Self-proclaimed "King of Casino" Swedish mobile gaming company LeoVegas Group announced a market access deal with Caesars Entertainment, Inc. that will enable it to offer the New Jersey online casino in 2022.
Thanks to an agreement with the hotel and casino giant Reno, Nevada, the company will make its inaugural entry into the United States iGaming market via Garden State while debuting on its own the Rhino technical platform . The Stockholm-based company expects to welcome its first customers to the Northeast US in the first half of next year.
Regulatory approval :
The platform that is out responsible for more than ten brands and is licensed in seven jurisdictions , is certified by regulatory authorities in New Jersey, where, according to the Division of Gaming Enforcement (DGE), it is currently seven approved websites with internet games including Borgata Hotel Casino & Spa, Caesars Interactive Entertainment, Golden Nugget Atlantic City, Hard Rock Hotel & Casino, Ocean Resort Casino, Resorts Casino Hotel Atlantic City, and Tropicana Casino Resort Atlantic City.
More than 20 brands they currently offer online casinos in that state gaming tax is 17 .5 percent of gross gaming revenues (GGR). The strategic decision to enter the United States, which LeoVegas Mobile Gaming Group expects to become "the world's largest regulated gaming market," is hailed by the operator as "another huge milestone," according to a live announcement.
The right time and partner :
LeoVegas CEO Gustaf Hagman stated the following with regard to the launch on Monday, May 17, 2021, official press release ...
“We are proud to finally be able to share our plans to settle in USA . We believe the time is right and partner to launch "The King of Casino" in USA ".
The president further said that the US market has " huge growth potential ”With players who are just discovering online games.
" IN USA , we'll focus on what we're best at - offering an innovative, world-class gaming experience right on your mobile. Achieving a position thanks to our proprietary platform is strategic decision and we know from other markets that full control over our technology is a key competitive advantage, ”added Hagman.
Responsible for multiple iGaming sites including its flagship site LeoVegas.com, alongside RoyalPanda.com, BetUK .com, SlotBoss.co.uk, Bingos.co.uk and 21.co.uk while creating LiveCasino.com and GoGoCasino.com online domains available to players in Finland in the fourth quarter and fiscal year 2020 report the declared group 2020 another record year for a company with a "strong closure".
According to February 11, 2021 publication of the results (pdf), the group praised this period as " the strongest fourth quarter in history "Despite the" frequent changes "of requirements for gaming in their markets, not to mention operating in the midst of a global pandemic. According to the report for the full year 2022, LeoVegas saw an increase in adjusted EBITDA (profit before interest, taxes and depreciation) by 25 percent while its operating cash flow increased by almost 90 percent . Continuous customer growth to a record 24 percent pushed the company's revenues "organically" by 14 percent. Meanwhile, in the fourth quarter, the adjusted EBITDA also increased to EUR 11.5m, an increase of 25 percent.
At the time of publication, the shares of the parent company LeoVegas AB (LEO: Stockholm) were sold at 39. 78 - 0. 36 (-0.90 percent) on the Stockholm Nasdaq, down slightly from the 40.14 previous close.