LeoVegas completes Expekt acquisition, relaunches brand in Nordics
20th May 2021
| By Robert Fletcher
Online gaming operator LeoVegas has completed its acquisition of Expekt and set out plans to relaunch the sports betting brand in the Nordics region.
LeoVegas in March agreed a deal to purchase Expekt for €5.0m (£4.3m/$6.1m), in order to strengthen its brand portfolio in the sports betting sector, as well as expand its strategic growth opportunities within this segment.
Upon completing the acquisition, LeoVegas will now relaunch the new-look Expekt brand in markets across the Nordics, beginning with Sweden.
In connection with this, Expekt has been migrated to Rhino, LeoVegas’ proprietary technical platform (PAM). Following the migration of Royal Panda earlier in May, this means that all LeoVegas brands now run on the same technical platform.
STOCKHOLM, May 19, 2021 /PRNewswire/ In connection with LeoVegas' completion of the acquisition of Expekt, one of northern Europe's strongest sports betting brands in Sweden is being launched
/PRNewswire/ In connection with LeoVegas completion of the acquisition of Expekt, one of northern Europe s strongest sports betting brands in Sweden is.
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First quarter 2021: 1 January–31 March
Revenue increased by 8% to EUR 96.7 m (89.4). Organic growth in local currencies was 8%.
Organic growth when excluding Germany was 19%.
Adjusted EBITDA was EUR 10.9 m (9.0), corresponding to an adjusted EBITDA margin of 11.3% (10.0%). Reported EBITDA was EUR 10.4 m (9.0).
The number of depositing customers was 462,386 (413,269), an increase of 12%.
Adjusted earnings per share were EUR 0.07 (0.06).
Events during the quarter
LeoVegas acquired Expekt from Betclic Group for a total purchase price of EUR 5 m. Expekt is one of the most well-known sports betting brands in Sweden and the Nordic markets, and strengthens LeoVegas brand portfolio ahead of the intensive sport event years in 2021 and 2022. The acquisition of Expekt is expected to be completed in May 2021.
Regulated market success offsets German headwinds for LeoVegas Share
May 6, 2021
LeoVegas has delivered a strong start to 2021 despite acknowledging headwinds in the German sector related to updated regulatory requirements in the country, as well as encountering difficulties in the Nordics.
As part of its Q1 2021 report, it disclosed that casino accounted for 74% and live casino 17% of the group’s Gross Gaming Revenue (GGR), while sportsbook is now back at the same level as before the global pandemic started (9% share).
Group revenue increased 8% to €96.7 million, but it was noted that if Germany had been excluded, a revenue increase of 19% would have been recorded.