The renowned casino giant, LeoVegas , disclosed on March 15th, 2021 that it is gearing up to purchase Expekt Nordics Ltd . Although Canadian players might not be familiar with it, Expekt holds a solid reputation as a sports betting brand in Sweden and surrounding Nordic nations.
LeoVegas has sealed the deal for 5 million Euros , giving them control over all assets currently under Betclic Group's management, the present handlers of Expekt.
With this takeover, LeoVegas aims to amplify its already vast portfolio by integrating Expekt's well-established standing in the sports betting field.
The timing couldn't be more impeccable for this acquisition. With major sporting events on the horizon in 2021 and 2022, LeoVegas is poised to revamp Expekt and splash it back into the spotlight.
The Acquisition
This agreement grants LeoVegas ownership of every Expekt share, including those currently held by Mangas Gaming Ltd. This move will transfer all Expekt brand rights to LeoVegas, providing them access to its existing clientele.
While Expekt has faded somewhat into the background in recent times, it remains a remunerative venture. In 2020, its revenue hit 6.9 million Euros, with 91% of earnings coming directly from the Swedish market.
The acquisition also involves three new personnel joining LeoVegas who will oversee the forthcoming transition milestones scheduled for completion by May 2021.
LeoVegas Group CEO, Gustaf Hagman, expressed his thoughts: “For anyone immersed in Sweden's online gambling era, Expekt is undeniably one of the original sports betting trailblazers. I remember the early 2000s when it was all about Expekt. After being in the backdrop for a while, we’re set to rejuvenate Expekt to its prior prominence as a frontrunner in the sports betting arena. We’re committed to delivering an unmatched mobile sports betting experience, which means venturing into new territories with innovative solutions that a mobile platform could offer as we face the significant sporting years of 2021 and 2022. This move is pivotal for LeoVegas and signifies a strategic expansion. We’re excited for Expekt to reclaim its stature as a leading sport entity in Sweden and the Nordic regions.”
Who is LeoVegas?
LeoVegas is a household name for most Canadian sports bettors. Known for its acclaimed casino, LeoVegas consistently ranks as a top favorite in the industry.
Nevertheless, LeoVegas boasts 13 other thriving brands under its belt, each making their mark in various international markets over time.
By acquiring Expekt, LeoVegas expects to reinforce its market presence and advance its strategic growth ambitions.
With its storied history, LeoVegas brings a skilled leadership team, world-class customer service, and the right innovative edge to reinvigorate Expekt.
Who is Expekt?
Launched in 1999, Expekt is acknowledged as a pioneer in the sports betting landscape. It thrived for numerous years in Sweden and its Nordic neighbors.
In 2009, Betclic Group acquired it. For years, Expekt proudly commanded a prime position in the market, but more recently, it has drifted to the edges, causing a dip in its market value.
Still, in Sweden, Expekt is a name well-recognized, especially among sports bet enthusiasts. This is anticipated to be a significant boon for LeoVegas's agenda.
A game-changer for LeoVegas!
This could be a game-changer for LeoVegas, securing only 9% of its revenues from sports betting so far. Moreover, 2021 and 2022 promise to be monumental years for global sports.
This year alone, events like the French Open, Champions League Final, Ice Hockey World Championship, NHL Stanley Cup, UEFA Euro Football Championship, Copa America, and of course, the Tokyo Olympics are lining up.
Such a plethora of sporting events awaits in just a few months, and we’re eager to see how LeoVegas will propel Expekt through these starting this May!