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Mike Johnson October 30, 2019 3 min read
LeoVegas Sells Authentic Gaming to Genting Group for $16.7m
- Genting to pay $16.7m to LeoVegas for Authentic Gaming
- LeoVegas CEO Gustaf Hagman calls the development a milestone deal
- Authentic Gaming proves LeoVegas’ ability to create innovative and sustainable companies
Genting has agreed to pay $16.7 million to acquire LeoVegas-owned Authentic Gaming, a content supplier of live gaming solutions.
Genting Buys Out Authentic Gaming to Broadcast Games Live
Gaming giant Genting Group has struck a land-mark deal to acquire Swedish casino company LeoVegas’ live games arm, Authentic Gaming, for the amount total of $16.7 million. The partnership was immediately described by LeoVegas CEO Gustaf Hagman as a clear sign to the company’s strength in building innovative products and launching sustainable innovative start-ups.
Authentic Gaming is one of the most ambitious live dealer solutions suppliers in the iGaming world, providing games that are streamed directly from casino floors from around Europe. Commenting further on the development, Mr Hagman had this to add:
This is a milestone for LeoVegas. The time is now right to sell the enterprise to the industry giant Genting, which is the perfect buyer to take Authentic Gaming to the next level.
LeoVegas further noted the steadfast development Authentic Gaming has gone through in 2019, generating total revenue of $1.1 million in the first three months of the financial year, ending on June 30, 2019. LeoVegas has been working closely with Authentic Gaming, boosting the developer through the investment arm of the Group, i.e. LeoVentures.
Authentic Gaming and Scaling Genting’s Live Dealer Offer
Authentic Gaming was until now part of the LeoVentures portfolio, which features brands as Pixel.Bet – an esports-focused portal, and another casino streaming portal, CasinoGrounds. Moving forward, Authentic will operate under the Genting Group brand.
This is what AG CEO and Founder Jonas Delin had to say on the occasion of the deal:
We have now laid the foundation for Authentic Gaming to take its next big step in live casino. I am very happy that Genting, with more than 50 years of experience in gaming and entertainment, shares our vision to weave online and land-based casino and has chosen to invest in our product and team.
Genting has ventured into the live gaming sector in the past, teaming up with Evolution Gaming for the Dual Play Roulette streamed from Resorts World Birmingham. However, moving forward, Genting will look to strengthen its own presence in the sector by deploying Authentic Gaming at some of its own venues.
Discussing the future, Genting Managing Director Jeremy Taylor spoke favourably of the deal, arguing that having access to the innovative solutions by Authentic Gaming will allow Genting to scale and leverage its own products online.
Specifically, Genting players will be able to access Authentic Gaming’s offer 24 hours a day through any device creating a continuous and uninterrupted experience.
Mr. Hagman also added that LeoVegas had successfully generated a 100% return on investment for shareholders, pointing to the business acumen of the company.
Mike made his mark on the industry at a young age as a consultant to companies that would grow to become regulators. Now he dedicates his weekdays to his new project a the lead editor of GamblingNews.com, aiming to educate the masses on the latest developments in the gambling circuit.
Business October 30, 2019