LeoVegas secures German gaming licence

LeoVegas has been acquired by MGM Resorts.
LeoVegas has been acquired by MGM Resorts.

LeoVegas Group has been granted a licence by the new German gambling regulator.

Germany.- The new German gambling regulator Gemeinsamen Glücksspielbehörde (GGL) has granted a licence to LeoVegas Group. The group’s LVSports Limited will launch its virtual slot games in all 16 German states.

LeoVegas Group chief executive Gustaf Hagman said. “With our track record of regulated markets, we will ensure the greatest igaming experience with a high level of consumer protection. We are looking forward to launching LeoVegas in Germany under the new nationwide licence.”

LeoVegas posted an operating loss for the last quarter of 2022 due to increased costs and stagnant revenue. The Swedish igaming operator has been acquired by the US casino giant MGM Resorts but still files its own quarterly report as it has corporate bonds on the Nasdaq Stockholm.

Last Month, LeoVegas announced that it would sell its 25 per cent stake in the B2B igaming start-up BeyondPlay. It’s agreed to sell its stake to Bettor Capital for €1.9m. The Swedish igaming operator was an early-stage investor in the business, which was founded in 2021 as SharedPlay.

LeoVegas’ venture capital subsidiary LeoVentures described the venture as successful, generating a 73 per cent return on investment.

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