LeoVegas targets Swedish esports market with new licence
LeoVegas has launched its Pixel Digital esports betting brand in the regulated Swedish market after securing a licence from national gambling regulator Spelinspektionen.
The new online casino and sports betting licence is valid for five years and will cover the Pixel.bet site.
Launching today (February 26), Pixel.bet’s core service is centred around esports betting, but the site also offers a range of casino games and live dealer products. LeoVegas acquired a 51% stake in Pixel Holdings, the company behind the brand, in September last year.
LeoVegas intends to initially focus on Sweden and the wider Nordics region with Pixel.bet, after which it will open up the brand to international markets.
“With this licence we gain the opportunity to offer our product and passion for esports betting to the Swedish market,” Pixel Digital CEO, Eirik Kristiansen, said. “Moreover, we have added a truly exciting casino experience that we know customers will appreciate.
"This springboard in Sweden will also position us for continued expansion internationally.”
The licence will run alongside the operator’s existing online games and betting licence, which covers its Leovegas.com and Gogocasino.com websites in Sweden.
LeoVegas was among the first batch of operators to secure a licence ahead of the launch of the country’s regulated market on January 1, 2019.
“During a year when we focus on strong growth but also on cost efficiency, it is inspiring to see that Pixel.bet are developing well and that we as a group can benefit from our economies of scale with the sharing of resources and knowledge between our companies,” LeoVegas Group CEO said of the launch.
Last week, LeoVegas moved to postpone its growth targets after experiencing a drop in operating profit during the past year.
Revenue was up 51% year-on-year to €327.8m (£282.3m/$372.5m) in the 12 months to December 31, 2018, but operating profit slipped from €19.9m to €19.2m, partly due to a rise in personnel costs and other expenses.
Image: Philipp Keller