LeoVegas has completed the acquisition of sports betting firm Expekt for €5.0m (£4.3m). The deal will allow LeoVegas to own every asset and share of the Maltese company.
Expekt was acquired by Betclic in 2009 and is one of the largest players in the Swedish market. However, Expekt's market shares have recently declined.
The company still maintains a strong brand awareness among its target audience, however, and LeoVegas see this as an opportunity. Therefore, a commercial team of three people will work with LeoVegas to drive the brand going forward.
The deal is expected to be finished by May 2021 and LeoVegas has announced it will not be acquiring any technology or technical migration from Expekt.
The operator is looking to enter into an agreement with Mangas Gaming ltd to acquire assets. This will include all rights to the Expekt brand and customer database.
Gustaf Hagman, LeoVegas CEO, said: “For those of us who grew up with online gambling in Sweden, Expekt is undeniably one of the pioneers in sports betting.
“I can remember back in the early 2000s when everyone played on Expekt. After a few years on the side-lines, we will now restore Expekt to its former glory as the leading sports betting brand."