LeoVegas moves into Germany with new acquisition
LeoVegas is set to expand its services into the German market after agreeing a deal to acquire all shares in Maltese company World of Sportsbetting.
The purchase price amounts to €2.6m ($3.2m) and LeoVegas, which agreed the deal through its LeoVegas International subsidiary, expects the transaction to go through before the end of the month.
World of Sportsbetting holds both a sports betting licence and casino licence in the German state of Schleswig-Holstein, in addition to an approved application for a sports betting licence in Hesse.
The latter of these enables World of Sportsbetting, and now LeoVegas, to freely market sports betting throughout Germany.
Gustaf Hagman, group chief executive at LeoVegas, said: "The licences give increased credibility when we collaborate with, for example, media partners, which is important in order to get full effect on our market investments.
“Our new ambassadors also increase the local touch in our marketing, which we know creates loyalty and increased brand awareness.
“We can now also be even more local on the product side and, especially, add important payment solutions that are important for the German market.
“This is line with our strategy to enter regulated markets and gives LeoVegas the best possible conditions to accelerate further in the German market.”
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