SBC News Voice of the Sports Betting Industry
LeoVegas CEO Gustaf Hagman is stepping down from his leadership position at the global online casino after overseeing a period of expansion for its sports betting division.
The Sweden-based, MGM International-owned company confirmed Hagman’s departure today (16 June), while also announcing that Deputy CEO Mattias Wedar will be stepping into the chief position.
Hagman was one of the Co-Founders of LeoVegas alongside Robin Ramm-Ericson in 2011 and has led the firm as CEO for the preceding 14 years, turning it into one of the leading gaming firms in Sweden’s post-2019 re-regulated iGaming market.
This decade-and-a-half subsequently saw the company expand from its founding market of Sweden to cover the rest of Nordics, the UK, and other European markets like the Netherlands, which the firm returned to back in 2023.
“When we launched in Sweden in 2012, the industry was in its infancy, and we were sailing in uncharted waters,” said Hagman.
“With a strong team, great commitment, and a fantastic corporate culture, we navigated the course successfully and managed to become one of the leading international players – it is truly impressive.
“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.”
A transformative few years for LeoVegas
For many years, LeoVegas’ main focus was on online casino offerings – Hagman himself has noted that the firm originated in a conversation he and Ramm-Ericson had about how a roulette wheel could fit onto an iPhone screen.
The firm’s growth has been defined by in-house development, in the case of its Rhino platform, and via acquisition, having purchased game studio Push Gaming in 2023 and the Tipico US sportsbook in 2024.
The latter is notable in demonstrating the firm’s desire to expand from iGaming into online sports betting, something it has been scaling up in recent years. In 2021 it purchased expekt, a Nordics focused online sportsbook, subsequently re-launching it in Denmark as Nye Expekt, while it has also sought to expand its visibility in sports via sponsorship deals across various markets.
In 2024, Hagman steered LeoVegas through another acquisition – this being its own takeover by MGM Resorts International. LeoVegas stakeholder would ultimately approve the deal, valuing the firm at SEK 5,957m (€580m), and Hagman would play a key role in the integration process.
The following months have seen LeoVegas take on even greater sports betting duties as part of the MGM Group, including serving as the operator of the BetMGM brand in key European markets like the UK.
Gary Fritz, president of MGM Resorts International Interactive, stated that Hagman’s leadership, coupled with LeoVegas product expertise, had “laid the foundation for positioning both BetMGM and LeoVegas as global leaders in the industry”.
He said: “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.”
Who takes the helm?
As stated above, Mattias Wedar, incoming CEO of LeoVegas Group, is already the Deputy CEO of the firm, and has been working as Chief Product and Technology Officer (CPTO) since June 2019.
Prior to joining the firm he held a number of positions, perhaps the most relevant being as CEO of Stockholm iGaming software developer Gametek between 2017 and 2019, a firm which counts the likes of Mr Green and ReBet as clients.
Wedar takes on the top job at LeoVegas at a time of great opportunity for the company, which now has the backing of one of the world’s largest and most valuable gaming entertainment groups as part of MGM Resorts.
It is, however, also a challenging time, with the firm having to navigate regulatory changes in core European markets like the UK and the Netherlands, for example, where extensive reviews of gambling regulations, and often fierce public debates around this, are taking place.
MGM Resorts’ Fritz stated that LeoVegas ‘will continue to deliver on our strategic plan’ under Wedar’s leadership, while Hagman described his replacement as an “invaluable asset from day one”.
Wedar remarked: “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.”
