LeoVegas casino enhanced Swedish footprint with pixel.bet
LeoVegas Group has gone live with eSports betting site pixel.bet after receiving a license from Swedish Gambling Authority in January.
They launched a range of eSports betting options, with an online casino and live casino games to join in the following days.
LeoVegas Granted Second License
Stockholm-listed gaming operator LeoVegas has been granted its second Swedish license and has launched a new brand pixel.bet into the country’s re-regulated market.
Pixel.bet is to be launched after the Swedish Gambling Authority approved LeoVegas-owned Pixel Digital Ltd a five-year gambling license, for both online casino and sports betting. Pixel.bet hadn’t offered traditional slots nor live casino games in the past but since eSport fans are interested in those forms of gambling as well, pixel.bet may just have found a winning combination.
Back in September 2018, LeoVegas acquired 51% of Pixel.bet’s shares for €1.5 million and they are currently aiming the expansion into the Nordic region, with clear potential to further grow worldwide.
Eirik Kristiansen, CEO at Pixel Digital, explained the meaning of this license for further expansion.
“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.”
LeoVegas Retargeting Plans
After the release of Q4 2018 interim report, LeoVegas has decided to push back its financial targets for the period up to 2021 although their consolidated revenue growth was 51% year-on-year to €327.8m in 2018.
Full year gross profit grew 45% to €235.5 while EBIDTA increased by 60% to €41.6 million corresponding to a margin of 13%.
“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,” Gustaf Hagman, LeoVegas CEO, commented the pixel.bet launch.
LeoVegas finished 2018 with large internal projects and external factors influencing the business such as new regulatory requirements in the UK so they decided to slow down the tempo a bit and fully adjust.