LeoVegas gaming group has announced an agreement to sell its online casino business as part of a deal worth 15 million euros.
The company said its subsidiary Authentic Gaming will be acquired by Genting, an international gaming company. LeoVegas said the disclosed purchase price was over 100% for a little over three years.
Authentic Gaming, a casino solutions provider, is one of the three LeoVentures affiliates, known as LeoVegas for its innovative gambling business.
The news that LeoVegas decided to sell its real-time gaming business came a few days after it became known that the gambling company had finally renewed its Swedish license to five years from a previously granted two-year permission to operate on a profitable recently reorganized Swedish gambling market.
With over 50,000 employees worldwide, the Genting Group is one of the market leaders in land based casinos. In addition to its usual operations, which include one of the largest casino chains in the UK, the Malaysian company also operates a rapidly growing online gambling division.
It is expected that the acquisition of Authentic Gaming will boost Genting’s online business in the face of growing competition in this area.
Commenting on the upcoming Authentic Gaming sale, CEO and founder of Jonas Delin said:
We laid the foundation for taking our next big step into the realm of live casinos. I am very pleased that Genting, with more than fifty years of experience in the gaming and entertainment industry, shares our vision of creating online and land based casinos.
Authentic Gaming provides an innovative experience in the live casino segment by providing real-time streaming from land-based casinos around the world and allowing online players to place bets in the real casino space.
LeoVegas, detailed information of which is available at casinoz, said that sales of its casino in real time will be completed by the end of the month.
Commenting on the deal, LeoVegas CEO Gustaf Hagman said:
This is an important milestone for our company, and Genting is the ideal customer to take Authentic Gaming to the next level.
The head of the gambling department added:
The deal demonstrates our innovative strength and our ability to develop and build sustainable companies.
Regarding the purchase of the provider, Genting Online Managing Director Jeremy Taylor said:
Our global presence in land based casinos provides us with a platform for rapid online growth. It is our vision to provide customers with gaming experience from all casinos around the world, all day long and on all devices. Authentic Gaming’s cutting-edge technology and innovative products will help realize this vision.
Authentic Gaming was founded in Malta in 2015. It is licensed by the Malta Gambling Authority and the Romanian National Gambling Organization (ONJN). Many well-known gambling operators have chosen Authentic Gaming offers, among them: