LeoVegas Writes History with First-Ever Acquisition
For all of our Canadian casino enthusiasts who might be unfamiliar with LeoVegas, let us introduce this Swedish mobile gaming company which is making some serious waves in the industry with impressive casino offering which includes table games, video slots, progressive jackpots and tops it all up with sports betting.
As LeoVegas celebrates its fifth birthday, there can hardly be any way better to mark the anniversary than by writing the first chapter in history through a first-ever acquisition.
The Canada-friendly casino has this week completed a deal for the Italian gaming operator called Winga.it with its $6.4 million purchase allowing Leo Vegas to spread its reach into the regulated Italian market.
What has become the first acquisition in the company’s short history will see LeoVegas gain 100% control over the Italian operator. The latest deal goes in accordance with LeoVegas’ expansion strategy and ambitions to grow in markets that are either regulated or in the process of becoming regulated.
“This is yet another milestone for LeoVegas development”, Casino’s chief executive Gustaf Hagman commented.
Winga.it is a company of 33 employees with offices situated in the city of Milano.
The Italian operator generates half of its revenue by live casino and from its unique product which is broadcast live on the Italian television.
Winga.it generated the turnover of $8.4 million in 2016 and is considered to be a rapidly growing Italian casino industry member which boasts extensive local knowledge. With its established position in the Italian market, Winga.it is expected to allow LeoVegas a solid base for further market expansions in the future.
LeoVegas’ latest acquisition move comes on the back of a successful year which saw the company reach the record-high revenue of up 70% year-on-year to the total number of $148.5 million.