LeoVegas CEO Gustaf Hagman will step down and deputy CEO Mattias Wedar will take over, the company said. Hagman co-founded the business and led it through its international expansion; the source gives no date for the leadership change.
The succession changes the leadership of a gambling operator with international operations.
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LeoVegas launched its proprietary Tiger sportsbook with BetMGM Brazil ahead of the new Campeonato Brasileiro Série A season. LeoVegas said this was the second rollout of the technology, following its launch in Denmark with expekt last year.
BetMGM Brasil announced the launch of its proprietary sports betting platform in Brazil, built on LeoVegas Group technology. The company said the platform combines betting features and monitoring tools, and that it gives BetMGM greater control over its operations.
LeoVegas CFO Stefan Nelson said the operator is taking a more localised approach to growth as regulated markets face higher taxes, stricter compliance and competition from unlicensed operators. He said LeoVegas remains largely independent following its acquisition by MGM Resorts and will prioritise selective acquisitions, compliant businesses and strong local positions.
An analyst at Rothschild & Co Redburn said anticipated UK gambling tax increases could encourage consolidation and make Entain a potential acquisition target for MGM Resorts. The analyst’s base case assumes gaming tax rates of 25% to 30%; the report says the scenario could reduce Entain’s pre-mitigation EBITDA by 12% to 22%, while no new MGM bid has been announced.
LeoVegas Group launched its own sportsbook in Denmark under the LeoVegas and Expekt brands. The company said the rollout would continue into more countries and brands; it also offers partial cash-out and bet-builder parlays through the sportsbook.