Swedish mobile gaming company
LeoVegas AB is a Swedish mobile gaming company and provider of online casino and sports betting services🍉 such as table games, video slots, progressive jackpots, video poker and live betting to a number of international markets. LeoVegas🍉 Gaming Ltd. is a subsidiary of MGM resorts international.[2]
Corporate history [ edit ]
Leovegas was founded in 2011 by Gustaf Hagman🍉 (CEO) and Robin Ramm-Ericson (Chairman of the Board & Managing Director).[3]
LeoVegas experienced rapid growth due to the overriding increase in🍉 smartphone use and the "mobile first"[4] mentality of its founders. Hagman stated that the company "was born out of the🍉 smartphone, which today is the fastest-growing channel for entertainment." As a result, the company has over 700 employees working for🍉 the provider.[5]
The initial stock market offering of the company took place on 17 March 2024.[6] Financial advisers in the transaction🍉 were Carnegie Investment Bank and SEB, as Joint Global Coordinators and Book-runners.[7] The legal advisers were Baker McKenzie, while Avanza🍉 Bank AB was appointed as LeoVegas' certified adviser. At the time of the initial listing, the company´s stock was heavily🍉 oversubscribed.[8]
In advance of the initial public offering (IPO), LeoVegas announced a 124% increase in annual revenue of €83m for 2024🍉 compared to €37m 2014.[9] Depositing customers for both years and 2013 were as follows: 54,283 (2013), 100, 745 (2014), 202,498🍉 (2024).[10]
On 13 May 2024, one month before the UEFA Euro 2024 football tournament, LeoVegas launched its sports betting product LeoVegas🍉 Sport.[11] At the time of launch, CEO of LeoVegas Gaming Ltd. Johan Styren stated that fast loading speeds and the🍉 mobile-first approach would be integral to growth in the live betting market for mobile.[12]
On 7 July 2024, LeoVegas obtainined a🍉 gaming license in Denmark.[13]
On 1 March 2024 LeoVegas acquired 100% of the Italian operator Winga s.r.l. for a reported fee🍉 of €6 million, entering the Italian online gambling market.[14][15] The Italian online platform and website became fully operative on 17🍉 November 2024.
On 17 March 2024, LeoVegas was listed on Nasdaq First North Premier.[16]
On 27 October 2024, LeoVegas acquired Royal Panda🍉 for a reported fee of €60m as part of the company's expansion into regulated markets.[17]
On 8 December 2024, LeoVentures acquired🍉 a 51% majority stake in GameGrounds United, owner of the Casino Grounds streaming network.[18]
On 5 February 2024, LeoVegas changed to🍉 Nasdaqs Main Market[19] list in Stockholm.[20]
On 7 February 2024, LeoVegas acquired German licenses.[21]
On 5 March 2024, LeoVegas acquired a fast🍉 growing casino operator in UK, today called Rocket X.[22]
On 13 September 2024, LeoVentures acquired 51% of the shares in Pixel🍉 Holding Group Ltd, which runs the esports betting operator Pixel.bet.[23] Pixel.bet has a five-year license on the Swedish market.[24]
On 30🍉 November 2024, LeoVegas was among the first to receive a gambling licence in Sweden.[25]
In October 2024, LeoVegas were granted a🍉 five-year operating licence in Sweden.[26] On 1 January 2024, Sweden became a regulated market and LeoVegas had a license from🍉 day one.
In March 2024, LeoVegas agreed a deal to purchase Expekt for €5m. The acquisition was completed in May 2024.[27]
In🍉 May 2024, LeoVegas joined The Netherlands Online Gambling Association (NOGA).[28] LeoVegas also introduced instant and individually personalised deposit limits across🍉 its UK brand portfolio on same month.[citation needed]
In May 2024, MGM Resorts International announced an offer to acquire LeoVegas in🍉 a deal worthR$607 million and received all approvals needed to commence their acquisition by 7 September 2024.[29][30]
Operations [ edit ]
The🍉 company headquarters are in Stockholm,[31] whereas the brand "LeoVegas" is owned by LeoVegas Gaming Ltd. which is based in Malta.🍉 Technical development is conducted by a further subsidiary of the group, Gears of Leo, based in Sweden. The company has🍉 offices in Italy, UK and Poland.[citation needed]
The online casino and sports betting products are licensed and regulated under the service🍉 of the Maltese Lottery and Gaming Authority (MGA).[32] In the United Kingdom, the company operates in compliance with UK Gambling🍉 Commission requirements and in Sweden under the service of Spelinspektionen. In addition, it has obtained authorization in 2024 from the🍉 Dirección General de Ordenación del Juego (DGOJ).[33]
LeoVegas' core markets are the United Kingdom and Nordic countries, namely Sweden, Norway, Denmark🍉 and Finland. The company also has a presence in other European countries Spain, Italy. In addition, LeoVegas has a great🍉 presence in the Latin American countries Chile and Peru and in the rest of the world.[34]
LeoVegas offers a number of🍉 casino games from game providers including NetEnt, Yggdrasil, Evolution Gaming, IGT, Play N’ Go, Playtech, Microgaming, Authentic Gaming, Bally and🍉 WMS. Some of the casino games offered are roulette, blackjack, baccarat and Caribbean stud poker.
The LeoVegas sportsbook uses the Kambi🍉 platform for front end user interface, odds compilation and customer intelligence.[35]
Partnerships [ edit ]
On 19 June 2024, LeoVegas signed a🍉 two-year deal with EFL Championship club Brentford to become both their new shirt and title sponsor.[36] They followed this up🍉 a week later, on 26 June, by signing a three-year deal with Norwich City.[37] In 2024, the company became the🍉 shirt sponsor of Blackpool.
In March 2024, LeoVegas agreed a deal with Italian Serie A club A.S. Roma to become the🍉 club's official Online Infotainment Partner.[38]
In August 2024, Leo vegas announced its partnership deal with Esports data and technology company Abios.🍉 The agreement allowed LeoVegas access to Abios’ real time widgets and apps to aid in user engagement with their esports🍉 offerings.[39]
Awards [ edit ]
At the Global Gaming Awards London 2024, LeoVegas won the "Online Casino of the Year" award for🍉 the fourth time in a row.[40][41]
LeoVegas picked up the Mobile Casino Product of the Year at the 2024 EGR Operator🍉 Awards.[42]
In April 2024 the company won for the fifth time the "Online Casino of the Year Award" at the Global🍉 Gaming Awards held in London,[43] for the fifth consecutive time.[44]
In February 2024, LeoVegas scooped the 'Online Casino of the Year'🍉 award at the 2024 Global Gaming Awards in London.[45]
In October 2024, LeoVegas won 'Operator of the Year' at the EGR🍉 Operator Awards 2024.[46]
Critics [ edit ]
United Kingdom [ edit ]
LeoVegas was fined £600,000 (€680,500) by the Gambling Commission (GC) over🍉 "failings" related to misleading advertising and the handling of customers. The GC identified 41 misleading adverts that were sanctioned by🍉 the operator, as well as evidence of the mistreatment of customers at the end of their self-exclusion period. A review🍉 found that LeoVegas failed to return funds to 11,205 customers when they chose to self-exclude and close their accounts, while🍉 marketing material was sent to 1,894 people who had previously self-excluded. In addition, LeoVegas allowed 413 previously self-excluded customers to🍉 gamble, without speaking to them first or applying a 24-hour cooling off period.[47]
