Stockholm-listed online gambling group LeoVegas AB has moved to expand its presence within the German market, confirming the acquisition of Malta-based firm World of Sportsbetting Ltd for €2.6 million.
The strategic acquisition sees LeoVegas secure World of Sportsbetting assets which holds both a sports betting licence and casino licence in the German state of Schleswig-Holstein.
Undertaking the transaction through its subsidiary, ‘LeoVegas International’, the multi-market online gambling group, will now be able to promote its betting services within the German, compliant with existing regulatory provisions.
In a further announcement, LeoVegas Sports has confirmed that German football legend Lothar Matthäus has been secured as new LeoVegas Brand Ambassador for Deutschland.
Matthäus is considered one of German football’s most successful and recognisable figures, having captained the Nationalmannschaft to World Cup glory at Italia 1990, and furthermore is a regular Bundesliga pundit on German TV broadcasts.
Commenting on LeoVegas German ambitions, Gustaf Hagman (Group CEO of LeoVegas) stated: “The licenses give increased credibility when we collaborate with, for example, media partners, which is important in order to get the full effect on our market investments. Our new ambassadors also increase the local touch in our marketing, which we know creates loyalty and increased brand awareness.
“LeoVegas can now also be even more local on the product side and, especially, add important payment solutions that are important for the German market. This is line with our strategy to enter regulated markets and gives LeoVegas the best possible conditions to accelerate further in the German market.”