Stockholm-listed gaming operator LeoVegas has agreed to sell its majority stake in live casino provider Authentic Gaming to casino operator Genting.

LeoVegas will sell its 80 per cent stake to Genting for €15m, with the sale price representing a return of more than 100 per cent from its acquisition of Authentic Gaming in 2015.

Authentic Gaming generated revenue of €1m during the second quarter of this year, and previously operated as a standalone company within LeoVegas' investment arm, LeoVentures.

“We have now laid the foundation for Authentic Gaming to take its next big step in live casino,” said Authentic Gaming CEO and founder Jonas Delin. “I am very happy that Genting, with more than 50 years of experience in gaming and entertainment, shares our vision to weave online and land-based casino and has chosen to invest in our product and team.

“At the same time I want to thank LeoVegas for their tremendous support since the start and for the platform that LeoVentures has created for us to take us to where we are today.”

Genting Online managing director Jeremy Taylor commented: “Our global presence in land-based casino gives us a platform to grow online at a fast pace. Our vision is to offer our customers an amazing gaming experience from all of our casinos around the world, 24 hours a day through any device.

“With Authentic Gaming’s advanced technology and innovative product, we are convinced that together we have a good position to realise that vision.”

LeoVegas CEO Gustaf Hagman added: “This is a milestone for LeoVegas. The time is now right to sell the enterprise to the industry giant Genting, which is the perfect buyer to take Authentic Gaming to the next level.

“The deal shows our innovative strength in the group and our ability to develop and build sustainable companies. We have thereby created shareholder value with a more than a 100 per cent return on our investment in Authentic Gaming.”

Shares in LeoVegas AB (STO:LEO) were trading up 0.35 per cent at SEK34.16 per share in Stockholm Wednesday morning.