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NEWS 26 February 2019

LeoVegas launches new brand in Sweden

By Nathan Joyes

The Swedish Gambling Authority has approved LeoVegas-owned Pixel Digital Ltd a five-year gambling license, for both online casino and sports betting.

This is the second license LeoVegas Group has been issued in Sweden and pixel.bet is due to go live today.

Pixel.bet offers esports betting, casino and live casino and saw 51% of its shares acquired by LeoVegas for €1.5m ($1.7m) in September 2018.

Sweden and the Nordics will be the markets focused on for now, with long-term plans to expand internationally.

Earlier this month, LeoVegas decided to push back its financial targets to 2021, despite its consolidated revenue growing 51% year-on-year to €327.8m in 2018.

Eirik Kristiansen, CEO at Pixel Digital, said: "With this license we gain the opportunity to offer our product and passion for esports betting to the Swedish market. This springboard in Sweden will also position us for continued expansion internationally."

Gustaf Hagman, LeoVegas CEO, said: "During a year of focus on strong growth but also on cost efficiency, it is inspiring to see pixel.bet is developing well and that we can benefit from our economies of scale with the sharing of resources and knowledge between our companies."

RELATED TAGS: Online | Mergers & Acquisitions
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