The past year has seen LeoVegas evolve from a single-brand operator into a group of companies, following an acquisition spree supported by rapid organic growth. Chief executive officer Gustaf Hagman explains his masterplan to Gaming Intelligence.
The rise and rise of LeoVegas has been astounding. From launch day on January 12th 2012, it was clear that this was something fresh and innovative but over the past two years it has strapped on the rocket burners.
In 2016 the operator grew revenue by an impressive 70 per cent to €141.4m and then last year it increased revenues by 53 per cent to €217m.
In addition to piling on the revenues, LeoVegas has piled into the M&A market. It has started 2018 with a bang and three more acquisitions. The assets of UK operator Intellectual Property & Software, including marketing subsidiary Rocket 9, were snapped up in January, followed by German operator World of Sportsbetting in February. A deal for streaming service provider GameGrounds United was agreed in December 2017, then completed this year.
The acquisitions account for around 150 new employees but organic growth added another 180, as the group grew from 350 staff to 680 before the German deal. The majority of those have been customer support staff in Malta but LeoVegas also tripled the size of its Stockholm HQ with a move to NetEnt's old office the Swedish capital.