LeoVegas kickstarts Italian Job with Winga.it acquisition

LeoVegas kickstarts Italian Job with Winga.it acquisition

Thursday, March 9, 2017 Posted by Luke Massey
LeoVegas has agreed a €6.1 million cash consideration to buy Winga.it

LeoVegas Communications Manager Roderick Spiteri has confirmed that the Swedish operator is “receptive to further strategic acquisitions” after agreeing to the purchase of Italian online casino operator Winga.it.

LeoVegas has agreed to an outright purchase of Winga.it, which employs 33 staff and posted revenues of €8 million in 2016. The acquisition, for a cash consideration of €6.1 million, will enable LeoVegas to expand its presence within the regulated Italian gaming market.

Spiteri told TotallyGaming.com: “In the past year, we have evaluated several opportunities. Since starting in 2012, we have garnered the right mix of experience, expertise and a favourable cash position with which we can seriously start looking at acquisition opportunities. Going forward, LeoVegas is receptive to further strategic acquisitions.”

Spiteri, who also confirmed that “acquiring knowledge of the local market” was a big factor in the agreed purchase, added: “Data from H2 Gambling Capital shows that Italy is Europe’s largest regulated market. Consumers in Italy spend more money on gaming than their counterparts in other countries, such as the UK. However, only a small share of this gaming takes place online or via mobile device.

“We therefore consider Italy as a great opportunity for us as we truly believe that LeoVegas has what it takes to be number one in mobile gaming. Moreover, the Italian telecom market is currently undergoing an interesting development phase as it’s being upgraded in terms of average broadband access speeds, which allows telecom networks to provide the speeds required for customers to truly get the LeoVegas immersive experience.”

Totally Gaming says: Even though online betting in Italy was worth €920 million in GGR last year, the market represents a major opportunity for growth given the relatively low penetration on mobile. By acquiring Winga.it, which also has an interactive casino broadcast on Sky Italia, LeoVegas is targeting quick expansion, and possibly further acquisitions, within the Italian market.

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