LeoVegas has announced that it has, through its wholly owned subsidiary LeoVegas International Ltd., entered into an agreement in terms of which it will acquire all the shares in the Maltese company World of Sportsbetting Ltd (Malta) for an amount of €2.6 MEUR that will give LeoVegas an opportunity to move in the German gaming market.
The company holds a sports betting license and casino license in the state of Schleswig-Holstein as well as an application that has been approved for a sports betting license in Hesse, under the Interstate Treaty on Gambling.
An approved application for a sports betting license in Hesse enables one to freely market sports betting throughout Germany.
LeoVegas has also signed an agreement with the football icon, Lothar Matthaus and German handball profile Stefan Kretzschmar as ambassadors in the German market.
Gustaf Hagman, the Group Chief Executive Officer at Leo Vegas, commented that the license gives increased credibility when they collaborate with, for example, media partners, which is important in order to get full effect on their market investments.
Hagman went on to say that their new ambassadors also increase the local touch in their marketing, which they know creates loyalty and increased brand awareness. He added that they can now also be even more local on the product side and, especially, add important payment solutions that are important for the German market. He also said that this is in line with their strategy to enter regulated markets and gives LeoVegas the best possible conditions to accelerate further in the German market.