LeoVegas Group has promoted Mattias Wedar to the role of chief executive officer with immediate effect.
Wedar takes over from LeoVegas co-founder and CEO Gustaf Hagman, who has led the business for the past 14 years.
Wedar has been with the company since 2019 when he joined as chief product and technology officer and was named deputy CEO of LeoVegas in April of this year.
“When Robin Ramm-Ericson and I were sitting at a barbecue, brainstorming about a spinning iPhone as a roulette wheel, I could never have imagined that it would lead us here,” said Hagman. “Founding and leading LeoVegas Group to become a market leader has been one of the greatest adventures of my life, and I am incredibly proud of everything we in ‘Team Leo’ have accomplished.
“Now, as part of the MGM family, LeoVegas Group is now stronger than ever, and it is the right strategic moment to pass the baton to Mattias Wedar. Mattias has been an invaluable asset from day one, and I am confident that he is the right person to take the Group to new heights,” Hagman added. “After 14 years of traveling and being constantly connected, I am now looking forward to a period of rest and more free time – but I will always be a part of ‘Team Leo’ and will continue to follow its success closely.”
Wedar said of his new role: “During the six years I have been part of what we call Team Leo, I have been consistently impressed by our innovation, pioneering spirit, and strong corporate culture. The success story that Gustaf and Robin began 14 years ago is stronger than ever, and we see many exciting opportunities on the horizon. I am honored to have been entrusted with the challenge of taking on the role of CEO in LeoVegas Group’s new chapter, and I look forward to continuing to lead us towards new milestones.”
Gary Fritz, president of MGM Resorts International Interactive, added: “Since MGM Resorts’ acquisition of LeoVegas Group three years ago, we have consistently delivered on our established growth strategy, with a strong focus on strategic investments and the establishment of BetMGM as a leading global igaming and sports betting brand.
“Gustaf Hagman’s leadership and LeoVegas Group’s expertise in product development and local market expansion have laid the foundation for positioning both BetMGM and LeoVegas as global leaders in the industry. I would like to thank Gustaf for his dedication and leadership, and I have full confidence that LeoVegas Group, under Mattias’ leadership, will continue to deliver on our strategic plan.”
Shares in LeoVegas Group parent MGM Resorts International (NYSE:MGM) closed at $34.30 per share in New Yok Monday, having gained 8.10 per cent following an increase to the full year revenue guidance of its BetMGM joint venture with Entain.