LeoVegas acquires majority stake in esports betting operator

LeoVegas acquires majority stake in esports betting operator

Friday, September 14, 2018 Posted by News Team
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Aquisition sees LeoVentures take control of Pixel.bet

Swedish gaming operator LeoVegas has acquired 51% of the shares in Pixel Holding Group, the company behind esports betting operator Pixel.bet.

LeoVegas’ investment, made through its LeoVentures investment arm, amounts to a total investment of €1.5m, with funds raised through a new share issue. 

"Esports is an international and fast-growing area that engages millions of viewers and players every month,” LeoVegas founder and chief executive Gustaf Hagman said. “With this investment in Pixel.bet we as a Group will gain unique insight into a new and fast-growing segment.”

His co-founder Robin Ramm-Ericson, who also serves as managing director of LeoVentures, described the Pixel.bet staff as “a passionate team of entrepreneurs’.

“With its strong technology and mobile-first gaming experience, Pixel.bet is a perfect match for the LeoVegas Mobile Gaming Group,” he explained. “Together we will drive development for the absolute premier experience in esports betting.”

Pixel.bet, which went live for European customers in January this year, aims to offer customers a high quality mobile-first esports betting experience. The company offers odds on games such as Dota 2, League of Legends and Counter-Strike: Global Offensive.

"We love esports,” Pixel.bet CEO Eirik Kristiansen said. “And we love betting. We want to create value for enthusiasts and add something truly extra to our community. 

“Pixel.bet is, for example, the first to offer log-in with mobile BankID and instant withdrawals. In LeoVentures we have now found a unique partner and investor that understands and shares our passion."

The acquisition is expected to be completed during the third quarter of the year, with the investment not likely to have any significant effect on LeoVegas’ earnings or financial position in the short-term.

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