Monday 15th March 2021, LeoVegas has announced that it is acquiring Expekt Nordics Ltd, one the most well-known sports betting companies in Sweden and other Nordic countries.
The purchase will be going down for Euro 5 million and includes all of Betclic Group assets. The latter is the operator currently operating Expekt.
The acquisition will strengthen the LeoVegas portfolio with an already established position within the sports betting market.
This purchase comes at the right time for LeoVegas, since 2021 and 2022 are considered as two major years for sports activities.
With this purchase LeoVegas is buying all of the Expekt’s shares. The company, which is located in Malta, holds a Swedish gaming license and caters mostly to Swedish players.
But LeoVegas is doing more! It has entered into an agreement to purchase all the shares related to Expekt currently held by Mangas Gaming Ltd. This will include all rights to the Expekt brands and access to the existing client database.
Expekt’s revenue for 2020 amounted to Euro 6.9 million, 91% of which derived from the Swedish market. The business is quite profitable, even though as a brand it has been pushed to the sidelines in recent years.
The deal also includes three people who will join the LeoVegas team to drive the company in the next step of the expansion. The deal and the technical migration will be taking place in May 2021.
Gustaf Hagman, the LeoVegas Group SEO commented: “For those of us who grew up with online gambling in Sweden, Expekt is undeniably one of the pioneers in sports betting. I can remember back in the early 2000s when everyone played on Expekt. After a few years on the sidelines, we will now restore Expekt to its former glory as the leading sports betting brand. We are working resolutely to offer the ultimate mobile sports betting experience, which will entail a number of new innovations and new thinking with a starting point from what a mobile experience can entail for the big years of sports in 2021 and 2022. This is a milestone for LeoVegas and represents a broadening of our strategy. We look forward to Expekt once again becoming a leading sport brand in Sweden and the Nordic countries.”
Who is LeoVegas?
In the UK, LeoVegas Group is better known for the online casino of the same name. But LeoVegas Casino is just one of 13 brands that fall under the LeoVegas Group.
The group has been around for a number of years and all of its brands has enjoyed international success over various markets.
The acquisition of Expekt will strengthen the companies position in the market, and drive them towards the next stretch of their growth.
LeoVegas comes with an experienced team at the helm, dedicated customer support, and the innovation to real bring Expekt from the sidelines.
Who is Expekt?
Expekt was launched in 1999, making it one of the pioneers of the industry. It became instantly successful in Sweden and other Nordic countries, becoming one of the major, sports betting operators in the market.
In 2009, it was purchased by Betclic Group. For years it was the main betting operator in Sweden, however, in recent years it has been sidelined, its market shares declining.
On the other hand, it is still a well-known name in the Sweden, particularly amongst sports betting enthusiasts.
A game-changer for LeoVegas!
The acquisition could not have come at a more adequate time. 2021 and 2022 will see some of the world’s major sports events and the transition will be completed just in time to benefit from all the sports events taking place this summer.
Considering that only 9% of LeoVegas revenue derives from sports betting, the addition of Expekt will be a game changer for the company but also for the industry in general.