LeoVegas AB has agreed to acquire all ‘Expekt Nordics Ltd’ assets from French online gambling operator Betclic Group for a total purchase price of €5 million.
The deal sees LeoVegas take over the management of Expekt – a heritage online sportsbook brand operating across Scandinavian markets since 1999.
Updating investors, LeoVegas states that the acquisition has been undertaken to strengthen its sportsbook portfolio within its home market of Sweden, in which Expekt currently generates 91% of its revenues.
LeoVegas will migrate Expekt onto its proprietary technology platform, seeking to revitalise the legacy sportsbook brand which generated an NGR of €6.9 million during 2020.
Updating investors, LeoVegas underscored that Expekt’s acquisition formed part of the firm’s strategic sportsbook expansion, in which the company seeks to diversify its revenues away from online casino during 2021 and 2022.
“For those of us who grew up with online gambling in Sweden, Expekt is undeniably one of the pioneers in sports betting. I can remember back in the early 2000s when everyone played on Expekt. After a few years on the sidelines, we will now restore Expekt to its former glory as the leading sports betting brand,” LeoVegas CEO Gustaf Hagman detailed on the transaction statement.
“We are working resolutely to offer the ultimate mobile sports betting experience, which will entail a number of new innovations and new thinking with a starting point from what a mobile experience can entail for the big years of sport in 2021 and 2022. This is a milestone for LeoVegas and represents a broadening of our strategy. We look forward to Expekt once again becoming a leading sport brand in Sweden and the Nordic countries.”
LeoVegas expects to complete the technical migration of Expekt onto its operating systems by May – enhancing the brand’s capacity to service a busy sports summer period including the French Open, Champions League, UEFA Euro Championships and the Tokyo 2021 Olympic Games.