worlds Acquisition, Valuation, Funding & Investors

Virtual Gaming Worlds was acquired by Lance East Office for $2.1B in June 2025.

Virtual Gaming Worlds acquisition price

$2.1B

Acquired by Lance East Office · Jun 2025

Cumulative funding Virtual Gaming Worlds raised

$3M

across 1 funding round

Virtual Gaming Worlds Overview

About Virtual Gaming Worlds

Virtual Gaming Worlds is an Australian developer of Chumba World, a Facebook-based multiplayer casino game combining city-building with gambling mechanics. Players construct casinos using avatars, host games, and convert virtual earnings to cash, with the company retaining transaction fees. Launched for social gaming audiences in Australia and internationally.


Founded

2010

HQ

AustraliaPerth

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Valuation

$2.1B (acquired Jun 2025)

Virtual Gaming Worlds Acquisition

Virtual Gaming Worlds was acquired by Lance East Office for $2.1B on 1 June 2025.

Before the acquisition Virtual Gaming Worlds had raised $3M across 1 funding round.

Virtual Gaming Worlds entered a scheme implementation deed with Ocean BidCo, a special purpose vehicle established by Lance East Office, under which the family office would acquire the roughly 30 per cent of VGW it did not already own at A$5.05 a share, about A$950 million in cash, valuing the company at A$3.2 billion. The scheme followed months of friction with minority shareholders over transparency and the absence of liquidity in an unlisted register, and replaced an earlier A$3.30 to A$4.00 a share proposal that VGW's independent directors rejected in February 2025 as undervaluing the business; minority holders could elect cash, shares in Ocean BidCo, or a mix. Shareholders approved the scheme on 1 August 2025, with 91.31 per cent of minority votes in favour, and Lance East Office announced implementation on 21 August 2025.

Virtual Gaming Worlds acquisition details
AcquirerDateTypePrice
  • Lance East Office
1 Jun 2025PE buyout$2.1B

Sources: lanceeast.com.au, vgw.co, yogonet.com, yogonet.com, capitalbrief.com

Virtual Gaming Worlds Funding History

Virtual Gaming Worlds has raised a total of $3M across 1 funding round.

Virtual Gaming Worlds funding rounds

Virtual Gaming Worlds funding rounds
DateStageRaisedDeal Summary
Mar 2013Series A$3MVirtual Gaming Worlds raised $2.6M in a Seed VC round on March 18, 2013. The company, founded in Perth in 2010, develops free-to-play online social games including Chumba Casino, Global Poker, and LuckyLand Slots.

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Virtual Gaming Worlds Competitors

Virtual Gaming Worlds competitors include listed companies like YOOZOO Games, Netmarble, XD and Embracer Group, and private ones like Voodoo and Games24x7.

Public and private companies comparable to Virtual Gaming Worlds
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
YOOZOO GamesChinaChinaPublicly listed$209M($15M)$2.1B9.0x
NetmarbleSouth KoreaSouth KoreaPublicly listed$2.1B$389M$2B1.1x
VoodooFranceParisPrivate$437M-$2B4.5x
XDChinaChinaPublicly listed$859M$262M$2.2B1.8x
Embracer GroupSwedenSwedenPublicly listed$1.6B$414M$1.9B0.9x
Games24x7IndiaIndiaPrivate$173M-$2.5B14.5x

Virtual Gaming Worlds Public Comps

Virtual Gaming Worlds is no longer listed, but its public comps include YOOZOO Games, Netmarble, XD, Embracer Group, Modern Times Group, Ourpalm, mixi, DeNA, Nazara Technologies and NCsoft.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
YOOZOO Games$209M($15M)9.2x9.0x(126.6x)34.0x
Netmarble$2.1B$389M1.0x1.1x5.6x6.6x
XD$859M$262M2.0x1.8x6.6x6.1x
Embracer Group$1.6B$414M1.0x0.9x3.8x3.9x
Modern Times Group$1.2B$210M1.7x1.6x9.4x6.7x
Ourpalm$105M($31M)11.9x12.3x(40.4x)366.4x
mixi$1.1B$218M0.9x0.8x4.5x4.7x
DeNA$950M$177M1.1x1.1x5.8x6.5x

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Common questions about Virtual Gaming Worlds

When was Virtual Gaming Worlds founded?Virtual Gaming Worlds was founded in 2010.
Where is Virtual Gaming Worlds headquartered?Virtual Gaming Worlds is headquartered in Perth, Australia.
Is Virtual Gaming Worlds publicly listed?No, Virtual Gaming Worlds was acquired by Lance East Office in June 2025.
Who acquired Virtual Gaming Worlds?Virtual Gaming Worlds was acquired by Lance East Office in June 2025.
How much was Virtual Gaming Worlds acquired for?Virtual Gaming Worlds was acquired for $2.1B in June 2025.
How much funding has Virtual Gaming Worlds raised?Virtual Gaming Worlds has raised $3M across 1 funding round.
What was Virtual Gaming Worlds' last funding round?Virtual Gaming Worlds' last funding round was a $3M Series A in March 2013.
Which companies are comparable to Virtual Gaming Worlds?Companies comparable to Virtual Gaming Worlds include YOOZOO Games, Netmarble, Voodoo, XD, Embracer Group and Games24x7.

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