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LeoVegas AB is a Swedish mobile gaming company and provider of online casino and sports betting services such as table games, video slots, progressive jackpots, video poker and live betting to a number of international markets. LeoVegas Gaming Ltd. is a subsidiary of LeoVegas AB, the parent company whose stock is traded on the Stockholm Stock Exchange.

Corporate history[edit]

Leovegas was founded in 2011 by Gustaf Hagman (Group CEO) and Robin Ramm-Ericson (Chairman of the Board & Managing Director of LeoVentures).^[1]

LeoVegas has experienced rapid growth due to the overriding increase of smartphone use and the 'mobile first'^[2] mentality of its founders. Hagman stated that the company 'was born out of the smartphone, which today is the fastest growing channel for entertainment.' As a result, the company has over 700 employees working for the provider.^[3]

The initial stock market offering of the company took place on 17 March 2016.^[4] Financial advisers in the transaction were Carnegie Investment Bank and SEB, as Joint Global Coordinators and Book-runners.^[5] Legal advisers were Baker McKenzie while Avanza Bank AB was appointed as LeoVegas' certified adviser. At the time of the initial listing of the company stock was heavily oversubscribed.^[6]

In advance of the initial public offering (IPO) LeoVegas announced a 124% increase in annual revenue of €83m for 2015 compared to €37m 2014. Depositing customers for both years and 2013 were as follows: 54,283 (2013), 100, 745 (2014), 202,498 (2015).^[7]

On 13 May 2016, one month before the UEFA Euro 2016 football tournament, LeoVegas launched its sports betting product LeoVegas Sport.^[8] At the time of launch, CEO of LeoVegas Gaming Ltd. Johan Styren stated that fast loading speeds and the mobile-first approach would be integral to growth in the live betting market for mobile.^[9]

On 7 July 2016, LeoVegas obtaining a gaming license in Denmark.^[10]

On 1 March 2017 LeoVegas acquired 100% of the Italian operator Winga s.r.l. for a reported fee of €6 million, entering the Italian online gambling market.^[11][12] The Italian online platform and website became fully operative on 17 November 2017.

On 17 March 2017, LeoVegas was listed on Nasdaq First North Premier.^[13]

On 19 June 2017, LeoVegas signed a two-year deal with EFL Championship club Brentford to become both their new shirt and title sponsor.^[14] They followed this up a week later, on 26 June, by signing a three-year deal with Norwich City.^[15]

On 27 October 2017, LeoVegas acquired Royal Panda for a reported fee of €60m as part of the company's expansion into regulated markets.^[16]

On 8 December 2017, LeoVentures acquired a 51% majority stake in GameGrounds United, owner of the Casino Grounds streaming network.

On 5 February 2018, LeoVegas changed to Nasdaqs Main Market^[17] list in Stockholm.^[18]

On 7 February 2018, LeoVegas acquired German licenses.

On 5 March 2018, LeoVegas acquired a fast growing casino operator in UK, today called Rocket X.^[19]

On 13 September 2018, LeoVentures acquired 51% of the shares in Pixel Holding Group Ltd, which runs the esports betting operator Pixel.bet.^[20] Pixel.bet has a five-year license on the Swedish market.

On 30 November 2018, LeoVegas was among the first to receive a gambling licence in Sweden.^[21]

On 1 January 2019, Sweden became a regulated market and LeoVegas had a license from day one.

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Operations[edit]

The company headquarters are in Stockholm, whereas the brand 'LeoVegas' is owned by LeoVegas Gaming Ltd. which is based in Malta. Technical development is conducted by a further subsidiary of the group, Gears of Leo, based in Sweden. The company has offices in Italy, UK and Poland.

The online casino and sports betting products are licensed and regulated under the service of the Maltese Lottery and Gaming Authority (MGA). In the United Kingdom, the company operates in compliance with UK Gambling Commission requirements and in Sweden under the service of Spelinspektionen. In addition, it has obtained authorization in 2019 from the Dirección General de Ordenación del Juego (DGOJ).^[22]

LeoVegas' core markets are the United Kingdom and Nordic countries, namely Sweden, Norway, Denmark and Finland. The company also has a presence in other European countries Spain, Italy. In addition, LeoVegas has a great presence in the Latin American countries Chile and Peru and in the rest of the world.

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LeoVegas offers a number of casino games from game providers including NetEnt, Yggdrasil, Evolution Gaming, IGT, Play N’ Go, Playtech, Microgaming, Authentic Gaming, Bally and WMS. Some of the casino games offered are roulette, blackjack, baccarat and Caribbean stud poker.

The LeoVegas sportsbook uses the Kambi platform for front end user interface, odds compilation and customer intelligence.

Critics[edit]

United Kingdom[edit]

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LeoVegas was fined £600,000 (€680,500) by the Gambling Commission (GC) over 'failings' related to misleading advertising and the handling of customers. The GC identified 41 misleading adverts that were sanctioned by the operator, as well as evidence of the mistreatment of customers at the end of their self-exclusion period. A review found that LeoVegas failed to return funds to 11,205 customers when they chose to self-exclude and close their accounts, while marketing material was sent to 1,894 people who had previously self-excluded. In addition, LeoVegas allowed 413 previously self-excluded customers to gamble, without speaking to them first or applying a 24-hour cooling off period.^[23]

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References[edit]

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1. ^'Välkommen till LeoVegas AB - The mobile gaming company'. leovegasgroup.com. Retrieved 2016-09-11.
2. ^'mobile first'
3. ^Lawson, Scott (July 10, 2018). 'LeoVegas Has More Changes for Its Group Management Team'.
4. ^Nordic, Nasdaq. 'NASDAQ STOCKHOLM WELCOMES LEOVEGAS TO FIRST NORTH PREMIER'. Retrieved 2016-09-11.
5. ^'LeoVegas – Carnegie Corporate Finance'. Carnegie Corporate Finance. Retrieved 2016-09-11.
6. ^AB, LeoVegas. 'LeoVegas AB: The mobile gaming company LeoVegas offering was significantly over-subscribed - trading on Nasdaq First North Premier commences today'. Retrieved 2016-09-11.
7. ^LeoVegas Mobile Gaming Group, Annual Report 2015; Retrieved 2016-09-12
8. ^'LeoVegas successfully launch their new sports betting product'. Calvin Ayre News. Retrieved 2016-09-11.
9. ^'LeoVegas CEO: Newly-launched sportsbook's loading speeds 'thump' our competitors' times'. www.gamblinginsider.com. Retrieved 2016-09-11.
10. ^AB, LeoVegas (2017-07-07). 'LeoVegas launches LeoVegas Sport in Denmark'. GlobeNewswire News Room. Retrieved 2019-02-14.
11. ^'LeoVegas completes the acquisition of the Italian gaming operator Winga'. globenewswire.com. March 1, 2017. Retrieved February 18, 2018.
12. ^Menmuir, Ted (February 21, 2017). 'Veni vidi vici…LeoVegas acquires Winga Italia for €6 million'. sbcnews.co.uk. SBC News. Retrieved February 18, 2017.
13. ^Nordic, Nasdaq (2016-03-17). 'NASDAQ STOCKHOLM WELCOMES LEOVEGAS TO FIRST NORTH PREMIER'. GlobeNewswire News Room. Retrieved 2019-02-14.
14. ^'LeoVegas new Shirt Sponsor and Title Partners'. www.brentfordfc.com. June 19, 2017. Retrieved September 11, 2017.
15. ^'City announce new principal club partner'. www.canaries.co.uk. June 26, 2017. Retrieved September 11, 2017.
16. ^'Leo Vegas has purchased Royal Panda for a reported fee of €60m'. Retrieved 2017-11-09.
17. ^Nasdaqs Main Market
18. ^Nasdaq (2018-02-05). 'Nasdaq Stockholm Welcomes LeoVegas to the Main Market'. Nasdaq. Retrieved 2019-02-14.
19. ^'LeoVegas shows UK muscle with launch of Rocket X'. SBC News. 2018-03-05. Retrieved 2019-02-14.
20. ^AB, LeoVegas (2018-09-13). 'LeoVegas AB: LeoVentures invests in esports betting - Pixel.bet'. GlobeNewswire News Room. Retrieved 2019-02-14.
21. ^Group, LeoVegas Mobile Gaming. 'LeoVegas Among First to Receive Gambling Licence in Sweden'. www.prnewswire.com. Retrieved 2019-02-14.
22. ^'Leovegas Gaming PLC'. Retrieved 26 June 2019.
23. ^https://www.igamingbusiness.com/news/leovegas-fined-600k-advertising-and-customer-failings

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