Key Points
- Primero Games acquires Win Systems’ gaming division, including the Gold Club electronic-roulette brand and manufacturing operations across five Latin American markets.
- Win Systems retains its WIGOS casino management system, which runs inside over 660 casinos globally, making this a calculated portfolio split, not a distress sale.
- The deal is Primero’s third acquisition since 2022, completing a deliberate arc from software to manufacturing to international distribution.
Primero Games from Georgia has just bought the gaming unit of Spanish Win Systems of Barcelona, adding more than 3,000 gaming units in Latin America and the Caribbean region at once. The transaction details have not been revealed. However, the question to be answered is why the Spanish company has decided to sell just part of its activities and not everything at once.
The Deal and What It Actually Covers
Primero Games confirmed the acquisition on 4 September 2026, taking ownership of Win Systems’ Gaming Division, referred to as WSG, along with its Gold Club electronic-roulette business. The acquired operations cover Mexico, Peru, Colombia, Puerto Rico, and Panama, with an installed base of more than 3,000 gaming positions embedded inside licensed venues across all five markets.
Those 3,000 positions are not a projection. They are active machines generating revenue inside regulated venues right now. For Primero, a company that built its reputation in Georgia’s amusement gaming market, that kind of embedded presence would take a decade to build from scratch. Buying it is faster, but it raises an immediate question: will operators who signed contracts with Win Systems stay loyal once a new name is running the operation?
Primero’s answer to that question was to keep the existing WSG team in place. Eric Benchimol continues as CEO of the gaming division; Dario Zutel remains as executive chairman. Mike Macke, chairman of Primero Games and a gaming industry veteran of nearly 50 years, welcomed both: “By combining Primero’s content and development expertise with WSG’s products, operations and customer relationships, we can deliver more products, more content and greater value to customers across a wider range of gaming markets.”
Benchimol confirmed the logic from the other side: “Pairing our installed base, manufacturing operations and market knowledge with Primero’s game library and development engine means we can bring more, and better, products to our customers faster than either company could alone.”
The Half of Win Systems Nobody Is Talking About
Most coverage of this deal stops at what Primero gained. The more interesting question is what Win Systems chose not to sell. The Barcelona company is retaining its systems division, built around WIGOS, its flagship casino management system now installed across more than 660 casinos worldwide. That business is continuing entirely separately under the Win Systems name.
Win Systems, which was formed in the mid-1990s, purchased Gold Club in December 2016 to venture into gaming machines, thus superimposing an outfit that involves hardware and distribution onto what has always been a software company. The current sale of the division appears to be more like a strategic move to get back to basics, considering that hardware requires significant investments and has geographical intricacies. Software scales without shipping containers.
Zutel was quite candid on this matter: “We are sure that Primero Games is the right partner for us to take advantage of all the success we have already made and advance our business into the next phase of international development.” This statement is quite diplomatic, but the point here is quite obvious. Win Systems is not leaving the gaming business; it is simply leaving the manufacturing aspect of it.
Primero’s Acquisition Pattern Since 2022
This deal completes a visible three-stage expansion that Primero has been running since 2022. First came Storm Gaming, a UK-based iGaming studio acquired in 2022, now operating as Storm Games, which brought Primero a Remote Game Server and an expanded digital content library. That same year, Primero acquired Metcam, an Atlanta-based sheet metal fabrication manufacturer, giving the company control over its own cabinet production under a “made in the USA” positioning.
The pattern across these three deals is consistent: content capability first, manufacturing control second, international distribution third. The Win Systems acquisition is the third piece. Primero now has a game library of over 100 original titles, its own hardware production, and a live operator network across Latin America. What it lacked before September 2026 was that last piece, a ready-made customer base in markets where it had no existing relationships.
Underpinning all of this is the Hurricane platform, Primero’s omnichannel gaming infrastructure designed to support offline and online applications across regulated and emerging markets. Its Spark extension adds progressive jackpots, business intelligence tools, and player retention features. The strategic intent is to plug Win Systems’ 3,000 gaming positions into that infrastructure, upgrading the product offering without disrupting operator relationships. Whether that integration is technically and commercially smooth across five different regulatory regimes is a separate matter entirely.
Why Latin America, Why Now?
Latin America earned gaming revenues amounting to $8.3 billion in 2025, registering a growth rate of 6.4% compared to the previous year, thus surpassing the gaming revenue growth rates of North America and Europe, based on research from market research company Newzoo. Latin America is home to 372.3 million gamers and a highly regulated environment in Mexico and Colombia. Both sit inside the five-country footprint Primero just acquired.
Puerto Rico adds a distinct dimension. As a US territory, it operates under licensing expectations closer to American standards, giving Primero a familiar regulatory environment as an anchor within an otherwise foreign market cluster. That combination of growth trajectory and regulatory accessibility makes Latin America the logical next destination for any mid-tier US supplier that has saturated its domestic market.
Expert Analysis: This Deal Is About Buying Time, Not Technology
We think the framing around this acquisition deserves a harder look. Primero is not buying superior technology. Win Systems’ gaming division is established and operationally solid, but it is not a product line that changes what is technically possible in the market. What Primero is paying for, at whatever undisclosed price, is years of market access it would otherwise have had to build manually.
That is a rational decision, but it carries a risk that no announcement is designed to acknowledge. Gaming distribution in Latin America is deeply relationship-driven. Operators in Mexico or Colombia do not switch suppliers because a new logo appears on the contract. The WSG team staying in place reduces that risk, but only so far. The question of whether Primero can deepen those operator relationships, rather than simply maintain them through familiar faces, will take two or three years to answer.
Win Systems, for its part, made the shrewder-looking half of this trade. Selling the capital-heavy, logistics-dependent gaming division while keeping a software platform installed in 660 casinos globally is a clean strategic move. WIGOS scales. The roulette machines will require maintenance, transportation, and licensing in every new jurisdiction in which they are to be introduced. In case the gaming sector moves towards software-led platforms, the firm which had manufactured the hardware components of a 30-year old product in 2026 will be viewed as farsighted. Primero is banking on the success of the hardware-based approach to the business in Latin America. Win Systems just bet on the opposite.
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