LeoVegas carried out its first acquisition in the Group’s history. The acquisition of Winga.it, gives LeoVegas an established position in Italy, which is Europe’s largest regulated market. Since LeoVegas acquired Winga, LeoVegas will get 100% of the company, which had revenue of EUR 8.0 m in 2016. The acquisition is made for a cash consideration of EUR 6.1 m.
Gustaf Hagman, LeoVegas’ Group CEO:
According to data from H2 Gambling Capital, Italian market is the largest regulated gaming marketin Europe. Players in Italy spend more money on gaming than for example people in the UK.
Winga has 33 employees and provides its customers with a full product offering. Half of Winga’s revenue is generated from live casino, both from a studio and from their unique product that is broadcast live on Italian TV and Sky TV.
Winga had EUR 8.0 m in revenue in 2016 and the company is currently showing a negative result. LeoVegas has identified a number of factors that will bring the company into a positive result.
Due to the fact that LeoVegas acquired Winga, Winga will benefit from LeoVegas’ data-driven approach in marketing. LeoVegas’ strengths on the product side and the mobile technology around the customer experience will contribute significant value added to the Winga business. Finally, the LeoVegas brand will be gradually introduced into the Italian market.
LeoVegas acquired Winga from its seller, Paf (Ålands Penningautomatförening). The purchase price is to be paid in two parts, and purchase was to be completed on 1 March 2017. The transaction is subject to certain customary conditions and approval by the Italian authorities.