Malaysian casino giant Genting Group has signed an agreement to acquire LeoVegas’ live dealer solutions subsidiary Authentic Gaming in a deal worth €15 million (£12.9 million/$16.7 million).
LeoVegas noted that the purchase price for Authentic, which generated revenue of approximately €1 million for the three months ending June 30, represented a return of more than 100 percent.
Authentic Gaming, which broadcasts live casino content from land-based casinos around Europe, has operated as an independent division of the operator for the past three years, having been funded by its investment arm LeoVentures. It is currently one of three holdings in LeoVentures, alongside esports betting brand Pixel.Bet and casino streaming portal CasinoGrounds.
“We have now laid the foundation for Authentic Gaming to take its next big step in live casino,” Authentic Gaming founder and chief executive Jonas 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.”
Genting has previously partnered with Evolution Gaming for its live dealer content, with the supplier broadcasting its Dual Play Roulette title from the operator’s Resorts World Birmingham venue.
Jeremy Taylor, managing director of Genting Online, said the operator’s land-based casino estate provided a platform to grow its online business rapidly.
“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,” he said, according to iGaming Business. “With Authentic Gaming’s advanced technology and innovative product, we are convinced that together we have a good position to realize that vision.”
LeoVegas Group chief executive Gustaf Hagman added, “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 percent return on our investment in Authentic Gaming.”
