LeoVegas targets expansion into Latin America
Online casino operator cites regulatory changes and mobile growth in the region as key factors
LeoVegas is looking to expand into Latin America ahead of upcoming regulatory changes in the region, eGaming Review has learned.
Group CEO and co-founder, Gustaf Hagman (pictured, left, with fellow founder and chairman Robin Ramm-Ericson) told EGR growth in mobile activity and potential new gambling legislation were key reasons for its interest in expanding into the region.
“As part of our plans, we will continue to expand into markets and we think the Latin America countries in particular could be interesting in the future,” he said.
“Several of the countries in the region will regulate in a couple of years. They have a lot of smartphones out there and are making a lot more payments over the internet.”
LeoVegas launched its new Kambi-powered sports betting product earlier this week which will be available across the UK, Sweden, Finland, Norway, the Netherlands and Canada.
The firm says it has ambitions to make the sportsbook “the market’s fastest and most engaging mobile sports betting experience” and offer customers “seamless integration” between its existing casino products and the new sportsbook.
Launched ahead of the Euros and Olympic Games this summer, Hagman said the betting product will provide a new marketing channel for the Group, an opportunity to cross-sell to its casino arm and retain customers for a longer period.
“In the market, nobody has really taken the mobile position. As we have done on the mobile casino side, now we’re going to do it on the mobile sportsbook side,” Hagman said.
“Speed is key to us, especially when it comes to mobile. We have done a lot of comparison with other operators and we are much faster.”
Earlier this week the operator posted an 86% increase in revenue for the first quarter of 2016 following a successful IPO listing.
Hagman said the Group’s lisiting on Nasdaq First North Premier will provide them with a “platform for further growth”.
“More and more countries are becoming regulated, and it’s important to be transparent,” he added.