Wednesday, 30 October 2019

LeoVegas Sells Live Game Provider Authentic Gaming For €15 Million

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The LeoVegas Group has sold its live casino provider Authentic Gaming to Genting Online for €15 million.

The news was revealed today by Genting Online who announced that it will be paying a total of €15 million (Around £12,954,225) for the subsidiary which develops and releases live gaming content for casino operators. Reports suggest that Genting will be paying the fee on a debt-free basis.

According to Genting, the acquisition will help enhance its digital footprint, allowing it to provide a wider selection of games and appeal to more players. The firm, which is well-known for its land-based casinos both in the UK and internationally, will use Authentic Gaming’s technology and expertise for new games.

News of the announcement comes as Genting Casino continues its expansion throughout the European live casino sector which is thought to be worth around €2.5 billion (Around £2,158,000,000). The expansion will allow Genting to enhance its player reach and game selection.

Jeremy Taylor, the Managing Director for Genting Online, said in a statement: “Our global presence in land-based casino gives us a platform to grow online at a fast pace. Our vision is to offer our customers an amazing gaming experience from all of our casinos around the world, 24 hours a day through any device.”

They continued: “With Authentic Gaming’s advanced technology and innovative product, we are convinced that together we have a good position to realise that vision.”

Jonas Delin, the CEO and Founder of Authentic Gaming, added: “We have now laid the foundation for Authentic Gaming to take its next big step in live casino. I am very happy that Genting, with more than 50 years of experience in gaming and entertainment, shares our vision to weave online and land-based casino and has chosen to invest in our product and team.

“At the same time, I want to thank LeoVegas for their tremendous support since the start and for the platform that LeoVentures has created for us to use where we are today.”

What LeoVegas Says

Gustaf Hagman, the Group CEO of the LeoVegas Mobile Gaming Group, said: “This is a milestone for LeoVegas. The time is now right to sell the enterprise to the industry giant Genting, which is the perfect buyer to take Authentic Gaming to the next level. The deal shows our innovative strength in the Group and our ability to develop and build sustainable companies. We have thereby created shareholder value with a more than a 100% return on our investment in Authentic Gaming.”

The news comes after it was revealed this week that LeoVegas’ Swedish gambling license had been extended by five years after it was initially only approved for a two-year license. The move allows LeoVegas to continue offering its games and services to players based in Sweden.

Meanwhile, the casino operator and subsidiary Royal Panda were hit with fines from Dutch Gambling Authority Kansspelautoriteit for providing their gambling services to players based in the Netherlands despite not actually possessing a valid license for the jurisdiction.

In August, the online casino operator also launched its LeoLine Live Chat service which offers instant support to players regarding gambling addictions. LeoVegas partnered with gambling charity Gambling Therapy for the service which is currently being evaluated.