Genting, an international casino land based group, has entered into a deal to acquire Authentic Gaming, a live casino market company and subsidiary of LeoVegas, Europe’s premier GameTech company.
The price of the transaction was €15m, which represents a return of more than 100% during an over three-year period.
Led by Jonas Delin, CEO and founder, Authentic Gaming is a Malta-based company that delivers real-time streaming casino products, which enable customers to play online in a real, land-based casino environment. The company, which generated approximately €1m in revenue during the second quarter of 2019, was one of three holdings included in LeoVentures, the LeoVegas Group’s investment company for innovative gaming-related businesses.
Commenting on the deal, Delin said: “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.”
A global group which conducts activities via its subsidiaries, LeoVegas offers casino, live casino and sports betting, and operates two global and scalable brands – LeoVegas and Royal Panda – as well as a number of local brands in the UK. The company has its technology development team in Sweden while operations are based in Malta. Its shares are listed on Nasdaq Stockholm.
Genting Online – a subsidiary of Genting Group, one of the world’s largest groups in land-based casino with a rapidly growing digital business arm and over 50,000 employees, – offers online casinos and poker rooms, with over 100 games.
Commenting on the acquisition, Jeremy Taylor, Managing Director of Genting Online said: “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.”