Online Gambling Firm Leo Vegas Acquires Winga

Published Wednesday, February 22, 2017 - Online-Casinos.com
Online Gambling Firm Leo Vegas Acquires Winga

Mobile online gambling has become a major component of the internet betting industry with healthy growth continuing in the sector. LeoVegas a Swedish mobile gaming company and provider of online casino and sports betting services such as table games, video slots, progressive jackpots, video poker and live betting to a number of international markets has just announced their first major acquisition.

LeoVegas enjoyed a particularly strong Q4, during which earnings spiked to €10m from just €400k in Q4 2015,  which LeoVegas CEO Gustaf Hagman said was due to “relatively lower but very effective marketing.” LeoVegas revealed it has acquired Winga.it  which is a licensed in the Italian jurisdiction online gambling operator from PAF a Finnish gambling operator.

Milan Italy based Winga will be bought for €6.1m in cash for a range of online gambling products and services to Italian gamblers. The arrangement is expected to be finalized by March first 2017 after Italian regulatory authorities approve of the deal. It was suggested that Winga would benefit from the “data-driven approach in marketing,” that Leo Vegas employs. The Winga brand may disappear as Leo Vegas introduces its products in the online gambling market in Italy.

The deal marks LeoVegas’ first major strategic acquisition, and the firm has found “a dozen or so” possible deals similar to this one.

LeoVegas CEO Gustaf Hagman called the acquisition “yet another milestone” Recently LeoVegas reported its 2016 annual financial results, which saw revenue soar 70% to a record €141.4m, while earnings jumped to €16m from just €1.2m in 2015. Mr. Hagman said that these numbers reflected “what is likely the largest organic growth in the world of any listed gaming operator.” The company strategy is to expand its regulated gambling market presence. LeoVegas now has licensed operations in Malta, the UK, Denmark, Ireland and Italy and intends to keep building on its growing success.

 

 

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