The addition of these new licenses is expected to bolster the company’s B2B initiatives, potentially mitigating the underwhelming Q1 performance.
LeoVegas achieves a significant milestone by procuring three licenses to offer gaming software in Sweden, establishing a strong base for the company’s ongoing expansion in the region. The approval from the stringent Swedish Gambling Authority highlights LeoVegas’ dedication to maintaining high standards of quality and player protection. With a renewed focus on expanding its presence in Europe, LeoVegas aims to regain the momentum it has lost.
Sweden stands as a jurisdiction known for its strict regulations and challenging landscape
LeoVegas Group’s recent acquisition of new licenses will provide a substantial boost to its Blue Guru Games studio and two PAM platforms. These three B2B licenses, each valid for a five-year period, confer a significant advantage to the company in the fiercely competitive Swedish market. With these licenses in hand, LeoVegas can now extend its comprehensive range of gaming software to licensed companies in Sweden, significantly expanding its local footprint.
As a licensed B2B supplier, LeoVegas adheres to stringent Swedish regulations designed to protect players, ensure fair practices, and promote responsible gambling. CEO Gustaf Hagman emphasized the importance of B2B licenses in combating unlicensed operators and urged the country’s regulator to maintain its efforts in safeguarding the public from illicit businesses.
It is crucial for authorities to direct their attention towards suppliers that deliberately undermine the Swedish licensing system by facilitating unlicensed gaming.
The approval from the Swedish Gambling Authority stands as a notable achievement for LeoVegas’ products. The Blue Guru Games studio will now have the opportunity to showcase its expanding range of gaming options in a new jurisdiction, competing against some of the industry’s leading suppliers. LeoVegas aims to cater to the preferences and interests of Swedish players, providing them with thrilling new experiences within a secure and regulated environment.
The company remains dedicated to pursuing continuous growth
LeoVegas’ expansion into the Swedish B2B market is part of the company’s ongoing strategy to foster European growth. In May, the group relaunched its Expekt brand in Denmark, taking advantage of the increasing popularity of sports betting in the country. Additionally, in March, LeoVegas successfully entered the German market by obtaining regulatory approval to offer virtual slots through its LVSports Limited brand.
The company’s expansion-oriented approach aims to strengthen its global presence following disappointing Q1 results. With declines in key metrics and a decrease in momentum, LeoVegas is hopeful that its strategic investments will yield positive returns. A recent announcement about the planned acquisition of game developer Push Gaming further enhances the company’s content production capabilities.
By expanding into the Swedish B2B market, LeoVegas seeks to diversify its assets and mitigate the challenges posed by the changing economic landscape. The company’s ability to satisfy the stringent Swedish regulator underscores its commitment to responsible gaming and sets the stage for further growth across all its regional brands. These licenses also bring exciting new gaming experiences to Swedish players, providing them with added entertainment options.