LeoVegas’ wholly owned investment company LeoVentures has acquired a majority stake in Pixel Holding Group, operator of eSports betting site Pixel.bet.

LeoVentures has acquired a 51 per cent stake in the business for €1.5m, payable through newly issued shares.

Pixel.bet is currently focused on Nordic markets but is planning a wider rollout to position itself as the leading brand in eSports betting.

"eSports is an international and fast-growing area that engages millions of viewers and players every month,” said LeoVegas chief executive Gustaf Hagman. “With this investment in Pixel.bet we as a group will gain unique insight into a new and fast-growing segment."

Robin Ramm-Ericson, LeoVegas co-founder and managing director of LeoVentures, commented: "In Pixel.bet we have found a passionate team of entrepreneurs who come from the esports community.

“With its strong technology and mobile-first gaming experience, Pixel.bet is a perfect match for the LeoVegas mobile gaming group. Together we will drive development for the absolute premier experience in esports betting.”

The acquisition is scheduled to close by the end of this month and is not expected to have a material impact on LeoVegas’ 2018 financial results.

Shares in LeoVegas AB (STO:LEO) were trading down 1.64 per cent at SEK57.10 per share in Stockholm Friday morning, having set a new 52-week low of SEK56.10 per share earlier in the day.