LeoVegas takes over Expekt in €5 million acquisition
LeoVegas AB has officially obtained all the assets for ‘Expekt Nordics Ltd’ from Betclic Group, the popular French iGaming operator. It has reportedly acquired them for a total price of about €5 million. This means that LeoVegas will assume control of its management. Expekt has been operating all over the Scandinavian area since 1999.
In an update for investors, the company mentioned that this takeover was made in order to reinforce its portfolio in Sweden, which is its home market and is where Expekt makes up 91% of its total revenue as of now.
LeoVegas will be integrating Expekt into its platform, as it looks to bolster the brand which brought in €6.9 million worth of NGR in 2020 alone. In the same update, LeoVegas highlighted the fact that this takeover was also part of its expansion strategy, as it is looking to steer its revenues clear of online casino in the upcoming couple of years.
Gustaf Hagman, CEO of LeoVegas, stated:
“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 sport 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.”
The integration is set to be finalized by May of this year, which means the company will be able to provide an improved service during the summer period that hosts world renowned tournaments including the French Open, Tokyo 2021 Olympic Games and the UEFA Euro Championships.