On Monday, March 15, 2021, the major casino operator LeoVegas made the announcement regarding its intention to purchase Expekt Nordics Ltd . While Canadian gamblers may not recognize the name, Expekt is quite a reputable sports betting brand across Sweden and other parts of the Nordic region.
LeoVegas is making a significant investment of 5 million Euros to acquire all the assets of the Betclic Group, which oversees Expekt’s operations at present.
This acquisition is anticipated to enhance LeoVegas's substantial portfolio by integrating Expekt's already established presence in the sports betting sector.
The timing of this purchase is particularly advantageous, as 2021 and 2022 are set to be filled with major sporting events around the world, providing LeoVegas with an excellent opportunity to revitalize Expekt's brand.
The Acquisition
Through this agreement, LeoVegas will take ownership of all Expekt shares, including those held by Mangas Gaming Ltd. This transfer of ownership will also grant LeoVegas the rights to the Expekt brand, as well as access to its current customer database.
Despite being less prominent in recent years, Expekt has retained its profitability, with earnings of 6.9 million Euros in 2020, primarily stemming from the Swedish market, which accounted for 91% of its revenue.
The acquisition will inevitably lead to three new additions to the LeoVegas team, who will spearhead the transition scheduled for May 2021.
Gustaf Hagman, the CEO of LeoVegas Group, remarked: "Expekt is an iconic name in sports betting for those of us who grew up with online gaming in Sweden. I recall the early 2000s when it was the go-to platform for gamers. After a few years in the shadows, we're dedicated to bringing Expekt back to the forefront as the premier sports betting brand. Our goal is to deliver an unparalleled mobile betting experience, filled with innovations that redefine what mobile betting can deliver during what promises to be an exciting sporting era in 2021 and 2022. This marks a significant milestone for LeoVegas and signifies an expansion of our strategic approach. We eagerly anticipate seeing Expekt once again rise as a prominent sports betting brand in Sweden and the Nordic countries.\"
Who is LeoVegas?
For many Canadian players, LeoVegas stands out as a well-known name, given that LeoVegas Casino ranks among the most respected brands in the industry and is a favorite among users.
Nonetheless, the LeoVegas group oversees 13 other thriving brands, each of which has demonstrated considerable profitability over the years across various markets.
The purchase of Expekt is projected to reinforce the firm's position within the industry and aid in the progression of its growth strategy.
With a legacy to build on, LeoVegas is backed by a seasoned team, excellent customer support, and the innovative spirit needed to rejuvenate Expekt.
Who is Expekt?
Established in 1999, Expekt has earned its status as one of the original contributors to the sports betting arena, achieving considerable success in Sweden and other Nordic territories for several years.
In 2009, Expekt was acquired by the Betclic Group. For a long duration, it held the title of the leading sports betting operator in its market; however, it has faced challenges lately, resulting in a decline in its market value.
Regardless, Expekt remains a recognized name in Sweden, particularly among sports betting enthusiasts, which could work in favor of LeoVegas’s plans for the brand.
A game-changer for LeoVegas!
This acquisition is poised to be transformative for LeoVegas, which currently generates only 9% of its income from sports betting. The timing couldn’t be better: the years 2021 and 2022 are packed with significant sporting events.
In 2021 alone, the calendar features prestigious events such as the French Open, the Champions League Final, the Ice Hockey World Championship, the NHL Stanley Cup, the UEFA European Football Championship, Copa America, and the Tokyo Olympics.
There’s an impressive lineup of sports events scheduled within a brief span, and we’re all eager to see how LeoVegas will advance the Expekt brand in May!