View source for LeoVegas

{{Short description|Swedish mobile gaming company}}
{{Infobox company
| name = LeoVegas AB
| logo = LeoVegas_logo.svg
| logo_size = 250px
| type = [[Subsidiary]]
| industry = [[Online gambling]]
| founded = {{start date and age|2011}}
| founders = Gustaf Hagman <small>(co-founder and Chief Executive Officer)</small><br/>Robin Ramm-Ericson <small>(co-founder)</small>
| locations = [[Stockholm]], Group HQ<br/>[[Malta]], Gaming Ltd
| areas_served = Nordics, United Kingdom, Europe
| products = LeoVegas Casino<br/>LeoVegas Live Casino<br/>LeoVegas Sportsbook
| revenue = [[€]] 327,8M
| num_employees = 930+
| parent = [[MGM Resorts International]]<ref>{{Cite web|last=NOTICE|first=CONTROL|title= NOTICE REGARDING CHANGE OF CONTROL|url=https://leovegasgroup.com/en/investor-relations/|access-date=2022-12-05|website= LeoVegas|language=en}}</ref>
| website = {{URL|https://www.leovegas.com}}<br> {{URL|http://leovegasgroup.com/en}}
}}
'''LeoVegas AB''' is a Swedish [[mobile gaming]] company and provider of [[online casino]] and [[sports betting]] services such as [[Casino game#Table games|table game]]s, [[Slot machine|video slots]], progressive jackpots, [[video poker]] and live betting to a number of international markets. LeoVegas Gaming Ltd. is a [[subsidiary]] of [[MGM Resorts International]].<ref>{{Cite web |last=NOTICE |first=CONTROL |title=NOTICE REGARDING CHANGE OF CONTROL |url=https://leovegasgroup.com/en/investor-relations/ |access-date=2022-12-05 |website= |language=en}}</ref>
== Corporate history ==
Leovegas was founded in 2011 by Gustaf Hagman (CEO) and Robin Ramm-Ericson (Chairman of the Board & Managing Director).<ref>{{Cite web|last=Insider|first=Gambling|title=CEO Special 2021: The entrepreneur's tale with LeoVegas CEO Gustaf Hagman|url=https://www.gamblinginsider.com/in-depth/11007/ceo-special-2021-the-entrepreneurs-tale-with-leovegas-ceo-gustaf-hagman|access-date=2021-08-10|website=www.gamblinginsider.com|language=en}}</ref>
LeoVegas experienced rapid growth due to the overriding increase in smartphone use and the "mobile first"<ref>[http://hugin.info/171540/R/2013640/746291.pdf "mobile first"]</ref> 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.<ref>{{Cite web|url=https://www.casinoreviews.co.uk/news/casino/leovegas-changes-group-management-team.html|title=LeoVegas Has More Changes for Its Group Management Team|last=Lawson|first=Scott|date=July 10, 2018}}</ref>
The initial stock market offering of the company took place on 17 March 2016.<ref>{{Cite press release|url=https://globenewswire.com/news-release/2016/03/17/820745/0/en/NASDAQ-STOCKHOLM-WELCOMES-LEOVEGAS-TO-FIRST-NORTH-PREMIER.html|title=NASDAQ STOCKHOLM WELCOMES LEOVEGAS TO FIRST NORTH PREMIER|last=Nordic|first=Nasdaq|date=17 March 2016 |language=en-US|access-date=2016-09-11}}</ref> Financial advisers in the transaction were [[Carnegie Investment Bank]] and [[Skandinaviska Enskilda Banken|SEB]], as Joint Global Coordinators and Book-runners.<ref>{{Cite web|url=https://www.carnegie.se/en/corporate-finance/Nyheter/leovegas/|title=LeoVegas – Carnegie Corporate Finance|website=Carnegie Corporate Finance|access-date=2016-09-11}}</ref> The legal advisers were Baker McKenzie, while [[Avanza|Avanza Bank AB]] was appointed as LeoVegas' certified adviser. At the time of the initial listing, the company's stock was heavily oversubscribed.<ref>{{Cite press release|url=https://globenewswire.com/news-release/2016/03/17/820652/0/en/LeoVegas-AB-The-mobile-gaming-company-LeoVegas-offering-was-significantly-over-subscribed-trading-on-Nasdaq-First-North-Premier-commences-today.html|title=LeoVegas AB: The mobile gaming company LeoVegas offering was significantly over-subscribed - trading on Nasdaq First North Premier commences today|last=AB|first=LeoVegas|date=17 March 2016 |language=en-US|access-date=2016-09-11}}</ref>
In advance of the initial public offering ([[Initial public offering|IPO]]), LeoVegas announced a 124% increase in annual revenue of €83m for 2015 compared to €37m 2014.<ref>{{Cite web|title=Leo Vegas Online Casino Review - Information & Ratings|url=https://www.casinoexpert.co.uk/reviews/leo-vegas|access-date=2021-08-10|website=CasinoExpert|language=en-GB}}</ref> Depositing customers for both years and 2013 were as follows: 54,283 (2013), 100, 745 (2014), 202,498 (2015).<ref>[http://hugin.info/171540/R/2013640/746291.pdf LeoVegas Mobile Gaming Group, Annual Report 2015; Retrieved 2016-09-12]</ref>
On 13 May 2016, one month before the [[UEFA Euro 2016]] football tournament, LeoVegas launched its sports betting product LeoVegas Sport.<ref>{{Cite web|url=http://calvinayre.com/2016/05/13/business/leovegas-successfully-launch-their-new-sports-betting-product/|title=LeoVegas successfully launch their new sports betting product|website=Calvin Ayre News|date=13 May 2016 |access-date=2016-09-11}}</ref> 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.<ref>{{Cite web|url=https://www.gamblinginsider.com/news/2075/leovegas-ceo-newly-launched-sportsbooks-loading-speeds-thump-our-competitors-times|title=LeoVegas CEO: Newly-launched sportsbook's loading speeds "thump" our competitors' times|website=www.gamblinginsider.com|access-date=2016-09-11}}</ref>
On 7 July 2016, LeoVegas obtainined a gaming license in [[Denmark]].<ref>{{Cite press release|url=http://globenewswire.com/news-release/2017/07/07/1041366/0/en/LeoVegas-launches-LeoVegas-Sport-in-Denmark.html|title=LeoVegas launches LeoVegas Sport in Denmark|last=AB|first=LeoVegas|date=2017-07-07|website=GlobeNewswire News Room|access-date=2019-02-14}}</ref>
On 1 March 2017 LeoVegas acquired 100% of the Italian operator [[Winga|Winga s.r.l.]] for a reported fee of €6 million, entering the Italian online gambling market.<ref>{{cite news |author=<!--Staff writer(s); no by-line.--> |title= LeoVegas completes the acquisition of the Italian gaming operator Winga|url= https://globenewswire.com/news-release/2017/03/01/929352/0/en/LeoVegas-completes-the-acquisition-of-the-Italian-gaming-operator-Winga.html|work= globenewswire.com |date= March 1, 2017|access-date= February 18, 2018}}</ref><ref>{{cite web |url= https://sbcnews.co.uk/europe/2017/02/21/veni-vidi-vicileovegas-acquires-winga-italia-e6-million/|title= Veni vidi vici…LeoVegas acquires Winga Italia for €6 million|last= Menmuir|first= Ted|date= February 21, 2017|website= sbcnews.co.uk|publisher= SBC News|access-date= February 18, 2017}}
</ref> 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.<ref>{{Cite press release|url=http://globenewswire.com/news-release/2016/03/17/820745/0/en/NASDAQ-STOCKHOLM-WELCOMES-LEOVEGAS-TO-FIRST-NORTH-PREMIER.html|title=NASDAQ STOCKHOLM WELCOMES LEOVEGAS TO FIRST NORTH PREMIER|last=Nordic|first=Nasdaq|date=2016-03-17|website=GlobeNewswire News Room|access-date=2019-02-14}}</ref>
On 27 October 2017, LeoVegas acquired Royal Panda for a reported fee of €60m as part of the company's expansion into regulated markets.<ref>{{Cite news|url=https://www.livecasinocomparer.com/news/leo-vegas-buys-royal-panda/|title=Leo Vegas has purchased Royal Panda for a reported fee of €60m|access-date=2017-11-09|language=en-US}}</ref>
On 8 December 2017, LeoVentures acquired a 51% majority stake in GameGrounds United, owner of the Casino Grounds streaming network.<ref>{{Cite web|date=8 December 2017|title=LeoVegas takes majority stake in CasinoGrounds|url=https://igamingbusiness.com/leovegas-takes-majority-stake-in-casinogrounds/|access-date=9 June 2021|website=iGaming Business}}</ref>
On 5 February 2018, LeoVegas changed to Nasdaqs Main Market<ref>[http://www.nasdaqomxnordic.com/news/listings/main-market Nasdaqs Main Market]</ref> list in Stockholm.<ref>{{Cite web|url=https://business.nasdaq.com/mediacenter/pressreleases/1679463/nasdaq-stockholm-welcomes-leovegas-to-the-main-market|title=Nasdaq Stockholm Welcomes LeoVegas to the Main Market|last=Nasdaq|date=2018-02-05|website=Nasdaq|access-date=2019-02-14}}</ref>
On 7 February 2018, LeoVegas acquired German licenses.<ref>{{Cite web|date=7 February 2018|title=LeoVegas acquires local German licence with sportsbook deal|url=https://egr.global/intel/news/leovegas-acquires-local-german-licence-with-sportsbook-deal/|access-date=9 June 2021|website=EGR}}</ref>
On 5 March 2018, LeoVegas acquired a fast growing casino operator in UK, today called Rocket X.<ref>{{Cite web|url=https://sbcnews.co.uk/europe/2018/03/05/leovegas-shows-uk-muscle-launch-rocket-x/|title=LeoVegas shows UK muscle with launch of Rocket X|date=2018-03-05|website=SBC News|language=en-US|access-date=2019-02-14}}</ref>&nbsp; &nbsp;
On 13 September 2018, LeoVentures acquired 51% of the shares in Pixel Holding Group Ltd, which runs the esports betting operator Pixel.bet.<ref>{{Cite press release|url=http://globenewswire.com/news-release/2018/09/13/1570226/0/en/LeoVegas-AB-LeoVentures-invests-in-esports-betting-Pixel-bet.html|title=LeoVegas AB: LeoVentures invests in esports betting - Pixel.bet|last=AB|first=LeoVegas|date=2018-09-13|website=GlobeNewswire News Room|access-date=2019-02-14}}</ref> Pixel.bet has a five-year license on the Swedish market.<ref>{{Cite web|last=Evans|first=Jake|title=LeoVegas makes esports push with Swedish Pixel.bet licence|url=https://egr.global/intel/news/leovegas-makes-esports-push-with-swedish-pixel-bet-licence/|access-date=2021-08-10|website=EGR Intel|date=26 February 2019 |language=en-US}}</ref>
On 30 November 2018, LeoVegas was among the first to receive a gambling licence in Sweden.<ref>{{Cite press release|url=https://www.prnewswire.com/news-releases/leovegas-among-first-to-receive-gambling-licence-in-sweden-300758150.html|title=LeoVegas Among First to Receive Gambling Licence in Sweden|last=Group|first=LeoVegas Mobile Gaming|website=www.prnewswire.com|language=en|access-date=2019-02-14}}</ref>
In October 2019, LeoVegas were granted a five-year operating licence in Sweden.<ref>{{Cite web|date=8 October 2019|title=Swedish court grants LeoVegas five-year operating licence|url=https://igamingbusiness.com/swedish-court-grants-leovegas-five-year-operating-licence/|access-date=9 June 2021|website=iGaming Business}}</ref> On 1 January 2019, Sweden became a regulated market and LeoVegas had a license from day one.
In March 2021, LeoVegas agreed a deal to purchase Expekt for €5m. The acquisition was completed in May 2021.<ref>{{Cite web|date=20 May 2021|title=LeoVegas completes Expekt acquisition, relaunches brand in Nordics|url=https://igamingbusiness.com/leovegas-completes-expekt-acquisition-relaunches-brand-in-nordics/|access-date=9 June 2021|website=iGaming Business}}</ref>
In May 2021, LeoVegas joined The Netherlands Online Gambling Association (NOGA).<ref>{{Cite web|date=31 May 2021|title=LeoVegas joins Dutch trade association NOGA|url=https://no-ga.nl/en/leovegas-joins-dutch-trade-association-noga/|access-date=9 June 2021|website=NOGA}}</ref> LeoVegas also introduced instant and individually personalised deposit limits across its UK brand portfolio on same month.{{citation needed|date=July 2023}}
In May 2022, [[MGM Resorts International]] announced an offer to acquire LeoVegas in a deal worth $607 million and received all approvals needed to commence their acquisition by 7 September 2022.<ref>{{cite press release |title=MGM Resorts International announces offer to acquire global online gaming company LeoVegas |url=https://www.prnewswire.com/news-releases/mgm-resorts-international-announces-offer-to-acquire-global-online-gaming-company-leovegas-301536855.html |website=PR Newswire |access-date=22 August 2022}}</ref><ref>{{cite web |title=MGM Receives Necessary Approvals to Acquire LeoVegas |url=https://www.casinoreviews.net/news/mgm-set-to-complete-leovegas-acquisition-for-607m/ |website=Casinoreviews.net |access-date=22 August 2022}}</ref>
== Operations ==
The company headquarters are in [[Stockholm]],<ref>{{Cite web|title=LeoVegas AB - Bloomberg|url=https://www.bloomberg.com/profile/company/LEO:SS|access-date=2021-08-10|website=www.bloomberg.com}}</ref> 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.{{citation needed|date=June 2022}}
The online casino and sports betting products are licensed and regulated under the service of the Maltese Lottery and Gaming Authority (MGA).<ref>{{Cite web|title=LeoVegas Casino Review August 2021 {{!}} GamblingBaba 🥇|url=https://gamblingbaba.com/review/leovegas-casino/|access-date=2021-08-10|website=GamblingBaba|language=en-US}}</ref> In the [[United Kingdom]], the company operates in compliance with [[Gambling Commission|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).<ref>{{cite web|title=Leovegas Gaming PLC|url=https://www.ordenacionjuego.es/es/op-LeovegasGaming/|accessdate=26 June 2019}}</ref>
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 presence in the Latin American countries [[Chile]] and [[Peru]], and in [[Canada]].<ref>{{cite web |title=LeoVegas: Regulated Gaming in Ontario, Canada |url=https://www.slotsonlinecanada.com/leovegas-enters-regulated-gaming-in-ontario-canada/ |access-date=23 June 2022}}</ref>
LeoVegas offers a number of [[casino game]]s from game providers including NetEnt, Yggdrasil, Evolution Gaming, [[International Game Technology|IGT]], Play N’ Go, [[Playtech]], [[Microgaming]], Authentic Gaming, [[Bally Technologies|Bally]] and [[WMS Gaming|WMS]]. Some of the casino games offered are [[roulette]], [[blackjack]], [[Baccarat (card game)|baccarat]] and [[Caribbean stud poker]].
The LeoVegas sportsbook uses the [[Kambi Group Plc|Kambi]] platform for front end user interface, odds compilation and [[customer intelligence]].<ref>{{Cite web|title=LeoVegas to launch sports betting offering on May 13|url=https://www.yogonet.com/international/noticias/2016/05/12/39022-leovegas-to-launch-sports-betting-offering-on-may-13|access-date=2021-08-10|website=www.yogonet.com|language=en-US}}</ref>
== Partnerships ==
On 19 June 2017, LeoVegas signed a two-year deal with [[EFL Championship]] club [[Brentford F.C.|Brentford]] to become both their new shirt and title sponsor.<ref>{{cite web |author=<!--Not stated--> |date=June 19, 2017 |title=LeoVegas new Shirt Sponsor and Title Partners |url=https://www.brentfordfc.com/news/2017/june/leovegas-announcement/ |access-date=September 11, 2017 |website=www.brentfordfc.com}}</ref> They followed this up a week later, on 26 June, by signing a three-year deal with [[Norwich City F.C.|Norwich City]].<ref>{{cite web |author=<!--Not stated--> |date=June 26, 2017 |title=City announce new principal club partner |url=https://www.canaries.co.uk/News/2017/june/leovegas-announcement/ |access-date=September 11, 2017 |website=www.canaries.co.uk}}</ref> In 2023, the company became the shirt sponsor of [[Blackpool F.C.|Blackpool]].
In March 2021, LeoVegas agreed a deal with Italian [[Serie A]] club [[A.S. Roma]] to become the club's official Online Infotainment Partner.<ref>{{Cite web |date=15 March 2021 |title=Club agrees new partnership with LeoVegas |url=https://www.asroma.com/en/news/2021/3/club-agrees-new-partnership-with-leovegas-news |access-date=9 June 2021 |website=AS Roma}}</ref> Strengthening their presence in Serie A, LeoVegas also became official Top Sponsors of [[Atalanta BC]] later in 2021. The partnership agreement between LeoVegas and Atalanta BC was renewed ahead of the 2024/25 season.<ref>{{Cite web |title=News - Atalanta BC Renews Top Sponsorship Deal with LeoVegas |url=https://igaming.news/news/2024-09-05/atalanta-bc-renews-top-sponsorship-deal-with-leovegas |access-date=2024-09-09 |website=iGaming News |language=en}}</ref>
In August 2021, Leo vegas announced its partnership deal with Esports data and technology company Abios. The agreement allowed LeoVegas access to Abios’ real time widgets and apps to aid in user engagement with their esports offerings.<ref>{{cite journal |date=31 August 2021 |title=Abios partners with LeoVegas |url=https://esportsinsider.com/2021/08/abios-leovegas-partnership/ |access-date=24 March 2022 |journal=Esports Insider}}</ref>
== Awards ==
At the Global Gaming Awards London 2021, LeoVegas won the "Online Casino of the Year" award for the fourth time in a row.<ref>{{Cite web |date=28 June 2021 |title=Revealed: The winners of the Global Gaming Awards London 2021 |url=https://www.gamblinginsider.com/news/12332/revealed-the-winners-of-the-global-gaming-awards-london-2021 |access-date=29 June 2021 |website=Gambling Insider}}</ref><ref>{{Cite web |date=6 July 2021 |title=LeoVegas Online Casino of the year 2021 |url=https://europeangaming.eu/portal/latest-news/2021/07/06/95668/leovegas-online-casino-of-the-year-2021/ |access-date=9 July 2021 |website=European Gaming}}</ref>
LeoVegas picked up the Mobile Casino Product of the Year at the 2021 EGR Operator Awards.<ref>{{cite journal |date=2021-11-26 |title=Winners of 2021 EGR Operator Awards |url=https://onlinebingo.co.uk/news/egr-awards-2021 |access-date=2022-03-02 |journal=Online Bingo}}</ref>
In April 2022 the company won for the fifth time the "Online Casino of the Year Award" at the Global Gaming Awards held in London,<ref>{{Cite web |last=Thompsett |first=Louis |date=2022-04-11 |title=Revealed: The winners of the Global Gaming Awards London 2022 |url=https://www.gamblinginsider.com/news/16001/revealed-the-winners-of-the-global-gaming-awards-london-2022 |access-date=2022-04-12}}</ref> for the fifth consecutive time.<ref>{{Cite web |last=Miller |first=George |date=2021-07-06 |title=LeoVegas Online Casino of the year 2021 |url=https://europeangaming.eu/portal/latest-news/2021/07/06/95668/leovegas-online-casino-of-the-year-2021/ |access-date=2022-04-12}}</ref>
In February 2023, LeoVegas scooped the 'Online Casino of the Year' award at the 2023 Global Gaming Awards in London.<ref>{{Cite web |title=Global Gaming Awards London 2023: Check out the full list of winners |url=https://www.gamblinginsider.com/news/20078/global-gaming-awards-london-2023-check-out-the-full-list-of-winners |access-date=2023-02-16 |website=www.gamblinginsider.com |language=en}}</ref>
In October 2023, LeoVegas won 'Operator of the Year' at the EGR Operator Awards 2023.<ref>{{Cite web |last=Levy |first=Joe |date=2023-10-27 |title=LeoVegas Group crowned operator of the year at EGR Operator Awards 2023 |url=https://www.egr.global/intel/news/leovegas-group-crowned-operator-of-the-year-at-egr-operator-awards-2023/ |access-date=2023-12-05 |website=EGR Intel |language=en-US}}</ref>
== Critics ==
=== United Kingdom ===
LeoVegas was fined £600,000 (€680,500) by the Gambling Commission (GC) over "failings" related to misleading advertising and the handling of customers. Specifically, 41 misleading adverts were identified 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. LeoVegas allowed 413 previously self-excluded customers to gamble, without speaking to them first or applying a 24-hour cooling off period.<ref>{{Cite web|date=2018-05-02|title=LeoVegas fined £600k for advertising and customer 'failings'|url=https://igamingbusiness.com/leovegas-fined-600k-for-advertising-and-customer-failings/|access-date=2021-06-09|website=iGaming Business|language=en-GB}}</ref>
==References==
{{Reflist}}<ref>{{Cite news |date=2024-10-23 |title=LeoVegas launches BetMGM in Sweden, its third market outside North America |url=https://www.yogonet.com/international/news/2024/10/23/82885-leovegas-launches-betmgm-in-sweden-its-third-market-outside-north-america |url-status= |work=Yogonet |language=English}}</ref>{{MGM Resorts International}}
[[Category:Online gambling companies of Sweden]]
[[Category:Gambling companies established in 2011]]
[[Category:MGM Resorts International]]
[[Category:Swedish companies established in 2011]]
[[Category:2022 mergers and acquisitions]]