LeoVegas AB has confirmed the agreed purchase of Expekt Nordics Ltd and the brand’s related assets from Betclic Group.
As one of the most well-known and most popular sports betting brands in Sweden and the rest of the Nordic region, Expekt’s total acquisition price is €5 million for all of their assets.
This acquisition will bolster the LeoVegas brand’s portfolio by providing them with an established sports betting position, as the brand expands the company’s strategic growth opportunities.
Gustaf Hagman, LeoVegas’ CEO, has said that for those who grew up online gambling in Sweden, its latest purchase encompasses one of the pioneers in sports betting.
He added that he remembers in the early 2000s everyone used to play on their platform and that after a few years on the sidelines, Expekt will be restored to its former glory as the leading sports betting brand.
“We are working resolutely to offer the ultimate mobile sports betting experience, which will entail a number of new innovations and new thinking with a starting point from what a mobile experience can entail for the big years of sport in 2021 and 2022. This is a milestone for LeoVegas and represents a broadening of our strategy. We look forward to Expekt once again becoming a leading sport brand in Sweden and the Nordic countries.”
Expekt Nordics is based in Malta and holds a Swedish gambling license for conducting operations with Swedish customers under the Expekt brand.
LeoVegas’ acquisition of assets is related to the company Mangas Gaming Ltd, which includes the rights to the brand and access to the database of existing customers.
Net gaming revenue for the purchased profitable business will amount to €6.9 million for 2020. Expekt generated €1.6 million in net gaming revenue during 2020’s fourth quarter. 91% of that is generated by the Swedish market. The purchase price represents a revenue multiple (based on NGR) of 0.7x for 2020.
The acquisition deal also includes a commercial team of three people who together with LeoVegas’ central functions will drive the brand going forward.
The operator is not purchasing any technology, and technical migration to LeoVegas’ proprietary technical platform will be initiated. The full acquisition will be completed in May and the payment will be made in cash and financed through funds.
Source:
“LeoVegas acquires Expekt”, news.cision.com, March 15, 2021.