LeoVegas has recently entered into an agreement to sell its live casino arm to behemoth gambling operator Genting for a whopping €15 million. Authentic Gaming, the B2B live casino business of LeoVegas, is reportedly set to earn its previous owner a return of over 100 percent. This is very impressive especially considering how profitable the business has been – for the three months leading up to June 30, the business generated close to €1 million.
For the past three years, the live casino business has been operating as an independent division of LeoVegas. Its operations were funded by LeoVentures, the investment business of LeoVegas. Most of the live casino clients that Authentic Gaming has been working with are land-based casinos in Europe. It is from these locations that it has been broadcasting its live casino content. Its clients include the Kindred Group, Betsson, Greentube, and Casinos Austria International.
According to Gustaf Hagman, the chief executive officer of LeoVegas, it is precisely the right time for the sale since it has already grown Authentic Gaming into a very profitable business.
“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,” the LeoVegas CEO commented.
Jonas Delin, the founder and CEO of Authentic Gaming also commented on the deal pointing out that they are ready to take the “next big step” in the live casino business. Already, Authentic Gaming is known for being one of the most innovative players in the live casino space with their next-gen real-time streaming capabilities.
During the announcement of the deal, Genting revealed its plans to take advantage of Authentic Gaming’s in-club streaming capabilities. These will now be available across all of its international properties’ live casino offerings. Even so, the B2B live casino gaming business will be treated as an independent entity with Genting only contributing to its expansion across various markets.
Genting’s vision is that its users will soon be able to play at any of their popular casino brands right form the desktops, laptops or mobile devices. Authentic Gaming will be a huge component of these plans thanks to its robust technological capabilities in that particular sector. Both companies have already established themselves as top contenders in various sectors and by partnering they will be able to achieve so much more in a relatively shorter time.