Gambling group LeoVegas today announced that it has entered into an agreement to sell its B2B live casino business in a €15 million deal.
The company said that its subsidiary Authentic Gaming will be purchased by global gambling powerhouse Genting. LeoVegas went on that the disclosed purchase price represented a return of more than 100% during a period of a little over three years.
Authentic Gaming, a provider of live casino solutions, is one of three entities that are part of LeoVentures, known to be LeoVegas’ investment company for innovative gambling-related businesses.
News about LeoVegas opting to sell its live casino business came days after it became known that the gambling company has finally had its Swedish license extended to five years from previously granted two-year authorization to operate in the lucrative, newly reorganized Swedish gambling market.
With more than 50,000 employees located around the world, Genting Group is one of the leaders in the land-based casino market. In addition to its brick-and-mortar operations, which include one of the largest casino chains in the UK, the Malaysian company also runs a rapidly growing online gambling arm.
The acquisition of Authentic Gaming is expected to boost namely Genting’s digital business amid growing competition in the field.
Taking the Next Big Step
Commenting on the pending sale of Authentic Gaming, the company’s CEO and founder, Jonas Delin, said in a statement that they have laid the foundation for it to take “its next big step in live casino” and that he is very happy that Genting, which boasts more than five decades of experience in the gaming and entertainment industries, shares “our vision to weave online and land-based casino.”
Authentic Gaming delivers innovative experience within the live casino segment by real-time streaming from land-based casinos around the world and enabling online players to wager in a real casino environment.
LeoVegas said that the sale of its live casino business is expected to close by the end of the month.
Commenting on the deal, LeoVegas CEO Gustaf Hagman said that it is a milestone for his company and Genting is the perfect buyer to take Authentic Gaming to the next level. The gambling executive added that the transaction “shows our innovative strength […] and our ability to develop and build sustainable companies.”
Authentic Gaming was established in Malta in 2015. It is licensed by the Malta Gaming Authority and the Romanian National Gambling Office (ONJN). Kindred, Betsson, BetHard, and LeoVegas itself are just a few of the operators that have opted for Authentic Gaming’s live casino offering.
Of the purchase of the provider, Genting Online Managing Director Jeremy Taylor said that their “global presence in land-based casino gives us a platform to grow online at a fast pace.” Mr. Taylor went on to say that it is their vision to provide customers with gaming experience from all of their casinos around the world, all day long and across all devices and that “Authentic Gaming’s advanced technology and innovative product” will help them realize that vision.
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