Leo Vegas has acquired all of the sports betting brand's assets from French online gaming operator Betclic Group
Online gaming operator LeoVegas will take ownership of all Expekt's assets as it acquired the sports betting brand from Betlic Group for €5.0m.
LeoVegas is looking to strengthen its brand portfolio with an established position in sports betting. Chief Executive Officer Gustaf Hagman said: “For those of us who grew up with online gambling in Sweden, Expekt is undeniably one of the pioneers in sports betting. After a few years on the sidelines, we will now restore Expekt to its former glory as the leading sports betting brand."
LeoVegas updated investors with news that Expekt’s acquisition formed part of the firm’s strategic sportsbook expansion, in which the company will look into diversifying its revenues away from online casino during 2021 and 2022.
The operator will be migrating Expekt onto its proprietary technology platform, seeking to revitalise the legacy sportsbook brand which generated an NGR of €6.9 million during 2020.
Speaking to SiGMA News, Gustaf Hagman, Group CEO of LeoVegas said "With Expekt we welcome a well known brand to the LeoVegas family. This will widen our strategic focus by adding a sports-first brand to our portfolio. And the timing couldn’t be better - 2021 and 2022 will be sport intensive years and we are looking forward to offering our customers the greatest mobile experience there is. This is a great milestone for the LeoVegas group!”
In preparation for the busy sports summer period coming up, including the French Open, Champions League, UEFA Euro Championships and the Tokyo 2021 Olympic Games, LeoVegas is expecting to complete the technical migration of Expekt onto its operating systems by May.
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