The LeoVegas Group has acquired 51% of shares in esports betting operator, Pixel Holding Group Ltd, for €1.5m ($1.7m).

LeoVegas has made the purchase through LeoVentures and the acquisition is expected to be completed during the third quarter of 2018.

Pixel Holding Group runs the Malta-based esports betting website, Pixel.bet, and is currently preparing to expand its business across Europe.

LeoVegas has said the investment will not have a major initial impact on its earnings or financial position.

Gustaf Hagman, CEO of LeoVegas Group, said: “Esports is an international and fast-growing area that engages millions of viewers and players every month. With this investment in Pixel.bet we as a Group will gain unique insight into a new and fast-growing segment."

Robin Ramm-Ericson, MD of LeoVentures, said: “In Pixel.bet we have found a passionate team of entrepreneurs who come from the esports community. With its strong technology and mobile-first gaming experience, Pixel.bet is a perfect match for the LeoVegas Mobile Gaming Group. Together we will drive development for the absolute premier experience in esports betting."