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Melanie Porter February 17, 2023 3 min read
LeoVegas Divests a Quarter of BeyondPlay to Bettor Capital for €1.9M
LeoVegas AB has decided to sell a quarter stake of its online gaming venture BeyondPlay for €1.9 million ($2 million)
The group that is determined to become a premier global casino gaming company has sold a stake in its iGaming business-to-business venture to Bettor Capital. The latter is a venture firm that this way helped LeoVentures, LeoVegas’ investment arm, secure an impressive 73% return on investment in less than 24 months.
A “Testament to LeoVenture’s Ability to Drive Growth”
The successful divestment of the iGambling venture that was previously called SharedPlay is proof of LeoVenture’s capacity to generate growth and create value from its position as a leading incubator in the iGaming industry.
BeyondPlay’s founder and chief executive officer Karolina Pelc spoke about the recent development, calling LeoVentures a “fantastic acceleration partner” and expressing their gratitude for receiving their support from cradle to the present day.
Pelc also explained they intend on staying committed to a lucrative partnership with the group and discovering what the future holds for them. She also called the new connection with “such a prominent venture capital firm as Bettor Capital” a strong statement on their growth path.
At the end of last year, BeyondPlay obtained a business-to-business critical supply license from the Malta Gaming Authority.
LeoVenture primarily focuses on strategic investments and portfolio companies with an expanded potential to grow worldwide. The company is also interested in targeting those companies that are most likely to obtain powerful synergies with the rest of the LeoVegas group.
LeoVegas Praised BeyondPlay’s Incredible Development
LeoVegas’ chief executive officer Gustaf Hagman also expressed his opinion regarding the new divestment. He called it “truly incredible” to see BeyondPlay’s spectacular growth from a simple idea to a leading name in the gambling industry in the last two years.
Hagman also praised Karolina Pelc and her team members for their excellent job while expressing his belief that BeyondPlay is still at the start of its journey and is ready to prove even more. The group’s CEO expressed eagerness to upkeep their prized partnership with BeyondPlay while wishing them all the best in their ongoing development.
The group has taken the position of an early-stage investor of the venture capital firm that develops multiplayer tools for operators and developers in the online gaming world ever since it was founded in 2021.
Last May, MGM Resorts International announced a big move toward strengthening its position in the online gambling industry at a global level. The casino operator said it would offer $607 million in exchange for LeoVegas AB.
The decision to purchase the Swedish-based gaming company would help MGM boost its influence and profits in Europe. The two parties are currently on the verge of completing the sale whose offer was accepted by MGM’s shareholders on August 31, 2022.
September 22, 2022, was the last trading day for LeoVegas’ shares on the Nasdaq market in Stockholm.