Online casino brand LeoVegas is preparing to explore a new market at the onset of 2019. The Swedish company is hoping to get new markets in Spain where it will hopefully roll-out its offer in several months.
LeoVegas’ Spanish Fever
LeoVegas is closer to obtaining a license to run iGaming and betting products as early as Q1, 2019. The company has been expanding steadily in the past few years, adding important markets, including Malta, the United Kingdom, Denmark, Ireland, and Italy, and most recently, LeoVegas managed to obtain a license in the re-regulated market in Sweden.
LeoVegas Investor Relations Chief Philip Doftvik has been talking about a potential expansion into Spain since August when he commented on the company’s ambitions to be part of the newly-shaping Swedish market.
Mr. Doftvik explained at the time that the company was interested in Spanish-speaking counties and Spain was a perfect match. With Brazil now having formally legalized online casinos and sports betting and Argentina forging ahead with its own plans to open up Buenos Aires for betting and iGaming, LeoVegas has quite the potential to tap into.
According to Mr. Doftvik, LeoVegas expects to launch its operations in Spain early in 2019. The market has been showing good results, with revenue reaching $204.5 million, although much of that was occasioned by the 2018 FIFA World Cup which drove results across almost all markets.
A Push in the UK and Esports
LeoVegas is no stranger to sports betting. Although the brand is known for its namesake online casino, the company has invested actively into an online sportsbook, which launched in the United Kingdom in August.
The online casino company acquired BetUK from Intellectual Property & Software Ltd (IPS) for £65 million back in January, 2018. LeoVegas’ CEO Gustaf Hagman explained that the acquisition would allow the company to develop a successful global brand strategy.
BetUK is also to be transformed into a multi-vertical brand, which would allow it to cater to gamers of all stripes and backgrounds. With LeoVegas’ results growing to 41% year-on-year in revenue, and the company planning to break into two important markets in a few months, the operator is well-poised to benefit from another year of growth in 2019.
But far from only building traditional offers, LeoVegas is quite determined to expand into new verticals as mentioned before. In September, 2018, the company sealed a deal with Pixel Holding Group, acquiring a 51% in pursuit of a “unique insight” that would allow LeoVegas to expand into the fast-growing esports (electronic sports) segment.
Esports is an international and fast-growing area that engages millions of viewers and players every month. – LeoVegas’ CEO Gustaf Hagman
The company’s investment arm, LeoVentures, paid $1.8 million to snap up Pixel, which owns the namesake brand focused on esports, Pixel.bet. The markets are currently narrowed down to Sweden and other Nordic countries, but expansion is imminent.
Having added 57% new depositing customers over the last financial period, LeoVegas is tipped to be one of the largest operators on the market in 2019 again.