LeoVegas has acquired Expekt Nordics from BetClic Group for €5 million, as part of its strategy to expand in Sweden and Scandinavia.
Scandinavian Sports Betting Expansion Strategy
iGaming operator LeoVegas has purchased the Expekt sports betting brand from Betclic Group for a total of €5 million, becoming the sole owner of the Maltese company’s assets and shares. Additionally, Expekt currently holds a Swedish iGaming license.
The acquisition of Expekt Nordics Ltd allows LeoVegas to strengthen its presence in its home country of Sweden and Scandinavian markets, where the sportsbook has been operating since 1999. LeoVegas told investors that the purchase was made to boost its sportsbook portfolio in the Swedish gambling market, which currently accounts for 91% of Expekt’s revenues.
Expekt assets, along with all rights to the Expekt trademark and access to the current player database, will be acquired from Mangas Gaming Ltd.
LeoVegas Boosts Legacy Sportsbook
LeoVegas also said it plans to move Expekt to its own technology platform in the hopes of revitalizing the legacy sportsbook brand, which produced €6.9 million in net gambling revenue in 2020.
“After a few years on the sidelines, we will now restore Expekt to its former glory as the leading sports betting brand,”Gustaf Hagman, LeoVegas CEO
LeoVegas stated that the deal with Betclic was part of the company’s strategic sports betting expansion, which aims to diversify revenue streams aside from online casino gambling in 2021-22.
Hagman said the operator aims to deliver “the ultimate mobile sports betting experience,” noting a need for novelty and a focus on the mobile sportsbook offering for the next two years. This deal is a milestone for LeoVegas, he declared, and the firm looks forward to making Expekt the top sportsbook in Sweden and Scandinavia.
The logistical migration of Expekt into LeoVegas’ operating systems is expected to be completed by May, improving the brand’s capacity to service an active sports industry over summertime, that includes the Tokyo 2021 Olympic Games, Champions League, UEFA, and the French Open.
Recently, LeoVegas launched its gambling app on the Google Play Store in Spain, Sweden, and Denmark – the first gaming operator to do so via Google’s platform in those countries. Google’s ban on wagering apps was lifted on March 1 in 15 countries. Until then, only players from Brazil, France, the UK, and Ireland could legally download the app for the store.